Tungsten Properties, a leading UK mid-market industrial and warehouse developer, has agreed a pre-let to Certikin International, Britain’s largest manufacturer and distributor of swimming pool equipment, for a new 125,000 sq ft HQ warehouse at its 24 acre site in Witney, Oxfordshire.
The news follows Tungsten Properties’ recent acquisition of the 24-acre site at Downs Road for a 490,000 sq ft business park for £9.845 million from Oxfordshire Land Ltd. The site, previously owned by a consortium of housebuilders: Persimmon, Bovis Homes and Bloor Homes, is to the west of Witney, 500 metres from a new junction of the A40 allowing easy access to Oxford and the surrounding area.
Tungsten Park Witney already had outline planning permission for B1c, B2 and B8 office, industrial and warehouse development. Following the acquisition, Tungsten Properties submitted a reserved matters application to West Oxfordshire District Council confirming the precise layout and detail of its proposal which has now been approved.
Phase 1 is to consist of seven units totalling 289,442 sq ft ranging from 10,000 sq ft to 125,000 sq ft to include Certikin International’s new HQ. Phase 2 will be for up to a further seven units totalling 200,000 sq ft. The deal represents the largest land purchase to date for Tungsten Properties.
Certikin International has been based at Station Lane Industrial Estate in Witney since 1990. It will be relocating to its new purpose built facility for its new HQ. The terms of the deal are a 10 year lease at £6.63 per sq ft.
Neil Murray, Managing Director, Certikin International, said: “Having outgrown our existing premises, we knew we needed to move to a bigger, better site but we were determined to stay in Witney with its excellent infrastructure and pool of labour. As well as being an ideal location, Tungsten Park offers us the space and enhanced facilities that we need to suit all the complex needs of our growing business. This, along with the improved access provided by the new A40 junction, should improve our operational efficiency and secure Certikin’s future as well as that of our 130-strong workforce. We hope to be in a position to move into the new building by the end of 2020.”
David Mole, Associate Director, Tungsten Properties added: “Witney is a market starved of warehouse and office supply which has strong demand and needs to reduce out-commuting. We have had numerous discussions with local companies including many hi-tech firms which all confirm that their businesses are thriving and, through a combination of expansion and lease events, are now in discussions to take new space at Tungsten Park Witney on a design and build basis. We will be providing Certikin International, future occupiers and their employees with high-quality mid-box industrial buildings in Witney.”
Clients of Mattioli Woods plc, a specialist wealth management and employee benefits business, have provided the funding. This is Mattioli Woods’ second partnership with Tungsten Properties, the first being at Handcross outside Crawley.
Ben Aspell, business development manager of Custodian Capital, the property fund management subsidiary of Mattioli Woods plc, added: “We are delighted to be working with Tungsten again on this large and very exciting new project, particularly given the genuine lack of supply of industrial property in the current market.”