Oxenwood and Mulberry complete final sale at South-West logistics facility to owner-occupier Pro-Direct Group
Oxenwood Real Estate, the UK and European real estate investment management firm, and its joint venture partner, Mulberry Developments, have sold the final unit at their PowerPark site in Devon to Pro-Direct Group, the world’s largest online sports retailer.
The 200,000 sq ft unit forms part of the former British Ceramic Tile factory, which is located on Heathfield Industrial Estate adjacent to the A38 Devon Expressway in Newton Abbot. Oxenwood and Mulberry acquired the 390,000 sq ft factory out of administration in September 2019 and carried out a refurbishment and reconfiguration of it into three separate units.
The first two units were sold to Gregory Distribution and GM Coachwork, one of the country’s largest manufacturers of wheelchair accessible vehicles. The site has a large, reserved power supply with multiple substations.
Oxenwood and Mulberry were advised by JLL on the sales; Pro-Direct Group was advised by Bruton Knowles.
Stewart Little, co-founder and CEO of Oxenwood, said: “The sale to Pro-Direct completes our business plan for the site. It has been a very successful project for Oxenwood and Mulberry, proving that the product we created met the demand from owner-occupiers”.