Oxenwood Real Estate, and its joint venture partner, Mulberry Developments, have sold the first unit at their newly-acquired PowerPark 38 site in Devon to Gregory Distribution, a UK transport, warehousing and distribution specialist. Gregory Distribution will move into the high bay warehouse, which totals 75,500ft², in early autumn when refurbishment works are completed.
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. It is the second in a series of parks, which Oxenwood intends to create, where occupiers have access to high power.
Stewart Little, co-founder of Oxenwood, said: “Our strategy is to provide mid-box units into the South West market for owner-occupiers. Historically, owner-occupation has been a strong component of take-up in the region. The combination of the modern specification plus the availability of high power has created good demand, which we are progressing in tandem with the refurbishment”.
John Gregory, chief executive of Gregory Distribution, said: “This is a strategic acquisition for the firm and will provide a facility for over 12,000 pallets that are stored and distributed for clients. The extensive, internal height of 15 metres to the eaves within the former finished goods warehouse allows high bay racking and is therefore very efficient”.