Tungsten Properties sells Essex development to private investor for £7.25 million

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Warehouse developer Tungsten Properties has sold its three-unit industrial development at Eastways Industrial Estate in Witham, Essex.

The site which was sold to a private investor for £7.25 million and is pre-let to online discount stationary store OMG How Cheap, consists of three high specification logistics units totalling 45,000ft2.

The sale represents a net yield of 4.75%.

The development was funded by Tungsten’s balance sheet, alongside its £50 million revolving credit facility with Fortwell Capital.

“The sale of our Witham development is credit to Tungsten’s project team who built it during challenging conditions, ready for the simultaneous sale to the private investor and completion of OMG How Cheap’s lease,” said Justin McVeigh, associate development director at Tungsten Properties

“It is great news for the tenant which will have a more efficient building in terms of both energy and operations while generating more jobs for the local area.”

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