Leftfield develops new logistics park in Basingstoke

Leftfield has entered into a forward funding agreement with Tungsten Properties to deliver Leftfield Park Basingstoke with a maximum commitment of £26m.

The six acre site on Crockford Lane will provide a new urban logistics development on Chineham Industrial Park, which is five minutes from the M3 (Junction Six).

Tungsten Properties has achieved planning permission to build two industrial warehouses of 100,555 sq ft (9,341 sq m) and 23,275 sq ft (2,162 sq m) respectively.

The buildings will be net zero carbon ready and target BREEAM Excellent, an EPC ‘A’ rating and positive biodiversity net gain through on-site measures. Photovoltaics, air source heat pumps, and 20% active EV charging and 80% passive charging to all car parking spaces will be delivered to ensure businesses can occupy their space as efficiently as possible.

MCS Build has been appointed to construct the buildings and will commence in April 2025 with practical completion due in January 2026. The project is forecast to create 110 construction jobs and 125 in the occupation phase.

This is Leftfield’s second transaction with Tungsten Properties following its acquisition of the 246,000 sq ft Super W logistics unit at Appleton Thorn, Warrington which was let to Farmfoods.

Nico Fourie for Leftfield said: “We continue to flesh out our Leftfield Fund III with quality warehouse assets. The geographic dispersion of properties in the Fund is strategic and Basingstoke is a sought-after location for value accretion. Following our previous high-quality acquisition from Tungsten, they are a natural partner for further collaborations.”

David Mole, development director at Tungsten Properties, said: “We are pleased to announce the commencement of development for these two high-quality mid-box warehouses for industrial and logistics occupiers. There is a strong demand in the area from businesses seeking well-located and modern best-in-class space. As this marks our second collaboration with Leftfield, we are excited to deliver a top-tier scheme for them.”

BNP Paribas acted on behalf of Tungsten Properties; Savills acted on behalf of Leftfield.