Swimming pool equipment manufacturer and distributor Certikin International has pre-let a 125,000 sq ft warehouse HQ facility at Tungsten Properties latest scheme in Witney, Oxfordshire.
Certikin International has been based at Station Lane Industrial Estate in Witney since 1990. It will be relocating to its new purpose built facility for its new HQ. The terms of the deal are a 10 year lease at £6.63 per sq ft.
Tungsten Park Witney totals 24-acres and was bought earlier this year for £9.845 million from Oxfordshire Land Ltd. The site, previously owned by a consortium of housebuilders: Persimmon, Bovis Homes and Bloor Homes, is to the west of Witney, 500 metres from a new junction of the A40 allowing easy access to Oxford and the surrounding area.
Following the acquisition, Tungsten Properties submitted a reserved matters application to West Oxfordshire Council confirming the precise layout and detail of its 490,000 sq ft proposal which has now been approved.
Phase 1 is to consist of seven units totalling 289,442 sq ft ranging from 10,000 sq ft to 125,000 sq ft to include Certikin International’s new HQ. Phase 2 will be for up to a further seven units totalling 200,000 sq ft. The deal represents the largest land purchase to date for Tungsten Properties.
David Mole, associate director, Tungsten Properties said: “Witney is a market starved of warehouse and office supply which has strong demand and needs to reduce out-commuting.
Clients of Mattioli Woods, a specialist wealth management and employee benefits business, have provided the funding. This is Mattioli Woods’ second partnership with Tungsten Properties, the first being at Handcross outside Crawley.
Carter Jonas and VSL acted on behalf of Tungsten Properties; Bidwells acted on behalf of Certikin International.
By Liza Helps