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Tungsten Properties, one of the UK’s leading mid-box industrial and warehouse developers, has sold its three-unit industrial development at Eastways Industrial Estate, Witham, Essex, which was pre-let to OMG How Cheap Ltd, the online discount stationery superstore, to a private investor for £7.25 million representing a net initial yield of 4.75%.
The three high specification logistics units total 45,000 sq ft and were completed in December 2021 with OMG How Cheap set to officially move into its new space in Q1 2022.
The development was funded by Tungsten’s balance sheet, alongside its £50 million revolving credit facility with Fortwell Capital.
Justin McVeigh, associate development director at Tungsten Properties said: “The sale of our Witham development is credit to Tungsten’s project team who built it during challenging conditions, ready for the simultaneous sale to the private investor and completion of OMG How Cheap’s lease. It is great news for the tenant which will have a more efficient building in terms of both energy and operations while generating more jobs for the local area. We wish both OMG, and the new purchaser, every success.”
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