Tungsten Properties has secured £26 million forward funding from Leftfield to deliver 124,000 sq ft of logistics space in Basingstoke.
The six-acre site in Crockford Lane will provide a new urban logistics development called Leftfield Park at Chineham Industrial Park.
Tungsten Properties has planning permission for industrial warehouses of 100,555 sq ft and 23,275 sq ft. The buildings will be net zero carbon ready and target BREEAM Excellent and EPC A.
The scheme will deliver solar panels, air source heat pumps, EV charging to 20 per cent of parking spaces and passive charging (where infrastructure is installed but without charging equipment) to 80 per cent.
MCS Build has been appointed to construct the buildings with practical completion due in January 2026. The project is forecast to create 110 construction jobs and 125 in the occupation phase.
The deal is Tungsten Properties’ second investment with Leftfield following its acquisition of the 246,000 sq ft Super W, a logistics unit in Warrington, which was let to Farmfoods.
David Mole, development director for Tungsten Properties, said: “We are pleased to announce the commencement of development for these two high-quality mid-box warehouses for industrial and logistics occupiers.
“There is a strong demand in the area from businesses seeking well-located and modern best-in-class space. As this marks our second collaboration with Leftfield, we are excited to deliver a top-tier scheme for them.”
Nico Fourie, chief executive of Leftfield, said: “We continue to flesh out our Leftfield Fund III with quality warehouse assets. The geographic dispersion of properties in the fund is strategic and Basingstoke is a sought-after location for value accretion. Following our previous high-quality acquisition from Tungsten, they are a natural partner for further collaborations.”
BNP Paribas acted for Tungsten Properties while Savills acted for Leftfield.
© Thames Tap (powered by ukpropertyforums.com).
Sign up to receive our weekly free journal, The Forum here.
