Oxenwood Real Estate and its joint venture partner Mulberry Developments have sold the second unit at their newly-acquired PowerPark 38 site in Devon to GM Coachwork, one of the country’s largest manufacturers of wheelchair accessible vehicles. This latest sale follows the sale in May of the high-bay warehouse element to Gregory Distribution. GM Coachwork will move into Unit C, which totals 68,500ft², before Christmas when refurbishment works are completed. The purchase price was not disclosed.
The unit forms part of the former British Ceramic Tile factory, which is located on Heathfield Industrial Estate adjacent to the A38 Devon Expressway in Newton Abbot. Oxenwood and Mulberry acquired the 390,000ft² factory out of administration in September last year and are refurbishing and reconfiguring it into three or four separate units. The site, renamed PowerPark 38, has a large reserved power supply with multiple substations.
Stewart Little, co-founder of Oxenwood, which acquired its share of the site for its joint venture, Oxenwood Catalina, said: “We are delighted to follow up the recent sale to Gregory Distribution with this new transaction to GM Coachwork. Undoubtedly, the product that we are creating is suiting the demand from owner-occupiers. Our focus is now on completing the refurbishment and securing a sale or letting on the remaining 200,000ft² of floorspace”.
David Vooght, CEO of GM Coachwork, said: “This is a strategic acquisition for the firm and will allow our business to expand and merge several operations into this site. PowerPark 38 is in a great location for our staff and customers. We have worked with the PowerPark team to adapt the unit to suit our specific needs”.