A WAREHOUSE in West Oxfordshire has been sold to a motorsport engineering company in a multi-million pound deal.
Venture Engineering, which has customers in Formula 1, has purchased Unit 7 at Tungsten Park in Witney.
The sale is the third warehouse sold at the park with Venture set to move to the 15,000sq ft building from its current base in Bourton-on-the-Water in Gloucestershire.
Venture was established in 2015 and designs motorsport race parts for clients including F1 teams Red Bull Racing and Williams.
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Adrian Perkins, director of Venture Engineering, said: “The move from Bourton-on-the-Water to Witney will aid the expansion of our business.
“Moving into Motorsport Valley and being near to the M40 are key to our plans. Tungsten Park was chosen as the area was perfect but also the build quality and relationship built with Tungsten over the past six months made our decision very easy.
“While motorsport is our background, we are gradually moving into other sectors including transport, battery power, architectural and automotive to name but a few, so this move to Witney will help us quickly achieve our growth goals.”
Venture also has customers in the Le Mans 24 hour race.
Tungsten Park is a 24-acre project to the west of Witney.
Tungsten Properties is constructing a 490,000sq ft business park in Downs Road, with the first phase set to consist of seven units totalling 289,442sq ft.
Unit 7 is one of these, and is currently under construction, with completion set for March 2021.
The second phase will be for up to a further seven units, totalling 200,000sq ft.
David Mole, associate development director at Tungsten Properties, said: “Venture Engineering will be joining a business community that is being built to cater for those companies which are experiencing business growth and looking for new, state-of-the-art warehouse space.
“To have secured three businesses at our new project shows the strength of Witney as a business location in Oxfordshire.
“We continue to invest in building warehouse and logistics space not just in Witney but across the country as the demand for such space is extremely high and we believe that the UK’s logistics sector is the safest place right now for new property investment to build new space to meet demand and create jobs.
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“The pace of structural change from high street retail to e-commerce has been accelerated by Covid-19 by about 19 per cent of total retail sales in February to 31 per cent to end of June.
“This increase would normally take five or so years to reach this outcome. This increase will turn into demand for millions of new sq ft of floor space from businesses and may even strengthen rents and yields.”
In November, Witney-based swimming pool equipment manufacturer Certikin International completed a deal to make Unit 4 its headquarters, while in March, Meech International, a manufacturer of compressed air technology, took Unit 2 for further research and development, and production space.