COMMERCIAL property consultant Austin Adams, which has offices in Southampton and Portsmouth, has unveiled its annual review of operations.

According to director Mark Budden, the chartered surveyor enjoyed an "exciting and highly successful" 2004, despite the rise in interest rates and talk of a property slow-down.

He said: "We have continued to experience strong demand for our services across all areas of the business.

"Our growth and continued progress is a testament to our staff, who are fully committed to providing a high-quality independent service.

We look forward to the coming year with confidence, as we are well-placed to achieve further growth."

Highlights included:

Agency deals continued at record levels, with freehold transactions dominant. Southampton office achieved more than £750,000 per acre for three sites. Portsmouth completed the largest city centre letting for more than four years.

Professional services department saw strong demand for panel valuations and undertook major valuation work on the Isle of Wight for one of the UK's leading national house-builders as part of the redevelopment of the Medina Valley and Cowes area.

Development deals at all-time high, including consulting on complex brownfield sites, giving the department recognition for its work across the region.

Freehold transactions were the highlight of the year, according to Austin Adams.

In Southampton, three separate freehold industrial sites were sold in unconnected transactions at figures which reflected more than £750,000 per acre - clearly illustrating the shortage of development land.

Demand remained strong throughout the year for freeholds and in particular for investments, which were again in short supply.

More than 30 investments were sold in lot sizes from £500,000 to £2m.

Notable new instructions in Southampton include Copse Business Centre at Hounsdown, where six of the eight new industrial units were sold ahead of completion.

Other instructions include: a new 35,000 sq ft office building in Dorset Street, Southampton, where construction is to commence shortly; a new 15,000 sq ft office building known as Imperial House, Southampton, which is now ready for occupation; 25,000 sq ft modern offices at Nuance House in Eastleigh; a new retail development in Chandler's Ford, and refurbished industrial units at Central Trading Estate, Southampton and Tower Industrial Estate, Eastleigh, where Austin Adams is acting for institutional clients and where significant lettings have already been achieved.

Notable transactions in the Portsmouth area during the year included the sale of three development plots at Frater Gate Business Park, Gosport on behalf of SEEDA.

Austin Adams has now been reinstructed on Ordnance Business Park, Oaklands and the Glenmore Centre.