Mid-box industrial and warehouse developer Tungsten Properties has acquired a five-acre site near Southampton Airport from Ford Motor Company, with the forward funding from insurer NFU Mutual.
The Former Ford Vehicle Refurbishment Centre at Wide Lane was acquired following Ford’s decision to vacate the premises due to structural changes in the business.
A planning application has been submitted to Southampton City Council for a four-unit prime logistics and warehouse scheme which will total 100,000ft2 which, once complete, is forecast to support around 100 jobs.
The scheme will be built to high sustainability standards achieving BREEAM ‘Excellent’ and an ‘A’ Rating for the Energy Performance Certificate.
Construction is due to commence in Q4 2021 with completion due in Q3 2022.
“Like many areas of the UK, at the moment there is a scarcity of stock in Southampton and we see this as an excellent opportunity to create some much needed warehouse space for the area,” said Justin McVeigh, Associate Development Director, Tungsten Properties. “This is also a great opportunity for us to work alongside NFU Mutual in what we anticipate to be a successful scheme.’’
“We are really excited to be partnering with Tungsten Properties on this scheme,” added Jon Brice, Property Fund Manager, NFU Mutual. “There is a strong opportunity to create best in class product in an excellent location at Wide Lane, capitalising on the occupational demand in the area.”
The purchase price is undisclosed. Colliers acted on behalf of Tungsten Properties; CBRE acted on behalf of Ford; Burbage acted on behalf of NFU Mutual.