Tungsten Properties acquires six acre Basingstoke industrial site for £8M
A six-acre site next to Hampshire Industrial Park in Basingstoke has been acquired by Tungsten Properties, funded by Maven Capital Partners, a subsidiary of Mattioli Woods, for £8 million.
Tungsten recently received planning permission to build two industrial warehouses, providing a new urban logistics development at the site on Crockford lane, which sits five minutes from M3 junction 6.
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One unit will total 100,555 sq ft, while the second will total 23,275 sq ft.
"This is our third project with the Mattioli Woods group of companies following successful projects in Witney and Handcross, said David Mole, development director at Tungsten Properties.
"We acquired this prime site as we believe there is a disparity between supply and demand of new ESG-led employment space in Basingstoke and the M3 corridor.
"We have recently seen a correction in industrial land values and this is our first acquisition since then with further opportunities in the pipeline. We continue to see a market for prime sites where we can identify such a disparity and are able to deliver our carbon efficient buildings to meet latent market demand."
Ben Aspell, the investment director at Maven Capital Partners, added: "We are delighted to be working with Tungsten Properties providing acquisition finance from a managed syndicate of investors.
"The group’s previous two projects with Tungsten delivered excellent returns to our private clients from mid-box industrial development and, while the industrial market has changed significantly over the past 15 months, there remains a distinct lack of premium stock, particularly in the small to mid-box market."
Subject to the start of construction, both units could be available from the fourth quarter of 2024 with freehold and leasehold pre-sale and pre-let opportunities available.
They will be net zero carbon ready and target BREEAM Excellent, an EPC A rating and positive biodiversity net gain through on-site measures. Photovoltaics, air source heat pumps, and 20% active EV charging and 80% passive charging to all car parking spaces will be delivered.
Founded in 2005, Tungsten Properties is a privately-owned company, based in Enderby, Leicester with a nine -strong team. It has developed more than 216 completed units, totalling over 3.3 million sq ft, with a gross development value of £446 million.
Its other projects under construction include Velocity Point, Leeds - a multi-let industrial estate totalling 264,500 sq ft, and Vaughan Park, Tipton, a 253,700 sq ft six-unit industrial scheme.
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