Oxenwood Real Estate has let 143,907 sq ft of industrial space to clay and concrete supplier Ibstock near Wolverhampton.
The facility is located on Hilton Cross Business Park in Featherstone. Ibstock has signed a 10-year lease at an initial rent of £7.95 per sq ft.
Oxenwood bought the facility in 2021 from former occupier Mann+Hummel, a global filtration technology company, on behalf of Oxenwood Catalina, its joint venture with Catalina Holdings (Bermuda) Ltd. It was then leased back to Mann+Hummel on a short lease.
Oxenwood and Mann+Hummel have since agreed the terms for a lease surrender, and Ibstock has taken occupation of the facility following completion of a refurbishment.
Stewart Little, co-founder of Oxenwood, said: “The letting to a high-quality manufacturing company in parallel with securing vacant possession of the building reinforces our strategy to acquire short-let or vacant buildings in markets where we have high confidence in occupier demand.”
Oxenwood was advised by Carter Jonas. Gerald Eve acted for Ibstock.
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