Complex industrial deal secures Eaton’s long-term future in Fareham

Eaton, which manufactures, repairs and tests aircraft components, has been based in Fareham for decades and is a key employer for the local area.

Eaton will relocate from their current site at Abbey Works on Southampton Road to the new Grade A manufacturing facility at Daedalus, Faraday Business Park.

Royal London Asset Management Property recently acquired this nine-acre Daedalus site from Fareham Borough Council and will lease it to Eaton under 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.

In collaboration with Graftongate, Royal London Asset Management Property will develop the new facility for Eaton. Planning permission has been secured, with construction set to begin next month. It is expected to be ready for occupancy in September 2026 and aims for BREEAM Outstanding and EPC A+ ratings, and will also feature a roof terrace to enhance employee well-being.

Alex Davies, an Investment Director in CBRE’s Southampton team, said: “The sale of Abbey Works and the acquisition of the new facility in Fareham presented a rare opportunity to deliver high-quality, sustainable space in a high-demand but low-supply area. This was a highly complex transaction that has taken many years, and we are pleased to see Eaton make this significant investment in the long-term future of their business.”

Cllr Simon Martin, Executive Leader of Fareham Borough Council, said: “I am delighted that we will be welcoming Royal London Asset Management Property and their occupier, Eaton, to Daedalus. The Council has enjoyed working constructively with Royal London in their purchase of a major site, which will deliver a landmark development at Daedalus. Eaton has been a major employer in Fareham for decades, so it is really good news that we are retaining them in the area. Daedalus is our largest dedicated employment site and already home to hundreds of jobs – the addition of the Eaton workforce comprising hundreds more is great news for everyone.”

Matt Price, General Manager of Eaton’s Fuel Systems Business Unit, said:“Eaton is delighted to formalise our commitment to our new site at Daedalus with the signing of the long-term lease, with Royal London Asset Management, and Graftongate as the principal developer. The new facility represents a significant investment for Eaton in our Fuel Systems business, ensuring we retain our market-leading competitive position through the implementation of cutting-edge technology and production systems. It demonstrates our commitment to our employees, our customers, the local area, and the wider UK manufacturing base.”

Royal London Asset Management Property was advised by Pinsent Masons on the transaction. Eaton received advice from CBRE and Eversheds Sutherland, whilst Fareham Borough Council was advised by Realest, Lambert Smith Hampton, and Womble Bond Dickinson.