UK logistics developer Tungsten Properties has agreed a £26.4 mln (€31 mln) forward funding deal with NFU Mutual for the speculative development of the final phase of its warehouse and industrial project at Downs Road in Witney, Oxfordshire, UK.
The four-unit scheme will total 167,800 sq ft (15,590 m2) and was granted planning consent in February 2022 by West Oxfordshire District Council.
Warwick-based MCS Construction will start the build in summer 2022 which is due to be completed by 24 March 2023. The final phase will bring the whole project to total 470,000 sq ft.
Phase one was speculatively built in 2021 and totalled seven units. 93% of the space has been sold, which included a sale of four units to BP Pension Fund for £26 mln.
Jon Brice, fund manager, NFU Mutual said: ‘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, 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.’
Burbage Realty acted for NFU Mutual; Atlas Real Estate acted for Tungsten Properties. The letting agents are Burbage, Carter Jonas and VSL.
