A multi-million-pound deal to buy a 28-acre industrial estate in the heart of Witney has been declared “a vote of confidence in the town’s economy”.

Blenheim Estates has taken over Windrush Industrial Park, in Burford Road, in a deal rumoured to be worth more than £10m.

The estate is a base for 17 businesses, including multi-national packaging company Smurfit Kappa and furniture producers Corndell Furniture.

Roger File, property director of Blenheim Estates, said the industrial park had “ticked all the boxes”.

It was the site of the Smiths Industries’ factory, which used to be a major employer in Witney.

Mr File said: “We’re locally based and we have been looking to expand our portfolio for a while, waiting for the right opportunity.

“For us it was the logical place, on our doorstep, and we could see quite a lot of potential.

“Our current plan is to hold it for the long term and to sort out some of the issues with it, improving it over the next decade or more.

“We want to make sure it’s a good working environment, so people continue to want to be there.”

Mr File said the estate was looking “tired” and a significant amount of money would be invested to improve the buildings.

Lesley Semaine, the chairman of the town’s chamber of commerce, said: “If they’re putting the money into it, they have got to see the future of Witney as being good.

“It could be a draw for new business, which in turn will be good for the town and for employment.

Mayor James Mills said it was excellent news, adding: “I think it’s a vote of confidence in the Witney economy.”

Blenheim Estates is run by the Blenheim Trust, which was set up by the Spencer-Churchill family, headed by the Duke of Marlborough.

Mark Baker, of Witney estate agents Wilsons Commercial, said he believed it was one of the biggest land deals in the town’s history.

He said: “I can’t think of anything like this in terms of industrial development. Nothing would have approached that size.”

Rita Ahern, the finance director at Corndell Furniture, said the company was “hugely supportive” of the deal.

She said: I think a local landlord can only be a benefit to all the tenants.”