X
Register for free to receive latest news stories direct to your inbox
Register
A global cardboard manufacturer has signed one of the largest industrial lettings in the West Midlands this year, signing a 20-year pre-lease at a former Poundland distribution warehouse site.
Part of Onboard Holdings, Diamond Box signed the lease to become the single tenant at ‘VOLA’ Bilston, a 300,000 sq ft distribution warehouse in Wolverhampton. The asset is managed by industrial real estate investment manager Boreal IM, who instructed commercial agents Harris Lamb to act alongside Newmark and DTRE to market the property.
Further to Poundland’s unexpected departure and in anticipation of the property being vacated in March 2026, Harris Lamb secured the new tenant Diamond Box as part of the business’s ambitious UK growth plans. Diamond Box & Onboard Corrugated are part of Turkish paper business Eren.
Situated on a 16.23-acre site in Bilston, the property occupies a prime logistics location at the heart of the West Midlands’ ‘Golden Triangle’, offering strong regional and national connectivity. Birmingham city centre is approximately a 20-minute drive away, while Junction 10 of the M6 motorway is within 10 minutes. Nearby occupiers include Screwfix, DPD, B&Q and BCA.
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.”
Neil Slade from Harris Lamb, who oversaw the effective pre-let, said: “This deal represents a full circle for Harris Lamb as our team was behind the original deal to Poundland, acting for the tenant on what was a purpose-built facility for them. Further to being instructed by Boreal on VOLA, we were delighted to have identified Diamond Box as the new tenant so quickly and with minimal void.
“The acquisition is Eren’s second major investment in the UK[…] This Midlands investment will see VOLA becoming one of the country’s largest cardboard production facilities, further cementing the business’ strong foothold in the country.”
Paul Jundu, COO of the Packaging Division for Onboard Corrugated, added: “The specification of this facility, combined with its proximity to existing tenant operations made it an extremely attractive proposition for Eren Group and Diamond Box in light of strong underbidder interest.
“Demand for buildings of this size and quality has escalated in recent years to satisfy demand from a range of sectors and terms were agreed quickly with an Agreement for Lease signed within days of vacant possession.”
Constructed in 2005, the property is currently undergoing a refurbishment programme, with Boreal pivoting its active asset management strategy after Poundland’s unexpected liquidation. Boreal’s in-house development team is set to deliver a light touch refurbishment within a 15-week timeframe.
The works will reportedly enhance the asset to institutional-grade standards, with a strong emphasis on sustainability. The refurbishment is targeting an EPC A rating and a BREEAM “Very Good” certification, alongside the installation of photovoltaic panels and electric vehicle charging infrastructure.
Eagleton & Co acted for Diamond Box and have confirmed the company will take occupation later in the summer following completion of landlord works.
The UK is a key target market for Boreal, where it manages approximately 1.3 million sq ft of assets as part of a 1.6 million sq m pan-European portfolio.
Click here to sign up to receive our new South West business news…