Tungsten Properties, one of the leading mid-market industrial and warehouse developers in the UK, has sold a 43,000 sq ft industrial warehouse unit near Crawley to Martin’s Properties, a leading property investment and development company based in Central London and operating throughout the South of England, for £6.5 million.
The acquisition marks Martin’s Properties’ first industrial warehouse as it continues to diversify its £375 million property portfolio.
The sale is for the development site and forward funding of a 43,000 sq ft industrial warehouse unit located at the former Wyevale Garden Centre at Tungsten Park Handcross. The development totals 83,000 sq ft and is located on London Road, seven miles south of Crawley on the A23 between London and Brighton.
The scheme, to be known as Link 23, is the final terrace of units which will be alongside a previous pre-sale of a separate unit to Pets Corner for its UK distribution centre. Link 23 can be split into three units and is due for completion in August 2019.
Martin’s Properties has also entered into a conditional contract with Tungsten Properties for a second phase of land and development at Tungsten Park, subject to planning.
Established in 1946, Martin’s Properties is a family owned company that has grown to become the owner of one of the largest property portfolios in Chelsea and has continued to expand across London and the South East across a variety of sectors. Recent purchases include offices in Oxford and Sevenoaks.
Jeff Penman, managing director, Tungsten Properties commented: “We are delighted to have concluded this deal with Martin’s Properties for their first industrial acquisition, and to dispose of the entire 83,000 sq ft scheme before the steelwork has gone up, demonstrating the location’s strength and lack of supply for high-quality mid-box industrial units.”
Richard Bourne, managing director, Martin’s Properties commented: “The acquisition of our first industrial scheme marks an important investment milestone on our journey to diversifying our property portfolio in line with our new strategy. Link 23 is a strong location, with fast and easy access to the M25, Gatwick, Brighton and the rest of the South East. It offers the very best in industrial warehousing and we are confident it will provide a good foundation for further investment into this sector. We are keen to secure additional forward funding deals in a variety of sectors where occupational market dynamics are tight, and we can get the product to market quickly.”
Stiles Harold Williams and Vail Williams advised Tungsten Properties. Stiles Harold Williams and BNP Paribas advised Martin’s Properties and have been retained to market the new units.