Westcoast Holdings, Britain’s largest privately-held technology group, is to take a new 341,871 sq ft warehouse in Andover, Hampshire.
The facility at Andover Business Park, will double Westcoast’s UK warehouse space, adding to existing facilities in Theale in Berkshire, Wilford in Nottinghamshire and Milton Keynes. Westcoast has signed a 20-year lease with Oxenwood Real Estate at a rent of £6.72 a sq ft.
Alex Tatham, Westcoast’s managing director, said: “This new facility demonstrates the level of confidence the Board has in the business and its future growth in the UK as well as in exports, expansion businesses and services – some of which will be based in Andover”.
The deal will be a relief for Oxenwood, who acquired the empty unit in 2006 as part of a 3.9 million sq ft portfolio in a £286 million deal.
The Andover unit was built speculatively and completed in 2016 and has since been one of a handful of larger warehouses available in central Southern England.
Stewart Little, co-founder of Oxenwood, said: “The letting at Andover represents further vindication of a strategy to acquire vacant buildings which offer either modern strategic long-term lease solutions for customers or refurbishment opportunities which provide shorter-term but higher yielding assets. The letting to Westcoast is a great example of the former and we look forward to developing the relationship with Westcoast both domestically and in continental Europe”.