Ropemaker Properties, part of BP’s pension fund, has purchased four warehouse units in Oxfordshire, UK, from industrial developer Tungsten Properties in an off-market-deal worth £26 mln (€30 mln).
Ropemaker has acquired units 1 to 4 at Tungsten’s new warehouse and industrial project at Downs Road in Witney, Oxfordshire. The four units comprise 195,000 sq ft (18,000 m2) and are part of phase 1 of the project which comprises seven warehouse units in total. Practical completion was reached in July 2021 with 80% of the space now sold or let.
Units 2, 3 and 4 are fully let to Meech International, a leading manufacturer of static control, web cleaning and compressed air technology which took 22,000 sq ft, a confidential occupier which took 28,000 sq ft, and Certikin International, Britain’s largest manufacturer and distributor of swimming pool equipment which took 125,000 sq ft respectively. Unit 1 totals 20,000 sq ft and has strong interest.
Phase 2 is subject to a planning application which has been submitted to West Oxfordshire District Council and will encompass 169,000 sq ft of new space across four buildings. Subject to approval, this will bring the whole project to total 490,000 sq ft (45,000 m2).
David Mole, development director at 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% of phase 1 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 2 to build further space to help boost jobs and the economy.’
Franck-Steier Price acted on behalf Tungsten Properties for the transaction, while Griffiths Eccles represented Ropemaker Properties. Carter Jonas and VSL acted on behalf of Tungsten Properties for the lettings.
