Tungsten Properties has pre-let a 22,000 sq ft industrial unit in Witney to manufacturing business Meech International.
Meech, which has a head office in the town, will use the site – Unit 2 at 24-acre Tungsten Park – for extra R&D and production space.
It’s the second pre-let at the park, currently under construction, after Tungsten Properties agreed a deal for 125,000 sq ft Unit 4 to Witney-based Certikin International for its new head office.
Tungsten Properties’ associate director David Mole said: “Meech International is a fast expanding, highly skilled and successful business. Meech had been unable to find suitable local expansion space so it’s great news that we have been able to work with them to design a building which will fulfil all their growth requirements.
“Having now started on site, it is very encouraging that we have already pre-let more than 50 per cent of phase one, with further space under offer.
“This reflects the imbalance between West Oxfordshire’s lack of quality warehouse and office supply and the demand from local successful growing businesses.
“By keeping companies such as Certikin and Meech in Witney, it means that their workforce does not have to relocate and in turn, that will increase the contribution to the local economy and help to reduce out-commuting.
“We continue to progress discussions with a number of occupiers and will announce as appropriate.”
Meech International chief executive Chris Francis said: “After several years of company growth this new property allows us to expand our production facilities whilst further developing our R&D resource to meet future demand.
“The majority of our workforce live locally so having the opportunity to grow but still remain in the area is a perfect solution. We are all excited to see the development come together and look forward to the future opportunities this new building will bring.”
The 490,000 sq ft development is Tungsten’s first to be funded from a £50 million finance package from Fortwell Capital.
Phase one, under construction by Warwick-based MCS Build, will comprise seven units totalling 290,000 sq ft, due for completion by February 2021. Phase two will provide a further 200,000 sq ft of employment space.
Carter Jonas and VSL acted on behalf of Tungsten Properties.
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