5th April 2019
Martin’s Properties, a leading property investment and development company based in Central London and operating throughout the South of England, has acquired its first industrial warehouse as it continues to diversify its £375 million property portfolio.
The acquisition is for the development site and forward funding of a 43,000 sq ft industrial warehouse unit that has been acquired from Tungsten Properties, one of the leading mid-market industrial and warehouse developers in the UK, for £6.5 million.
Located at the former Wyevale Garden Centre, Tungsten Park Handcross 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, the family owned company has grown to become the owner of one of the largest property portfolio’s in Chelsea and has continued to expand its portfolio across London and the South East across a variety of sectors. Recent purchases include offices in Oxford and Sevenoaks.
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.”
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.”
Stiles Harold Williams advised Tungsten Properties. Stiles Harold Williams and BNP Paribas advised Martin’s Properties and have been retained to market the new units.
To contact Martin’s Properties please visit the website www.martins-properties.co.uk
For press enquiries please contact:
Bronya Heaver, Bronya@maisoncomms.co.uk 07813 680 704
Henrietta Harwood-Smith, Henrietta@maisoncomms.co.uk 07866 529 159
Olivia Lane-Nott, Spacecraft Consulting for Tungsten Properties firstname.lastname@example.org 07968 081 128
Notes to editors
Martin’s Properties, established in 1946, is a family owned, London based UK investment and development company with a prestigious property portfolio worth in the order of £375 million. Their assets include a mix of commercial, retail, residential, office, leisure and mixed use properties across the South of England with a large concentration in Chelsea and London. Martin’s Properties is a customer and community facing business with a focus on creating and managing sustainable, well-designed buildings that enhance the local environment and deliver exceptional customer service. www.martins-properties.co.uk
Incorporated in 2005, Tungsten Properties is one of the leading mid-market industrial and warehouse developers in the UK. Based in Hinckley, Leicestershire, Tungsten has developed more than 90 completed units, totalling more than 770,000 sq ft, with a Gross Development Value of over £82m million.
Tungsten has a strong land bank, with control of a further 1.5 million sq ft of committed pipeline supply in core locations. The bulk of this pipeline is in mid-box development.
Clients include: M&G Real Estate, Aberdeen Standard Life, Screwfix, Topps Tiles, Toolstation, Costa, Greggs, and KFC.