A PROPERTY development company has acquired a six-acre site adjacent to Hampshire Industrial Park in Basingstoke for £8m.
Tungsten Properties, funded by Maven Capital Partners, a subsidiary of Mattioli Woods plc, has acquired the freehold site on Crockford Lane, in Chineham, Basingstoke, and will provide a new urban logistics development on the land previously used by Air Products.
Basingstoke and Deane Borough Council, as the local planning authority, granted planning permission to build two industrial warehouses on the site on Thursday, October 26. The two units will total more than 100,000 sq ft in size.
Unit one will be 100,555 sq ft and unit two will be 23,275 sq ft.
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The buildings will be net zero carbon ready and target BREEAM Excellent, an EPC A rating and positive biodiversity net gain through on-site measures.
Photovoltaics, air source heat pumps, and 20 per cent active EV charging and 80 per cent passive charging to all car parking spaces will be delivered to ensure businesses can occupy their space as efficiently as possible.
The borough council imposed various conditions when granting planning permission, including that all works on the proposed site will be carried out between 7.30am and 6pm from Monday to Friday, and only between 8am and 1pm on Saturdays. Work on Sundays and bank holidays is not permitted.
All other work-related business, including deliveries, removal of plant equipment and waste, must also take place within the allocated hours.
The borough council asked for a full travel plan indicating proposals to reduce car-borne traffic to and from the site to be submitted in writing when the units are built and first occupied.
Subject to construction starting, both units could be available in the final quarter of 2024 with freehold and leasehold pre-sale and pre-let opportunities available.
Tungsten Properties' development director, David Mole, said: “This is our third project with the Mattioli Woods group of companies following successful projects in Witney and Handcross. We acquired this prime site as we believe there is a disparity between supply and demand of new ESG-led employment space in Basingstoke and the M3 corridor.
“We have recently seen a correction in industrial land values and this is our first acquisition since then with further opportunities in the pipeline. We continue to see a market for prime sites where we can identify such a disparity and are able to deliver our carbon-efficient buildings to meet latent market demand.”
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Maven Capital Partners investment director, Ben Aspell, added: “We are delighted to be working with Tungsten Properties providing acquisition finance from a managed syndicate of investors.
"The group’s previous two projects with Tungsten delivered excellent returns to our private clients from mid-box industrial development and, while the industrial market has changed significantly over the past 15 months, there remains a distinct lack of premium stock, particularly in the small to mid-box market.”
BNP Paribas and Realest are the commercial leasing agents.
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