Forward funding guarantees final phase of warehouse development

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NFU Mutual is forward funding the final phase of Tungsten Properties’ Witney warehouse project in Oxfordshire to the tune of £26.4 million.

Tungsten Properties, one of the UK’s leading industrial and warehouse developers, has agreed a £26.4 million forward funding deal with NFU Mutual for the speculative development of the final phase of its warehouse and industrial project at Downs Road in Witney, Oxfordshire.

The four-unit scheme totalling 167,800ft2 will be built speculatively. It secured planning consent in February this year  and is expected to create upwards of 150 jobs.

Warwick-based MCS Construction will start the build in summer 2022 with completion due by 24 March 2023.

The final phase will bring the whole project to total approximately 470,000ft2. Phase one was speculatively built in 2021 and totalled seven units. 93% of the space has been sold, which included a sale of four units to BP Pension Fund for £26 million.

Burbage Realty acted for NFU Mutual; Atlas Real Estate acted for Tungsten Properties. The letting agents are Burbage, Carter Jonas and VSL.

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