Commercial Mortgages Cosham and Lakeside North Harbour

The Cosham and Lakeside North Harbour commercial property market

Cosham is the PO6 mainland gateway into Portsmouth, the first commercial district north of the M275 viaduct off Portsea Island. The commercial fabric is unusually concentrated for an outer Portsmouth ward and runs across three distinct sub-markets. Lakeside North Harbour on Western Road carries the largest single office park on the South Coast at around 1.5 million sq ft of Grade B office space, the legacy IBM campus that, since IBM's footprint contraction, has gradually re-leased as multi-tenant Grade B office stock with active reconfiguration and refurbishment programmes running through 2025 and 2026. Queen Alexandra Hospital on Southwick Hill Road anchors the Portsmouth Hospitals University NHS Trust acute footprint and pulls a substantial ancillary cluster of dental practices, private clinics, GP surgeries and care homes through the surrounding PO6 wards. Cosham High Street and the district retail centre carry a deep independent and small-multiple retail and F&B parade alongside the standard suburban professional-services and convenience fabric.

Most Cosham and Lakeside commercial mortgage deals run in the £500K to £5M facility bracket, with the largest at Lakeside North Harbour reaching £8M+ on whole-floor or whole-building Grade B office investment freeholds. Lakeside Grade B office investment currently prices at 7.0 to 8.5% pa at 60 to 70% LTV through Allica Bank, HTB, Shawbrook and Cambridge & Counties on let stock, with stronger-covenant single-tenant floors at the tighter end. Owner-occupier professional firms buying their own Lakeside or Cosham office floor price 6.5 to 8.0% pa at 70 to 75% LTV through Allica Bank, HTB and YBS Commercial. Queen Alexandra Hospital ancillary healthcare freeholds, dental and private clinic, price 6.5 to 8.0% pa at 70 to 80% LTV through Hampshire Trust Bank and Allica Bank's health desk on NHS contract value plus EBITDA. Cosham High Street retail and F&B sits at 7.0 to 8.5% pa at 65 to 75% LTV.

HM Land Registry residential transactions across PO6 confirm a stable family-housing demographic with a strong NHS, MoD and professional-services resident base. The PO6 semi-detached and detached stock supports the affluent professional catchment that drives Lakeside professional-services demand and Queen Alexandra ancillary healthcare consumer demand. They are not direct commercial signals, but they underwrite the tenant covenant assumptions on Cosham High Street retail and the Lakeside owner-occupier office buyer profile. Refinancing of maturing 5-year fixes from 2020 and 2021 is the dominant 2026 product flow across the corridor, with Lakeside Grade B office investment particularly active as 2020 acquisitions reach end-of-fix into a more cautious office investment market.

Active commercial property types in Cosham and Lakeside

Lender appetite for Lakeside North Harbour, Queen Alexandra and Cosham High Street

Deep across the Cosham corridor. Allica Bank runs an engaged South Coast book and routinely tops the shortlist on Lakeside owner-occupier office floors, Cosham High Street retail and Queen Alexandra ancillary healthcare freeholds at 6.5 to 8.0% pa at 70 to 75% LTV, with Allica's health desk taking dental and private clinic with NHS contract value plus EBITDA. HTB covers larger Lakeside Grade B office investment and the upper end of Cosham retail parade investment at 65 to 75% LTV. Shawbrook takes Lakeside Grade B office investment particularly where capex programmes feed into the underwrite and value-add bridge-to-let on Lakeside repositioning floors. Cambridge & Counties selectively covers Lakeside Grade B let investment at 65 to 70% LTV on stronger-covenant tenant mixes. YBS Commercial covers owner-occupier office at the tighter end of pricing for strong-covenant SME borrowers. Paragon takes portfolio investment combining Lakeside and Cosham retail exposure. Together covers value-end Cosham High Street semi-commercial and selected ancillary healthcare freeholds. Hampshire Trust Bank is locally headquartered in Hampshire and runs one of the most active Portsmouth books, particularly on Queen Alexandra ancillary healthcare and Lakeside owner-occupier office floors. Allica, HTB, Paragon, Together, YBS Commercial and Cambridge & Counties all take selected Cosham and Lakeside deals in the £500K to £5M bracket. Refinancing on a stabilised Lakeside Grade B office investment typically prices 7.0 to 8.5% pa at 60 to 70% LTV. Commercial mortgages are unregulated lending and fall outside the FCA regulated mortgage perimeter, we do not hold FCA authorisation because the products we arrange are unregulated.