Tool supplier agrees 10-year lease at Black Country trading estate

Ashfield Land has signed tool supplier Toolstation as the latest tenant for its Ionic Park commercial park in Dudley.

The deal sees Toolstation take a 10-year lease on a 3,045 sq ft unit (Unit 2) at an annual rent of £21,315.

Ashfield Land originally developed Ionic Park, which is off Birmingham New Road, in 2005. The park comprises eight units totalling 55,000 sq ft.

At the time of completion, Ashfield Land sold six of the units and let the remaining two at record freehold and leasehold levels for the local market.

Demand for the site has remained strong, with Ashfield having to initiate a waiting list for occupiers.

While Toolstation wanted to move on to the site, there were no spaces available. Therefore, the landowner contacted existing occupiers to broker a deal and subsequently agreed terms to buy back Unit 2 and then complete a leasehold agreement with Toolstation.

Nick Jones, director at Ashfield Land, said: “Ionic Park has been a real success story since it opened in 2005 and this deal with Toolstation shows its continued attractiveness to occupiers.

“It has a strong mix of national brands and we’re delighted to add Toolstation as the latest. This deal shows Ashfield Land’s expertise in brokering successful deals and effective asset management – the values are strong and show the demand for good quality, well-managed and well-located space.”

Alongside Toolstation, existing occupiers at Ionic Park include CEF, Screwfix, Howden Joinery and Storage King.