Savills, on behalf of Aryan Holdings Inc, has sold 2.2 acres (0.89 hectares) of commercial development land at Eastways in Witham, Essex to Tungsten Properties, the Leicestershire-based mid-box industrial & warehouse developer, for £1.425 million.
Tungsten Properties has secured planning consent for the construction of three units totalling 45,000 sq ft (4,180 sq m) providing the opportunity for different sizes ranging between 11,000 – 45,000 sq ft (1,021 – 4,180 sq m). Development funding is to be provided by Fortwell Capital which will allow the units to be available on a pre-let/sale basis with delivery from Q2 2020.
The scheme, to be known as Tungsten Park Witham is to be marketed jointly by Savills and Harwin Property Consultants.
Phil Dennis, Director in the business space agency team at Savills Chelmsford, comments: “The land at Eastways provides Tungsten Properties with a rare opportunity to develop warehouse units along the A12 corridor. The scheme provides an exciting opportunity for occupiers to acquire space on either a lease or freehold basis in a market where there is a distinct lack of industrial stock.”
Justin McVeigh, Associate Development Director at Tungsten comments: “With such low levels of industrial workspace in the immediate vicinity and surrounding areas, the site is an excellent opportunity for future occupiers to locate to new, purpose-built units. The plot is located in an established industrial area with well-known local and national occupiers such as Velta Logistics and Screwfix. I would invite interested parties to contact Phil Dennis at Savills or Daniel Harness at Harwin Property Consultants for further details.”
