NFU MUTUAL FORWARD FUNDS £26.4M FOR WITNEY WAREHOUSE PROJECT FINAL PHASE

Industrial and warehouse developer

Tungsten Properties has agreed a £26.4 million 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.

The four-unit scheme will total 167,800 sq ft and is expected to house around 150 jobs. It was granted planning consent in February 2022.

Warwick-based MCS Construction will start the build this summer and it is due to be completed by March next year. The final phase will bring the whole project to total approximately 470,000 sq ft.

Phase one was speculatively built in 2021 and totalled seven units. 93 per cent of the space has been sold, which included a sale of four units to BP Pension Fund for £26 million.

Construction is completed on speculative industrial units at Hartlebury Trading Estate

Construction on five speculative, industrial units at Hartlebury Trading Estate has been completed, providing an additional 27,000 sq ft of commercial space at the site.

Schroder Capital UK Real Estate Fund announced the project, which comprises five units of approximately 5,000 sq ft each, last autumn to meet the demand for more commercial space in the Midlands.

Rupert Jeffries, of asset manager Collingwood Rigby, said: “At 230 acres, Hartlebury Trading Estate is the largest commercial site in Worcestershire.

“Such is the demand for industrial space at present, we are experiencing record low void levels.

“The shortfall of suitable stock throughout the region has caused concern for many months, and with less than two per cent of the estate area available to new occupiers at present, we were keen to deliver new space at the site to meet that need.”

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