June, 2025. Royal London Asset Management Property has acquired the 9-acre site in Faraday Business Park in Fareham, from Fareham Borough Council.

The site will be home to a new 176,000 sq ft, Grade A headquarters leased to Eaton on a 20-year pre-let agreement. This follows on from Royal London Asset Management Property’s earlier acquisition of Eaton’s current premises, known as Abbey Works, in February 2024.

The investor has continued its partnership with Graftongate, established for the Abbey Works acquisition, to acquire the site and act as development manager. Planning permission for the manufacturing facility has been granted, with construction set to commence in [insert] 2025.

In line with Royal London Asset Management’s Property’s strategic initiative to invest in, develop and manage high-quality, sustainable logistics spaces, the new building will target BREEAM Outstanding and EPC A+ ratings and include a roof terrace to enhance staff wellbeing.

Once Eaton have transitioned into their new unit, Royal London Asset Management Property  and Graftongate will advance their plans for a significant speculative development at Abbey Works, which will deliver much needed logistics supply to the south coast market. 

Matthew Barnes, Senior Asset Manager at Royal London Asset Management Property, said: “We are pleased to reach another key milestone in our development plans in Fareham. This transaction has been a result of significant hard work and collaboration by all parties over the last 12 months. Eaton is a key employer in the area, and we are glad to play a part in their long-term commitment to it. This will allow us to eventually redevelop their existing site, to create high quality logistics and manufacturing space, which will create further employment for the local economy.”

James Martyn-Smith, Construction Director at Graftongate, said: “We are proud to be delivering this headquarters facility for Eaton. The scheme reflects our commitment to building high-specification industrial space, with strong sustainability credentials, and a focus on wellbeing. With planning now secured, we look forward to starting on site and working closely with Royal London Asset Management Property and Eaton to bring the project to life.”