Portico put pen to paper on lease extension deal

Portico, the deep water cargo terminal and customs agency based at Portsmouth International Port, have agreed a significant lease extension with Portsmouth City Council.

Building on the move to new landmark headquarters last summer, Portico have now extended their lease with Portsmouth City Council for a further 34 years.

This lease gives Portico a distinct advantage to build on future plans for the next 20 years. It also provides opportunities to expand their portfolio by offering current and new businesses longer term contracts, helping to stabilise the business well into the future.

The new deal also simplifies a patchwork of previous agreements into one new all-encompassing lease for the entire site.

Steve Williams, operations director at Portico said: “I’d like to thank both Portico’s and the council’s legal teams for the professional way the contract negotiations have taken place. This commitment that the council has given us by extending our lease for 34 years means we have the certainty we need to continue building the business.

“We’ve made great strides in recent years by diversifying the range of cargo we can handle, including wind turbine blades, aggregates and grain in the past year. Portico have also played a big part in helping to solve the recent container crisis by helping to move them out of the UK and back to where they need to be”.

Cllr Steve Pitt, Cabinet Member for Culture, Leisure and Economic Development & Deputy Leader added: “The success of the city’s port is integral to Portsmouth’s economic recovery following the pandemic. Under their current leadership, Portico have established themselves as a flexible, multi-functional cargo terminal with easy access from the motorway and the major shipping channels.

“This new deal allows them to plan for the future by giving certainty to their customers. It also means income has been secured for the city’s budget going forward, allowing us to invest in essential services for local residents.”

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