Boreal agrees deal on huge former Poundland unit

Cardboard manufacturer Diamond Box is set to become the sole tenant of a 300,000 sq ft Wolverhampton distribution centre, in one of the largest industrial lettings to be completed in the West Midlands this year.

Boreal IM has agreed a 20-year pre-let with the West Bromwich-based firm for the unit in Bilston, which was once a major distribution hub for discount retailer Poundland, until the firm announced its sudden liquidation in July last year.

Built in 2005, the property has been undergoing a ‘light-touch’ refurbishment programme following the departure of Poundland in January, targeting an EPC A rating and a BREEAM “Very Good” certification, alongside the installation of photovoltaic panels and electric vehicle charging infrastructure.

Will Preece, Principal at Boreal IM, said: “Bilston exemplifies the type of asset Boreal targets: well-located, institutionally specified properties with clear potential for active, value-enhancing asset management.

“Our team acted decisively to reposition the asset, leveraging our integrated development and asset management capabilities to secure a high-quality occupier within a condensed timeframe. This demonstrates our ability to respond quickly and pragmatically to changing circumstances, while maintaining continuity of income for our investors.

“We are pleased to welcome Diamond Box as a tenant, further reinforcing the strength of an asset located within an established employment area, supported by excellent infrastructure and complementary occupiers.”