FOUR warehouse units in Oxfordshire have been sold for £26 million.
Units one to four at the industrial estate in Downs Road, Witney have been sold to Ropemaker Properties, the real estate arm of the BP Pension Fund.
The units total 195,000 sq ft and are part of the first phase of the seven-warehouse and industrial building project.
Sold by Tungsten Properties, 80 per cent of those in the first phase have now been sold or let.
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David Mole, development director at Tungsten Properties, said: “The recent lettings underpin the strength of the West Oxfordshire market, in particular the discrepancy between demand and supply of new, high-spec employment space.
“This speculative scheme has proved extremely successful, with 80 per cent of phase one being let or sold prior to practical completion.
“The sale to Ropemaker Properties reflects the current high demand from investors for well-located, built and let buildings.
“We have strong interest for the remaining units from fast-growing companies needing manufacturing and warehousing space in Oxfordshire.
“We look forward to delivering phase two to build further space to help boost jobs and the economy.”
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Advising Ropemaker was law firm, Watson Farley & Williams.
Partner Hetan Ganatra said: “I am delighted to have been able to advise Ropemaker on this acquisition which represents a valuable addition to their existing investment portfolio, particularly in today’s climate, where warehouse and logistics are a key growth area for commercial real estate.
“This deal cements our reputation as one of the leading law firms advising on commercial real estate acquisitions.”
The second phase of the building project is subject to a planning application, which has been submitted to West Oxfordshire District Council (WODC) and is set to encompass 169,000 sq ft across four buildings.
Subject to approval, that will bring the whole project to a total of 490,000 sq ft.
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Since a final planning statement was submitted to WODC on July 6, the application has been met with 111 objection comments to date.
The objections centre around fears regarding noise and light pollution.
Other units at the industrial estate have already been fully let to Meech International, a manufacturer of compressed air technology, a confidential occupier and Certikin International, a distributor of swimming pool equipment.
Andrew Franck-Steier, director of property consultants Franck-Steier Price, which acted on behalf of Tungsten Properties, said: “To have sold these prime Witney buildings off-market is testament to Tungsten Properties’ position as a leading developer of high-quality units and the covenants that they have attracted from well established and rapidly growing businesses.
“There continues to be substantial demand for the right high-quality product in the right location.”
