£8 million Basingstoke site acquired for urban logistics scheme
Developer Tungsten Properties has acquired a six-acre site in Basingstoke, Hampshire for £8 million. The site will be used for the development of a new urban logistics scheme.
Tungsten Properties has confirmed that it has already achieved planning permission for the construction of two new industrial warehouses at the Basingstoke site. Unit 1 will be 100,555ft² in size while Unit 2 will be a smaller 23,275ft² facility.
Both are set to be “net zero carbon ready and target BREEAM ‘Excellent’, an EPC ‘A’ rating, and positive biodiversity net gain through on-site measures”. The developer plans to achieve this through photovoltaics (PV) and air source heat pumps, as well as “20% active EV charging and 80% passive charging to all car parking spaces”.
David Mole, Development Director at Tungsten Properties, said: “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.”
The two units at the site are expected to be available from Q4 2024, subject to construction start. Tungsten Properties has said that freehold and leasehold pre-sale and pre-let opportunities are available.
Commercial leasing agents for the site are BNP Paribas and Realest.