Tungsten Properties has acquired an industrial and logistics development site in Arborfield, Reading, for an undisclosed price.
The seven-acre Observer Park site has outline planning consent to deliver circa 79,000 sq ft of industrial and logistics space across seven units ranging from 6,000 sq ft to 17,500 sq ft.
A reserved matters planning application will be submitted shortly for the detailed design of the buildings and, subject to planning, construction is due to commence later this year.
Luke Davenport, associate development director at Tungsten Properties, said: “Observer Park is a well-positioned site close to Junction 11 of the M4 which we will develop to our usual high standard to include sustainability initiatives so that future companies can occupy these spaces as efficiently as possible. There is a lack of high quality small units coming forward in the South East, particularly under 15,000 sq ft, so this scheme will answer the much-needed demand so that businesses can expand and grow. We look forward to submitting the reserved matters application in the coming days.”
T5REA acted on behalf of Tungsten Properties and Bidwells and Haslams advised the vendor.
