Tungsten Properties is proud to announce that it has been shortlisted for the IAS (Industrial Agents Society's) Awards in the category 'Best Overall Scheme Multi-Let Industrial Estate' for Tungsten Park, Witney - phase 1.
The awards celebrate the success and achievements of the industrial property sector.
Now in their 35th year, the IAS Awards remain widely recognised as the industry’s premier networking event, attended by the countries leading agents, owners, occupiers, developers and funders of industrial & logistics real estate.
Tungsten Park Witney in Downs Road, Witney in Oxfordshire is a 25-acre consented development site, which is strategically situated 500 metres from a new junction of the A40 allowing easy access to Oxford and the surrounding area.
Tungsten Park Witney offers high-grade warehouse and industrial units to an evolving economy.
The site had existing outline consent for employment use (B1C, B2 and B8) and formed part of a wider development which included 1,000 new homes and ancillary space.
The first phase was completed in 2021 and totalled 290,000 sq ft across 12 buildings and is now fully occupied/committed Phase 2 was granted planning consent by West Oxfordshire District Council in February 2022 and is now under construction through Warwick-based MCS Construction and will be completed by 24 March 2023.
It will provide a further four buildings totalling 168,000 sq ft for circa 150 jobs.
The final phase will bring the whole project to total approximately 470,000 sq ft with unit sizes ranging from 11,000 sq ft to 125,442 sq ft to meet local demand and requirements.
Driven by demand from local occupiers, the decision was made to offer occupiers the opportunity to purchase the freeholds which is rarely seen in the current market.
243,918 sq ft was pre-let/pre-sold ahead of practical completion. This equates to c. 80% of the scheme. This includes a c. £26 million sale of four units in Phase 1 to BP Pension Fund.
Within nine months from practical completion, the entire first phase was sold.
Today, Tungsten Park Witney is home to 10 different occupiers including well-known local businesses including Certikin International, Meech and Venture Engineering. They cover a range of uses and specialists including research and development space, storage and distribution, and manufacturing.
A £26.4 million forward funding deal was agreed with NFU Mutual for the speculative development of the final phase.
The project has created 500 jobs in the local area and significant local economic benefit and the project has allowed businesses to grow and expand and £65m GDV scheme delivered in four years, one year ahead of business plan.
Jeff Penman, managing director, Tungsten Properties said: "We are proud that our Witney project has been shortlisted for the IAS Awards 2022 recognising the hard work that has gone into constructing this project by the development team and our construction partners.
“We are building to meet the high demand from fast-growing companies needing manufacturing and warehouse space in Oxfordshire. With phase 1 completed, our decision to build this project again speculatively for phase 2 demonstrates our commitment to deliver further space to create not just immediate local construction jobs but also those for Witney and Oxfordshire through the companies who chose to move here and join the likes of Certikin International and Venture Engineering. Thank you to the judges for shortlisting this key project.
"Thank you to the judges for shortlisting this key project and congratulations to all those shortlisted - we're looking forward to the awards evening."
Find out more about Tungsten Park Witney.
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