Tungsten Properties has reached practical completion of the final phase of its £70 million industrial scheme in Witney, the developer’s largest scheme so far.
Tungsten Park Witney, a scheme funded by Mattioli Woods Private Investors Club, is 14-units (totalling 470,000 sq ft) across 24 acres in Downs Road. All of the space has been let or sold to 13 different businesses.
Construction started on Phase One in 2019, initially funded through Tungsten’s £50m revolving credit with Cain International and was subsequently leased and sold to BP Pension Fund.
Phase Two, totalling 167,800 sq ft, was forward funded by NFU Mutual.
The completed project is now home to businesses across automotive, defence, medical and logistics sectors including Certikin International, Meech International and Venture Engineering which has customers in Formula 1.
Warwick-based MCS Build has been the main contractor throughout. The buildings have been constructed to enable low carbon occupation and have achieved BREEAM Excellent and EPC A.
David Mole, development director for Tungsten Properties, said: “Witney is now an established employment area to the west of Oxford, however, four years ago it was an unproven industrial and logistics location. We spent considerable time with our agents to understand the location and potential demand for employment space.
“We identified a number of requirements and recognised a large undersupply of new and existing employment space in Witney and the West Oxfordshire area.
“This led to us successfully pre-letting and selling 80 per cent of the first phase ahead of practical completion. Following this overwhelming success, we submitted the planning application to build out the remainder of the site and completed a forward funding deal with NFU to deliver the final phase.
“In what has been a challenging four years due to macro factors out of our control, it is thanks to our Tungsten team, funding partners, professional consultants and sole construction partner that we have achieved a very high-quality product in a timely and professional manner which has achieved record rents. A big thank you to everyone involved.”
Leasing agents were Carter Jonas and CBRE while Atlas Real Estate acted on the investment sales. The professional team was Goodrich Consulting, HTC Architects, PRP UK, HBA and Pegasus Group.
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