CHANCERYGATE SELLS TWO PRIME INDUSTRIAL SCHEMES TO ROYAL LONDON FOR £33.5M
Posted on: Aug 02, 2017
Leading industrial developer, Chancerygate, has forward sold two of its prime development schemes in Chelmsford and Enfield to Royal London for a total of £33.5m.
Royal London has made a forward commitment to fund and acquire Chancerygate’s premier trade park scheme on Westway, Chelmsford which is immediately adjacent to the historic ‘Britvic’ site.
The 66,800 sq ft development will create nine trade counter units. Pre-lets have already been agreed with Selco, Sally’s Hair & Beauty, CTD and Howdens. These represent around 70% of the scheme’s floor space and the remaining four units are expected to go under offer to trade occupiers prior to construction of the scheme completing in October.
In Enfield, Chancerygate’s speculative scheme on Lockfield Avenue, which also fronts Bancroft Way, comprises 84,800 sq ft of institutional quality industrial space. The construction of nine units ranging in size from 5,800 sq ft to 24,500 sq ft is due to commence this month with completion targeted for next spring.
Chancerygate Managing Director, Eddie Cook, commented: “As with all of our projects, our default position is to use the strength of our own balance sheet to acquire sites and fund schemes on a speculative basis.
However, the occupier demand in these particular south-east locations and the depth of institutional appetite for the new industrial product we are creating, presented us with another opportunity to recycle capital into our ever-increasing development programme in order to make further site acquisitions.”
James Orr, Senior Fund Manager & Head of Industrial at Royal London said “We’re delighted to have completed these transactions and look forward to seeing both schemes progress over the months ahead. We believe that the industrial sector is well positioned to deliver continued performance in the medium term, especially for these types of schemes in key locations such as Chelmsford and Enfield.”
DTRE and Doherty Baines acted for Chancerygate at Chelmsford with Royal London represented by Knight Frank. Strutt & Parker acted for Royal London at Enfield.