Oxenwood Real Estate, the UK and European real estate investment management firm, has signed a lease with Theale-based Westcoast, the privately-held technology group, for a 341,871 sq ft facility in Andover.
The facility, Centric 341, 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 at a rent of £6.72 per 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.”
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”.
Oxenwood was advised by M1 Agency, DTRE and JLL.