Four industrial units in Witney, totalling almost 200,000 sq ft, have been sold in a £26 million deal.
Tungsten Properties has sold Units 1 to 4 at Tungsten Park, Witney, a new warehouse and industrial project at Downs Road, to Ropemaker Properties, part of BP Pension Fund.
The 195,000 sq ft of space makes up Phase One of the seven- building project. Practical completion was reached in July 2021 and 80 per cent is now sold or let.
Units 2, 3 and 4 are let to Meech International, (22,000 sq ft), an unnamed occupier which took 28,000 sq ft, and Certikin International, which took 125,000 sq ft respectively. Unit 1 (20,000 sq ft) remains available and has attracted strong interest.
Unit 7 of Phase One was sold to Rofgo Venture Ltd earlier in the year and Units 5b and 5c are due to complete imminently.
A planning application for Phase Two has been submitted to West Oxfordshire District Council and will encompass 169,000 sq ft of new employment space across four buildings. If approved it will bring the whole project to total 490,000 sq ft.
David Mole, development director of Tungsten Properties, said: “The recent lettings underpin the strength of the West Oxfordshire market, in particular the discrepancy between demand and supply of new, high spec employment space.
“This speculative scheme has proved extremely successful, with 80 per cent of Phase One being let or sold prior to practical completion. The sale to Ropemaker Properties reflects the current high demand from investors for well-located, built and let buildings.
“We have strong interest for the remaining units from fast-growing companies needing manufacturing and warehousing space in Oxfordshire. We look forward to delivering Phase Two to build further space to help boost jobs and the economy.”
In the sale Franck-Steier Price acted on behalf of Tungsten Properties and Griffiths Eccles acted for Ropemaker Properties. Carter Jonas and VSL acted on behalf of Tungsten Properties for the lettings.
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