Tungsten Properties, in joint venture with Euro Property Investments Limited (EPIL), has acquired strategic development sites in Milton Keynes and High Wycombe which total 5.1 acres.
The acquisitions mark the third and fourth sites with EPIL with previous JV success with multi-let schemes at Tungsten Park Tamworth and Tungsten Trade Park Brackley.
Tungsten Park at Breckland Road, MK14 in north Milton Keynes was acquired for £2.62 million. The 3.3 acre site (image below) is to the north of the city centre in an established business park location close to local amenities which include Costa Coffee, McDonalds and Linford Wood Park. Neighbouring occupiers include Amazon and TalkTalk.
A planning application has been submitted to construct two new headquarters industrial warehouse units which will be for sale or to lease and will total 63,910 sq ft (5,937 sq m). Unit 1 will total 44,285 sq ft (4,360 sq m) and unit 2 will total 16,960 sq ft (1,575 sq m). Target practical completion is Q1 2025.
Old Horns Lane in High Wycombe (image below) is a 2.8 acre site which is located less than two miles from Junction 4 of the M40 with strong transport links to the motorway network and close proximity to High Wycombe’s employment pool.
A planning application is soon to be submitted for a new industrial unit which will total 44,000 sq ft (4,088 sq m). Practical completion is targeted for Q1 2025 and the unit will be available on a leasehold or freehold basis.
All buildings have been designed to incorporate the latest sustainability technologies, which will result in a 20% reduction from on-site renewable carbon energy through carbon offsetting initiatives. The units will target EPC A and BREEAM Excellent and include 10% EV charging with 90% passive spaces, alongside air source heat pumps, grey water harvesting and PV panels.
The acquisitions, which both completed in January 2024, marked a strong start to the year and evidence of Tungsten Properties’ commitment and confidence in the industrial sector.
Jeff Penman, managing director, Tungsten Properties said: “In 2024, we continue our strategy to increase our development pipeline by acquiring these two strategic sites in Buckinghamshire. Both sites are in well-connected areas with a strong workforce already employed in the manufacturing, transport and storage sectors. Our investment will bring new, high-spec buildings and jobs to meet the strong demand from businesses needing new or expansion warehousing space.”
David Mole, development director, Tungsten Properties for Milton Keynes project said: “Milton Keynes is booming and has a reputation for convenience and accessibility with current high demand for industrial and warehouse space. Our latest investment will cater for those companies desperately needing high-spec, efficient HQ industrial buildings.”
Ashleigh Hayes, associate development director, Tungsten Properties for High Wycombe site added: “Our new site is excellently located and coupled with our sustainability technologies to enable efficient occupation, will appeal to many companies which need quick access to London markets at the benefit of regional rental levels. We have started positive conversations with both occupiers and agents and look forward to progressing these projects.”
Cushman & Wakefield and Adroit Real Estate Advisors are the commercial agent for Milton Keynes; BNP Paribas Real Estate and Colliers are instructed for High Wycombe.
Read more about Milton Keynes and High Wycombe projects.
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