Tungsten Properties has secured a six-acre plot in Basingstoke, Hampshire, at a purchase price of £8 million, marking a strategic step towards the establishment of a new urban logistics scheme.

The developer has already sailed through the planning permission stage for the erection of two industrial warehouses on the acquired site. The larger warehouse, dubbed Unit 1, will span 100,555 square feet, whereas the more compact Unit 2 will occupy 23,275 square feet.

These upcoming structures are designed to meet net zero carbon readiness, striving for a BREEAM ‘Excellent’ rating, an EPC ‘A’ rating, alongside a positive biodiversity net gain through tailored on-site measures. Tungsten Properties aims to harness photovoltaics (PV) and air source heat pumps to achieve these environmental milestones. Additionally, the parking spaces will be equipped with 20% active EV charging and 80% passive charging facilities.

David Mole, the Development Director at Tungsten Properties, shed light on the acquisition, pinpointing a noticeable gap between the supply and demand of new ESG-aligned employment spaces in Basingstoke and along the M3 corridor. This acquisition comes on the heels of a recent adjustment in industrial land values, marking Tungsten Properties’ first venture post-correction, with more opportunities looming on the horizon.

The firm aims to bridge the identified supply-demand gap by delivering carbon-efficient buildings, aligning with the latent market demand for such spaces.

The duo of units at the Basingstoke site is projected to open doors by the fourth quarter of 2024, contingent on the commencement of construction. Tungsten Properties has thrown open the doors for freehold and leasehold pre-sale and pre-let opportunities.

BNP Paribas and Realest have been roped in as the commercial leasing agents for the promising site, orchestrating the leasing activities to ensure optimal occupancy upon completion of the project.