Published: Nov 01, 2023
Maven Investor Partners has funded the acquisition of a six-acre site near Basingstoke for £8 million.
The freehold site on Crockford Lane which is north-east of Basingstoke, will provide a new urban logistics development on Hampshire Industrial Park, which is five minutes from M3 junction 6.
Tungsten Properties will act as developer and has recently achieved planning permission to build two industrial warehouses with unit one to total 100,555 sq ft (9,341 sq m) and unit two to total 23,275 sq ft (2,162 sq m).
Tungsten Properties, a privately owned property development company, is well known to Maven having worked with its parent company, Mattioli Woods, on previous real estate ventures.
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% active EV charging and 80% passive charging to all car parking spaces will be delivered to ensure businesses can occupy their space as efficiently as possible.
Subject to construction start, both units could be available from Q4 2024 with freehold and leasehold pre-sale/pre-let opportunities available.
“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.”
Ben Aspell, Investment Director at Maven
“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.”
David Mole, Development Director at Tungsten Properties