THE final phase of a major warehouse project has been handed a £26 million boost.

NFU Mutual has forward funded £26.4 million for Tungsten Properties’ warehouse and industrial project in Downs Road, Witney.

Despite being met with more than 100 objection comments, the four-unit scheme was granted planning consent in February by West Oxfordshire District Council.

Objections centred on fears regarding noise and light pollution.

Read more: Formula 1 supplier buys warehouse

Warwick-based MCS Group will start building the 167,800 sq ft project this summer, with it due to be completed by March 24 next year.

The final second phase will bring the whole project to total approximately 470,000 sq ft.

Phase one totalled seven units, with four sold to Ropemaker Properties, the real estate arm of the BP Pension Fund, for £26 million.

Read again: Warehouse units sold for £26 million

Jon Brice, property fund manager for NFU Mutual, said: “We are proud to be investing in the Witney and Oxfordshire region with a development expected to house 150 jobs that will benefit the local economy. 

“We believe this scheme will add much-needed and high-quality space to the area.

“In a market which is so competitive, we are delighted to have been able to secure this opportunity and look forward to working with Tungsten Properties to bring forward this scheme.” 

David Mole, development director at Tungsten Properties, added: “It is great to have agreed the forward funding deal with NFU Mutual, to deliver the final phase of units in response to the high demand from fast-growing companies needing manufacturing and warehouse space in Oxfordshire.”

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