Based on the length of the handle, I would say a spindle nut within a hub. Gatlibs's link shows a tin castellated lock cover, on a 12 point spindle nut. This wrench would be used to turn the nut after you removed the locking cover.
It would have to be a low torque application, as the bi-hex is only plate steel. 1/4"?
What is the dimension across the flats?
Definitely looks shop made for a specific application, perhaps industrial or heavy maintenance.