Developer Tungsten Properties has paid £1.425 million for a 2.2 acre site at Eastways in Witham, Essex from Aryan Holdings.
The developer has secured planning for three units totalling 45,000 sq ft ranging between 11,000 – 45,000 sq ft.
Fortwell Capital will provide funding, which will allow the units to be available on a pre-let/sale basis with delivery from Q2 2020.
The scheme, to be known as Tungsten Park Witham is to be marketed jointly by Savills and Harwin Property Consultants.
Phil Dennis of Savills said: “The land at Eastways provides Tungsten Properties with a rare opportunity to develop warehouse units along the A12 corridor where there is a distinct lack of industrial stock.”
Justin McVeigh of Tungsten said: “With such low levels of industrial workspace in the immediate vicinity and surrounding areas, the site is an excellent opportunity for future occupiers to locate to new, purpose-built units.”