WEG, the global market leading supplier of electric motors and associated products, has acquired a 128,241 sq ft/11,914 sq m warehouse and distribution facility at Lakeside Point, Redditch.
The company, which is headquartered in Brazil, is expanding its operation, moving from its current 46,940 sq ft/4.360 sq m base, spread across four units, at the nearby Manorside Industrial Estate.
WEG has taken a ten-year lease at the 1,97 hectare/4.87 site from Alpha UK Property Fund Asset, at a rent of £4 per sq ft.
Alpha will give the building a £400,000 facelift before the tenant moves in early next year.
The Birmingham offices of Colliers International and Jones Lang LaSalle advised the landlord on the deal.
Simon Norton, director in the industrial and logistics team at Colliers, said: “This is one of the biggest lettings in Redditch for some time. There are no other premises of this size available in the area, and stock levels generally are now perilously low.”
CBRE acted for WEG.