Tungsten Properties has announced a £26.4 million forward funding deal with NFU Mutual for the final phase of its warehouse and industrial scheme in Witney.
The speculative, four-unit 167,800 sq ft Tungsten Park scheme in Downs Road is expected to host 150 jobs. It was granted planning consent in February 2022 by West Oxfordshire District Council.
Warwick-based MCS Construction will start work in Summer with an anticipated March 2023, completing the whole project of around 470,000 sq ft.
Jon Brice, fund manager for NFU Mutual said: “We are proud to be investing in the Witney and Oxfordshire region with a development expected to house 150 jobs that will benefit the local economy.
“We believe this scheme will add much needed and high-quality space to the area. In a market which is so competitive, we are delighted to have been able to secure this opportunity and look forward to working with Tungsten Properties to bring forward this scheme.”
David Mole, development director for Tungsten Properties, said: “It is great to have agreed the forward funding deal with NFU Mutual to deliver the final phase of units in response to the high demand from fast-growing companies needing manufacturing and warehouse space in Oxfordshire.
“Our decision to again speculatively build this project demonstrates our commitment to deliver further space to create jobs and growth for both Witney and Oxfordshire.”
Burbage Realty acted for NFU Mutual while Atlas Real Estate acted for Tungsten Properties. The letting agents are Burbage, Carter Jonas and VSL.
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