Tungsten Properties, a mid-box industrial and warehouse developers 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 100,000 sq ft which, once complete, is forecast to house circa 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.
Justin McVeigh, associate development director, Tungsten Properties said: "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. This is also a great opportunity for us to work alongside NFU Mutual in what we anticipate to be a successful scheme."
Jon Brice, property fund manager, NFU Mutual said: "We are really excited to be partnering with Tungsten Properties on this scheme. 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.
About Tungsten Properties
Founded in 2005, Tungsten Properties is a privately-owned company, based in Hinckley, Leicestershire. Since incorporation, Tungsten Properties has grown from a developer of small industrial units in the East Midlands, to a national developer with an industrial development pipeline of more than 2.6 million sq ft, spanning from West Yorkshire to Mid Sussex.
Tungsten Properties has developed 126 completed units, totalling more than 1.25 million sq ft, with a gross development value of over £155 million.
Tungsten Properties’ other projects under construction include Phase 1, Tungsten Park, Witney, a 290,000 multi-unit scheme, Tungsten Park Bardon in Leicestershire, an 11.25 acre site with four industrial units totalling 200,550 sq ft, and Union Park in Leighton Buzzard, an eight unit, 163,940 sq ft warehouse scheme.
About NFU Mutual
NFU Mutual offers a wide range of products, including general insurance, life, pensions, and investments. These products and services are delivered through its network of NFU Mutual Agent offices, as well as through its direct sales and service centres. With over 300 local businesses located in rural towns and villages throughout the UK, NFU Mutual has become part of the fabric of rural life and remains committed to serving the needs of our members nationwide.
Pictured: Tungsten Properties acquires former Ford Southampton site – aerial image