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”.