A large part of the vast former British Ceramic Tile factory in Devon has been bought by logistics giant Gregory Distribution – despite it having just made 100 redundancies.
The Devon-headquartered transport, warehousing and distribution specialist announced job losses across its sites on May 26, but will nonetheless now move into the 75,500sq ft high bay warehouse at the site, now called PowerPark 38, in early autumn when refurbishment works are completed.
News of the property acquisition comes just a day after from its 2,700-strong workforce after seeing a “significant” decline in business due to the effects of the coronavirus lockdown and its effects on the 海角视频 economy.
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.”
What you need to know about Oxenwood and Mulberry
Oxenwood Real Estate was established by co-founders Jeremy Bishop and Stewart Little as a real estate investment management firm in May 2014.
The group invests directly and in joint venture with domestic and international institutions in the 海角视频 and Europe. The company is a multi-sector opportunistic investor but is currently focusing on the logistics sector. Mr Bishop and Mr Little began working together 13 years ago. Andrew Walker is chairman.
Mulberry Developments is a privately owned and funded property developer who is experienced, well -resourced and successful in developing properties in the commercial and residential sectors. It has delivered more than 5,000,000sq ft of commercial development including significant logistics schemes.
Mulberry has experience in the logistics sector including acquisition and promotion of the development of the 1,000,000sq ft Primark Unit at Islip in Northamptonshire, Connex Park in Harlow and the end-to-end development of Midlands Logistics Park in Corby.
The vast factory site, next to the A38, has been vacant since January 2019 when British Ceramic Tile, the 海角视频’s largest maker and distributor of wall and floor tiles, went into administration with the loss of 300 jobs. It blamed the loss of a key customer for tipping it into administration.
Oxenwood Real Estate, a 海角视频 and European real estate investment management firm, and its joint venture partner Mulberry Developments, snaffled the site, on Heathfield Industrial Estate, from the administrators inn September 2019.
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They are refurbishing and reconfiguring the 390,000sq ft factory into three or four separate units. 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.
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Stewart Little, co-founder of Oxenwood, which acquired its share of the site for its joint venture Oxenwood Catalina, said: “Our strategy is to provide mid-box units in to 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”.
Oxenwood and Mulberry were advised by JLL on the sale of the first unit, and Tim Western, lead director at JLL in Exeter, said “Having been involved with the sale, acting on behalf of the administrators, this is a milestone moment in the regeneration of the former manufacturing facility. “The levels of demand already expressed in parts of the factory show the strength in the local and regional economy.
“With the scale of the property, there remains the opportunity for units up to 200,000sq ft in size for distribution and manufacturing use.”