Venture Engineering has bought a 15,000 sq ft unit at Tungsten Park in Witney, a 24-acre scheme currently under construction.
Tungsten Properties sold Unit 7 in Downs Road to the motorsport engineering and fabrication company which is based in Bourton-on-the-Water near Cheltenham. The new unit is due for completion in March 2021.
The deal is the third at Tungsten Park, following deals with Meech International and Certikin International, and takes the total space pre-let or sold to 162,000 sq ft – 56 per cent of the 289,442 sq ft phase one of the scheme. Phase two will deliver a further 200,000 sq ft.
Venture Engineering director Adrian Perkins said: “The move from Bourton-on-the-Water to Witney will aid the expansion of our business.
“Moving into Motorsport Valley and being near to the M40 are key to our plans. Tungsten Park was chosen as the area was perfect but also the build quality and relationship built with Tungsten over the past six months made our decision very easy.
“While motorsport is our background, we are gradually moving into other sectors including transport, battery power, architectural, automotive to name but a few, so this move to Witney will help us quickly achieve our growth goals.”
Tungsten Properties associate development director, David Mole, said: “To have secured three businesses at our new project shows the strength of Witney as a business location in Oxfordshire.
“We continue to invest in building warehouse and logistics space, not just in Witney but across the country as the demand for such space is extremely high and we believe that the UK’s logistics sector is the safest place right now for new property investment to build new space to meet demand and create jobs.”
He said the share of retailing to go online rose between February and June, from 19 per cent of total sales to 31.2 per cent, a change he said would normally take five years.
He added: “This increase will turn into demand for millions of new square feet of floor space from businesses and may even strengthen rents and yields.”
Tom Barton, director for VSL & Partners which markets the park along with Carter Jonas, said: “This is the first new large unit development scheme in Witney for over 15 years and provides some much-needed quality buildings to a growing market.
“With the development offering not only lease opportunities but freehold buildings, this has proven an attractive option to companies such as Venture Engineering as there are currently no other sites in the A34 market that offer freeholds for similar sized units.”
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