Tungsten Properties, one of the UK’s leading mid-box industrial and warehouse developers, has pre-let its entire three-unit industrial development at Eastways Industrial Estate, Witham, Essex to OMG How Cheap Ltd, the online discount superstore selling stationery and art & craft supplies at highly affordable prices.
OMG How Cheap Ltd was founded in 2011 by David Field. The business sells branded and own-range products via Amazon, eBay and through its own website. Rapid growth in the US and strong revenues in Europe and Australia have boosted international sales and it has plans to expand into Japan.
Tungsten Properties will build three high specification logistics units totalling 45,000 sq ft. Construction will commence in January 2021 with completion due in July 2021.
David Field, managing director of OMG How Cheap Limited said: “This is an exciting time for the business which has seen phenomenal growth over the past 10 years, and we are delighted to have secured new premises at Tungsten Park in Witham. The move to Witham forms part of our plans for the next 10 years which will see turnover treble and the opportunity to generate further employment locally.”
Justin McVeigh, associate development director, Tungsten Properties said: “Eastways is considered the premier location within the town largely due to its accessibility to the A12. OMG How Cheap is seeing rapid business growth and needed new buildings so it can continue its expansion. To have secured a deal across the whole three-unit project is testament to the location, product and continued demand for industrial buildings by online retailers.”
Tungsten Properties’ total warehouse space currently under construction totals 675,000 sq ft, out of a committed pipeline of 2 million sq ft with a gross development value of £260 million which will create new workspace for thousands of new jobs.
The terms of the deal remain confidential. The agents were Savills and Harwin Property Consultants.