CHANCERYGATE AND BRIDGES BUY BEESTON BUSINESS PARK FOR £22M
Posted on: Oct 10, 2015
A joint venture between Chancerygate and The Bridges Property Alternatives Fund has bought Beeston Business Park in Nottinghamshire from VBR Investments in a deal worth £22m.
Beeston Business Park comprises 412,000 sq ft of office and industrial accommodation in a range of buildings on a 48-acre site – including 20 acres of cleared land for development – plus a nine-acre sports field. Located approximately three miles south-west of Nottingham city centre, on a prominent site next to Beeston Railway Station, the property falls within a European Assisted Area and benefits from Enterprise Zone Status.
Bridges and Chancerygate are now exploring options for a mixed-use redevelopment. A portion of the site has been lying derelict and unused for more than 10 years, so there is significant potential to refurbish existing buildings to bring them back into beneficial use. The partners also intend to develop additional buildings on the cleared land – including high-quality office space, of which there is a significant under-supply in this area of the East Midlands.
This is the second collaboration between Bridges and Chancerygate: the partners previously joined forces for the highly successful development and £60m sale of The Curve student accommodation project in east London.
Chancerygate Managing Director, Eddie Cook, comments: “We are looking forward to working in partnership with Bridges again on this exciting scheme in Beeston, and to bringing our asset management and development skills to a project that offers substantial potential for regeneration and income enhancement.”
Tom Tyler, Investment Director at Bridges, comments: “Bridges and Chancerygate are delighted to have acquired this property, which we see as a landmark regeneration opportunity. This area of the East Midlands is extremely popular for business space, and this site benefits from an excellent location with strong transport links.
By bringing some of its existing space back into commercial use, and by building high-quality new space to meet the local demand, we believe we can deliver both significant social impact for the local area and also strong returns for our investors.”
KPMG advised the vendors on the transaction, marketing the site alongside JLL.