Monday, June 24, 2024

Northamptonshire trade counter and drive thru scheme fully let and sold

Tungsten Properties has secured occupiers and freehold sales for all seven of its trade counter units and one drive-thru at Tungsten Trade Park Brackley, Northamptonshire.

The new occupiers include Easy Bathrooms, Screwfix, Garage 59, DAR Group, Toolstation, Rapid Electrical, Rexel, and Costa Coffee.

All seven trade units and the drive thru have been sold either directly as occupier freehold sales, or as investments to a range of private investors.

The project, which commenced in Q3 2021 and reached practical completion in Q4 2022, was Tungsten’s second scheme to be delivered in JV with funder Euro Property Investments Limited.

Jeff Penman, Managing Director, Tungsten Properties, said: “Following a significant deterioration in the institutional investment market, we made the decision to separate the estate and sell as seven individual properties which resulted in the project performing ahead of business plan.

“The success of the scheme, despite challenging economic conditions post-completion, has led to further deals being agreed between Tungsten and EPIL at sites in Milton Keynes and High Wycombe.”

Ashleigh Hayes, associate development director, Tungsten Properties, added: “To have all units occupied and sold shows the strength of demand for trade counters in the thriving town of Brackley.

“We have a fantastic tenant line up and the occupiers will undoubtedly benefit from each other’s presence on the Park. This is evidenced by Costa which has already extended their lease, showing the strength of the trading position.”

Andrew Franck-Steier, Atlas Real Estate, said: “Tungsten Properties has built another excellent scheme in a prime location in the market town of Brackley which is experiencing significant expansion due to the delivery of new homes and its proximity to the A road and wider motorway network.

“The lettings to these key occupiers along with freehold investments have provided investors with long-term income.”

Carter Jonas and White Commercial were the appointed commercial agents whilst Atlas Real Estate advised on the investment sales.

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