Category: News


Work completes at 130,483 sq ft Bridgewater Point development at Trafford Park

By aioannidis,

A joint venture (JV) between Chancerygate and Northwood Urban Logistics has achieved practical completion on its 130,483 sq ft Bridgewater Point development at Trafford Park in Manchester.

The last-mile urban logistics scheme comprises 16 high specification Grade A leasehold units, ranging in size from 5,114 sq ft to 13,571 sq ft with the potential to combine units to provide a single unit of 44,694 sq ft.

Bridgewater Point has been supported by a joint multi-million pound loan from the North West Evergreen Fund and Trafford Council to enable the delivery of high-quality, sustainable employment premises.

Located at 103 Barton Dock Road, the scheme sits on one of the most prominent sites in Trafford Park and benefits from excellent access to Manchester city centre and is one mile from junction 9 of the M60. Neighbouring occupiers include Kellogg’s, Amazon, L’Oréal and Adidas.

All the units at Bridgewater Point feature electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs.

In addition, the units are constructed from high-performance building materials to reduce CO2 emissions. The scheme has achieved an EPC A and BREEAM Very Good rating.

Following practical completion at Bridgewater Point, a 12,576 sq ft unit and a 8,748 sq ft unit are currently under offer at the development.

Chancerygate development director and head of its Warrington office, Mike Walker, said: “Bridgewater Point is the first new build Grade A multi-unit scheme to be built in Trafford Park for 15 years.

“Sitting in one of the premier industrial locations for Manchester, the scheme is best placed to serve the city and the wider North West region.

“There is strong demand from businesses for high quality, sustainable accommodation, and thanks to its prime location and close proximity to key infrastructure, Bridgewater Point will help meet this.

“We have seen strong early interest in the units and currently are in serious negotiations with several occupiers, so expect to put more units under offer very soon.”

The North West Evergreen Fund exists to support the delivery of commercial property and infrastructure projects in Greater Manchester, Cumbria, Cheshire and Lancashire. It is managed by CBRE’s investment advisory team, part of CBRE Capital Advisors.

Northwood Urban Logistics is part of Northwood Investors, a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $10bn of investor capital with its Manchester office headed by executive director Richard Pellatt.

Agents for Bridgewater Point are JLL and Davies Harrison.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate opens Dublin office and hires Ireland development director to boost European expansion

By aioannidis,

Chancerygate has opened an office in Dublin and appointed a development director for Ireland as the urban logistics property developer and asset manager continues its European expansion.

Ed Dobbs joins from property development and investment company Hammerson where he was most recently development director in its Dublin office.

In his new role, Ed will be responsible for driving Chancerygate’s expansion throughout Ireland and overseeing the developer’s proposed Airport Trade Park scheme.

Chancerygate acquired the five-acre site near to Dublin airport in partnership with specialist sustainable and impact investor Bridges Fund Management in 2022 for €4.5m.

Subject to planning, the partners will speculatively develop 114,000 sq ft of Grade A urban logistics and warehouse space across 14 units ranging from 3,500 sq ft to 20,675 sq ft.

Commenting on his new role, Ed said: “Ireland presents Chancerygate with a great opportunity thanks to its reputation and experience in delivering multi-unit Grade A urban logistics developments.

“Through strategic site acquisitions and developing high-quality accommodation, we can achieve our objective of establishing Chancerygate as the most prominent urban logistics developers in Ireland.”

Chancerygate also recently announced the opening of its Spanish office in Madrid and the hiring of Felipe Lainez from Mirastar Real Estate Investment as development director.

Chancerygate European director, Jason Sharman, commented: “Ed’s wealth of expertise and valuable knowledge of the Irish market means he is best placed to support Chancerygate’s expansion across Ireland.

“Launching our Dublin office shortly after the opening of our Madrid office is another statement of our intent to push our European growth plans.

“We have already secured our first site in Ireland and now look for further development opportunities to become an active player within the country’s urban logistics market.”

 You can learn more about Chancerygate’s live projects here.

Tile Mountain to open new showroom at Bourges View in Peterborough

By aioannidis,

Tile Mountain Group has signed a 10-year lease on two trade counter units totalling 15,600 sq ft to open a new tile and bathroom showroom at Bourges View in Peterborough.

Headquartered in Stoke-on-Trent, Tile Mountain Group is a tile, bathroom and flooring outlet that operates online and from nine other showrooms nationwide.

Bourges View is a 200,000 sq ft roadside development delivered by Chancerygate and specialist sustainable and impact investor Bridges Fund Management. The scheme comprises three drive throughs, a self-storage unit, nine trade counter and nine industrial and warehouse units ranging from 2,800 sq ft to 34,500 sq ft.

Following the completion of the lease, Tile Mountain Group will use the two units as its 10th showroom in the UK and its first trade showroom within the Cambridgeshire region.

Situated on Maskew Avenue adjacent to Maskew Retail Park, Bourges View benefits from being in an established roadside industrial and retail location. Its close proximity to the A15 and A47 provides easy access to the city centre, ring road and wider transport network.

A further two industrial units at the development are currently under offer. The remaining 10 units range from 2,800 sq ft to 34,500 sq ft and are available on a leasehold basis.

Current occupiers at Bourges Views include Costa Coffee, fast food chain Taco Bell and US burger giant Wendy’s. Trade merchants Toolstation, Wurth, Brewers, Careco and self-storage provider Lok’nStore are also located at Bourges View.

Properties at the scheme benefit from electric vehicle charging points and are constructed from high-performance building materials to reduce CO2 emissions, with some units also featuring solar panels.

Chancerygate senior development director, George Dickens, said: “We are pleased to welcome Tile Mountain Group to Bourges View and facilitate its expansion into the region.

“This latest deal is further testament to the site’s established retail and industrial credentials alongside its high quality and strategic placement next to major arterial routes catering for leading brands. We are now almost 50 per cent occupied with significant interest in the remaining units.”

Bridges is a specialist sustainable and impact investor. Its property funds focus on sectors that are well placed to benefit from the transition to a more sustainable and inclusive economy, including healthcare, lower-cost housing and sustainable logistics.

Agents for Bourges View are Savills and JLL.

You can learn more about Chancerygate’s live projects here.

JR Capital and Chancerygate urban logistics multi-let fund acquires Liverpool’s North and South Harrington buildings

By aioannidis,

Chancerygate and JR Capital’s multi-let urban logistics investment fund has acquired Brunswick Business Park’s North and South Harrington buildings in Liverpool.

The 120,000 sq ft fully let industrial estate was acquired from CEG.

Located less than one mile south of the city centre with frontage on the A5036 Sefton Street, the North and South Harrington buildings benefit from close proximity to the M62, M57 and M53 motorways.

North Harrington is currently arranged as one unit and occupied by the UK’s leading indoor go-karting company TeamSport. The unit extends to 54,500 sq ft in size and benefits from access via 10 sliding sectional goods access doors, as well as customer parking to the front and a large parking area to the rear.

South Harrington comprises a former dockside warehouse which has been reconfigured to six self-contained warehouse units at ground floor, with the first floor offering high quality office accommodation. Current occupiers include Royal Mail and specialist clinical nutrition products producer, Vitaflo, part of the Nestle Group.

JR Capital’s head of investment, Michael Ferris commented: “We are pleased to have completed this latest acquisition for the fund. Brunswick Park offers high yielding and well diversified income, anchored by some really quality tenants.

“The surplus land on the 10-acre site is suitable for development for a variety of uses providing us with an opportunity to roll our sleeves up and add value in the short term.”

JR Capital and Chancerygate’s second fund has a five-year life and is targeting urban logistics, industrial and warehousing investments across the UK in lot sizes of £10m to £20m.

The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.

Chancerygate head of investment and asset management, Simon Cowley, added: “This strategic acquisition secures an excellent asset to add to our growing portfolio within the resilient North West market.

“The fully let nature of buildings signifies the strength of demand for this type of accommodation such a core urban logistics location being immediately proximate to the city centre.”

London-based JR Capital is a multi-family office business with a focus on UK and European real estate. The business provides a platform for its Middle East-based private and institutional investor base principally from Saudi Arabia, Bahrain, Qatar, Dubai, and Kuwait to co-invest into both UK and European real estate via funds and segregated mandates.

Established in 2005 by John Collier-Wright, JR Capital has concluded over £2bn of transactions across all major sectors.

B8 acted on behalf of Chancerygate and JR Capital, while Edwards & Co advised CEG.

You can learn more about Chancerygate’s asset management here.

Chancerygate opens Madrid office and hires Spain development director as European expansion gathers pace

By aioannidis,

Chancerygate has opened an office in Madrid and appointed a development director for Spain as the urban logistics property developer and asset manager ramps up its expansion into Europe.

Felipe Lainez joins from Mirastar Real Estate Investment where he was development director for southern Europe for the past four-and-a-half years.

In his new role, Felipe is driving Chancerygate’s expansion throughout Spain by initially finding and securing development opportunities in Barcelona, Valencia, Madrid, Málaga and Bilbao.

He is working alongside Chancerygate’s London-based managing director, Richard Bains, European director, Jason Sharman, and European manager, Alex Houghton.

Commenting on his new role, Felipe said: “There is a huge opportunity for Chancerygate in Spain as its Grade A product and multi-let urban logistics development experience is unmatched.

“The opportunity to be a pioneer for Chancerygate in Spain is exciting, and I am in active, positive discussions to acquire sites in and around our target cities.

“I am working closely with Jason and Alex to raise awareness of Chancerygate throughout Spain to deliver our ultimate objective of becoming the country’s most sought after urban logistics developer.”

Founded in 1995, Chancerygate entered the European market for the first time in 2022 with the €4.5m acquisition of a five-acre site in Ireland near Dublin airport. The site was acquired in partnership with specialist sustainable and impact investor Bridges Fund Management.

Chancerygate European director, Jason Sharman, commented: “Felipe is an excellent operator with the experience and entrepreneurial ability required to lead Chancerygate’s expansion in Spain.

“Hiring him and opening our Madrid office are both statements of our intent to accelerate our European growth plans.

“We are close to securing our first development site in Spain, and also expect to be able to announce the opening of an office in Portugal soon which will enable us to target Iberia as a whole.

“2024 will be a big year for us in Europe and we are very pleased to have someone of Felipe’s calibre to lead the delivery of Chancerygate’s growth plans in Spain.”

You can learn more about Chancerygate’s live projects here.

Chancerygate continues UK and European growth plans with five new appointments

By aioannidis,

Chancerygate has announced five new appointments as part of the urban logistics developer and asset manager’s UK and European ongoing growth strategy.

Matthew Stowe joins as construction director, whilst Luke Hughes and Ian Quinn arrive as asset manager and project manager respectively. The company has also strengthened its finance team with the hiring of Aggy Bak as group financial controller and Jamie O’Connor as group accountant.

Matthew arrives at Chancerygate after three years at construction company Glencar, where he was most recently a senior project manager. He is responsible for overseeing the company’s construction projects and will develop processes to support the successful delivery of developments.

Luke moves from his role as associate director at global real estate investment manager, LaSalle Investment Management. He will support in growing assets under management and identifying new acquisitions.

Ian joins as a project manager in the company’s North West office and will be responsible for managing the successful delivery of development projects across the region. He was previously an associate director in the project and building consultancy team at commercial real estate company Colliers.

In Chancerygate’s finance team, Aggy arrives as group financial controller specialist UK logistics and industrial property business PLP. With over 16 years of experience, she will support the overall corporate finance activity for the company’s UK and European operations.

Jamie joins as a group accountant, having previously worked at accountancy and audit firm Goodman Jones where he was an audit manager.

Chancerygate managing director, Richard Bains, said: “These five appointments across our project management, development, asset management and finance teams will play an important part of in delivering our UK and European growth strategy.

“Matthew, Luke, Ian, Aggy and Jamie all bring their own unique experience and expertise from diverse backgrounds.

“I look forward to working with them and drawing on their individual skill sets to ensure we continue to deliver on developments and investment opportunities.”

You can learn more about the Chancerygate team here.

Chancerygate supports growth plans at B2 Live Events with new 7,000 sq ft headquarters and production site at Freebournes Park

By aioannidis,

B2 Live Events has signed a 10-year lease on a new 7,000 sq ft unit for its new headquarters and production facility at Freebournes Park in Witham.

As a full service live event production company, B2 Live Events designs and builds exhibition stands, conferences, stage sets, experiential activations and pop-up retail environments.

Since it was founded in 2019, the company’s client base has grown to span a range of sectors and global brands including Amazon, Lacoste, NHS England, Hilton Hotels, Guinness and Cadbury’s.

Freebournes Park is a 59,000 sq ft urban logistics and industrial development delivered and owned by Chancerygate  and comprises 10 units ranging from 4,400 sq ft to 7,050 sq ft.

Following completion of the lease, B2 Live Events will relocate from its current base in Romford and use the unit at Freebournes Park as its new headquarters and bespoke event product manufacturing facility.

Jeremy Boyce, owner of B2 Live Events, commented: “Since our inception, B2 Live Events has grown rapidly to become a trusted and recognised force within the events industry.

“Having outgrown our first location, we needed a new site to give us the ability to continue our growth plans, and Freebournes Park is an ideal fit.

“We’re really excited to have a blank canvas where we can set up what we envisage as the perfect workshop where we can pre-build our structures, hopefully taking our quality to the next level.”

Situated on the established Freebournes Industrial Estate, Freebournes Park is adjacent to the A12 dual carriageway and junction 28 of the M25 is accessed in under 30 minutes.

Units at Freebournes Park have been designed to minimise their environmental impact through the course of their life cycle, from design and construction through to the end use in operation. The scheme achieved a BREEAM Very Good rating.

B2 Live Events will benefit from electric vehicle charging and solar panels which provide green energy on an affordable basis. They will also benefit from 15 per cent roof lighting points alongside high-performance building materials to reduce CO2 emissions.

Chancerygate development director, Matthew Young, said: “We are pleased to welcome B2 Live Events to Freebournes Park and facilitate the company’s future growth plans.

“The deal is proof of the development’s credentials in attracting occupiers of all sizes, backgrounds and business operations through delivering industrial and warehouse accommodation which is best in class.

“Interest remains strong in the remaining units from a range of different occupiers based predominantly across Essex with supply for new build industrial units of this size bracket remaining low.”

Agents for Freebournes Park are property consultancy Lambert Smith Hampton and commercial property agents Coke Gearing.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and Bridges Fund Management granted planning for £40m, 90,000 sq ft sustainable urban logistics development in Hayes, West London

By aioannidis,

Chancerygate and specialist sustainable and impact investor Bridges Fund Management have been granted planning to speculatively build a highly sustainable 90,000 sq ft Grade A urban logistics development in Hayes, west London.

Called Harlequin Business Park, once complete the scheme will comprise nine units ranging from 5,100 sq ft to 39,700 sq ft and has a projected gross development value of around £40m.

Units on the 3.7-acre site, which is located on Southall Lane, will be available on a leasehold basis. Construction work is due to start in April 2024 after the demolition of the existing office buildings currently on the site.

Harlequin Business Park will sit in an established industrial location with Beaver Industrial Estate, International Trading Estate and Western International Market all nearby. The development benefits from excellent road connectivity and is less than one mile from junction three of the M4 motorway and four miles from the A40.

All properties at the development will target a minimum EPC rating of A+ and a BREEAM Excellent rating. They will feature electric vehicle charging points along with solar cells which provide occupiers with affordable green energy.

In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions.

Chancerygate development director, Tom Faulkner, said: “There is a shortage of high specification, sustainable Grade A urban logistics accommodation within Hayes and the Greater London area, particularly for SMEs.

“Harlequin Business Park is going to be a premier site with major infrastructure links which will help satisfy this demand while also creating up to 150 new jobs.

“Our development will deliver an enduring economic asset for Hayes and ensure occupiers are best placed to grow their businesses by being based in an excellent strategic location.”

Bridges is a specialist sustainable and impact investor. Its property funds focus on sectors that are well placed to benefit from the transition to a more sustainable and inclusive economy, including healthcare, lower-cost housing and sustainable logistics.

Henry Pepper, partner at Bridges, said: “We’re delighted to be working with Chancerygate on this prime west London redevelopment of a redundant brownfield site. Our goal is to deliver much-needed urban logistics units with best-in-class sustainability credentials, which will support new jobs and boost the local economy.”

Agents for Harlequin Business Park are JLL and Colliers.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate acquires Newmarket site to deliver £11.5m, 51,000 sq ft urban logistics development

By aioannidis,

Chancerygate has purchased a 2.48 acre site in Newmarket to speculatively build 51,000 sq ft of Grade A urban logistics space.

The site is located on Exning Road two miles south of the A14, with access to the east coast ports and the national motorway network.

Chancerygate intend to develop 10 units ranging from 3,595 sq ft to 6,685 sq ft which will be available on both a freehold and leasehold basis. Once complete, the scheme will have a gross development value of approximately £11.5m.

The site housed an electronics and displays manufacturer for aerospace, military, transport, telecommunications, computer, medical and industrial applications.

Neighbouring occupiers to Chancerygate’s proposed development include Screwfix, Toolstation, Travis Perkins and Evri.

All properties will benefit from cycle storage, electric vehicle charging points and solar cells which provide green energy on an affordable basis to occupiers.

In addition, the units will have enhanced roof lighting to increase levels of natural daylight and be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Excellent rating.

Commenting on the acquisition, Chancerygate senior development director, George Dickens said: “This site presents a great opportunity to open up a former manufacturing location to new employment uses.

“We continue to see strong demand for flexibly sized, high-quality and sustainable urban logistics accommodation in strategic regional locations.

“Our proposed development will help satisfy this demand and provide a long-term economic asset for the locality and the wider Cambridgeshire, Suffolk and Norfolk regions.

“Chancerygate look forward to working with West Suffolk District Council to deliver planning consent for this exciting new development.”

Chancerygate was advised on the site acquisition by Cheffins.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate appoints chief financial officer

By aioannidis,

Chancerygate has appointed Michael Treliving as its chief financial officer.

Michael joins from specialist UK logistics and industrial property business PLP where over the last five years he established and oversaw the company’s finance and operations function.

He brings more than 15 years’ real estate finance experience including roles at AXA – Investment Managers, Ernst & Young and the Grosvenor Group.

At Chancerygate, Michael will be responsible for overseeing the company’s corporate finance activity for both its UK and European operations in line with its market growth strategy.

Commenting on his new position, Michael said: “Chancerygate is an established name in commercial real estate combining strong pedigree and ambitious expansion plans at home and in Europe.

“It is an exciting prospect to be part of a company that is in prime position to take its leading product to new urban logistics markets.

“I look forward to working with our talented finance team and the wider leadership to ensure the company is poised to explore new opportunities.”

Chancerygate managing director, Richard Bains, said: “I am pleased to welcome Michael to Chancerygate who brings a wealth of valuable experience in commercial real estate and the logistics space.

“As we gear up for our UK and European growth strategy, Michael’s leadership in our corporate finance team will help ensure a seamless expansion.”

You can learn more about the Chancerygate team here.

Chancerygate and Bridges Fund Management announce phase two completion at 254,000 sq ft sustainable logistics development in Coventry

By aioannidis,

Chancerygate and specialist sustainable and impact investor Bridges Fund Management have secured four lettings and completed the second and final phase at Holbrook Park in Coventry.

Situated off Holbrook Lane and Swallow Road on the former Meggitt aerospace factory site, the 254,000 sq ft sustainable urban logistics development comprises 31 units ranging from 2,485 sq ft to 40,120 sq ft.

The four occupiers are assembly and fastening material manufacturer Wurth, bathroom product supplier Clifton Bathrooms, smart energy solution specialist Kelvatek and trophy manufacturer TrophyMe.

In addition, two further units are currently under offer, with strong interest being expressed by potential occupiers for the remaining accommodation at Holbrook Park. There are a total of 25 units left available on a leasehold basis, ranging from 2,485 sq ft to 22,420 sq ft.

The development is located two-and-a-half miles from the centre of Coventry and provides good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.

All properties at Holbrook Business Park benefit from electric vehicle charging points and include solar panels providing green energy.

Chancerygate development manager, Rob Watts, who is based at the company’s Birmingham office, said: “Holbrook Park provides occupiers with much-needed sustainable, high-specification urban logistics accommodation in a well-connected strategic location within the West Midlands.

“With four lettings secured, two under offer and the second and final phase of Holbrook Park now complete, we are busy showing interested parties around and discussing their options with them.”

Chancerygate and Bridges have been working in partnership on projects for more than 10 years. Investments include the acquisitions of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.

Guy Bowden, partner at Bridges Fund Management, added: “It’s great to see the strength of demand for these units that we’re developing with Chancerygate at Holbrook Park. It reinforces our long-held view that high-quality, highly sustainable logistics buildings are going to be very attractive to potential occupiers, because it enables them to reduce their operating costs while also reducing their emissions and achieving their ESG goals.”

Agents for Holbrook Business Park are Avison Young and KWB.

 You can learn more about Chancerygate’s live projects across the country here.

JR Capital and Chancerygate £150m urban logistics multi-let fund acquires South East portfolio for £14m

By aioannidis,

Chancerygate and JR Capital’s £150m multi-let urban logistics investment fund has acquired a portfolio of three assets in the South East for a total of £14m.

The three sites are in Luton, Alton and Farnham. Together, they comprise 28 units totalling 90,400 sq ft. The portfolio was sold by GMS Estates.

The three assets range from 19,200 sq ft to 52,500 sq ft and are strategically located to enable occupiers access to South East markets along key transport corridors.

Tenants across the portfolio include national brands Screwfix, Brewers, City Plumbing, Co-operative Food and GreenThumb as well as a diverse range of local and regional businesses.

The purchase by the fund brings its total investments so far to £50m comprising 94 units and 537,000 sq ft of accommodation in Carlisle, Eastbourne, Northampton and Knowsley.

JR Capital’s CEO, John Collier-Wright said: “We are pleased to have completed this latest acquisition and to have increased the fund’s weighting to the South-East, which now accounts for more than 50 per cent of the fund. This portfolio will provide the fund will well diversified income and opportunities to add value in the short to medium term.

“The fundamentals of the multi-let industrial sector remain robust, driven by the supply/demand in-balance, which has given us the comfort to continue to scale our portfolio despite the significant global political and economic uncertainty.

“We have been acquisitive over the past 18 months whilst there has been distress in the markets and other investors have been sitting on their hands. We expect the investment markets, specifically the multi-let industrial sector, to stabilise over the coming year and for yields to tighten when interest rates eventually start to come back down.”

JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting urban logistics, industrial and warehousing investments across the UK in lot sizes of £10m to £20m.

The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.

Chancerygate head of investment and asset management, Simon Cowley, added: “The acquisition of these three sites marks a significant, strategic expansion of our portfolio giving us further exposure to the particularly resilient South East market.

“The extremely high occupancy of the portfolio signifies the strength of demand for this type of accommodation in the region.”

London-based JR Capital is a multi-family office business with a focus on UK and European real estate. The business provides a platform for its Middle East-based private and institutional investor base principally from Saudi Arabia, Bahrain, Qatar, Dubai, and Kuwait to co-invest into both UK and European real estate via funds and segregated mandates.

Established in 2005 by John Collier-Wright, JR Capital has concluded over £2bn of transactions across all major sectors.

M1 Agency acted on behalf of the JR Capital and Chancerygate on the portfolio acquisition, while Gerald Eve advised GMS Estates.

 You can learn more about Chancerygate’s asset management here.

Chancerygate submits plans for £15m, 59,500 sq ft urban logistics development in East Manchester

By robJonesBrand8,

Chancerygate has submitted plans to speculatively build 59,500 sq ft of Grade A urban logistics and industrial space in Clayton, East Manchester.

Called Eastside, the proposed scheme will comprise nine units ranging from 4,000 sq ft to 14,000 sq ft available on a freehold or leasehold basis. The projected gross development value is approximately £15m.

The 2.3-acre site, which was formerly Walkers of Manchester’s printing facility, is located in Clayton under three miles east of Manchester city centre and two miles west of junction 23 of the M60 motorway.

Neighbouring the proposed development is a retail scheme fronting the Ashton New Road which includes Aldi, Subway and Greggs as occupiers.

Eastside sits near to the Eastlands Regeneration Area centred around Manchester City Football Club’s Etihad campus and the upcoming £365m Co-op Live entertainment venue.

All units at the development will benefit from electric vehicle charging points and solar cells on their roofs which provide green energy on an affordable basis to occupiers.

In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Excellent rating.

Commenting on the plans, Chancerygate development director, Chris Brown, who is based in the Warrington office, said: “There’s an acute shortage of high-quality industrial and logistics accommodation for SMEs serving the East Manchester catchment.

“Our proposed Eastside development will help satisfy this demand with occupiers having the rare opportunity to purchase their own building.

“The development will be of appeal to a wide range of sectors, thanks to its strategic location and proximity to infrastructure links and population hubs. In turn, this will create a long-term economic asset which complements the large-scale regeneration and investment going on in the locality.

“We look forward to working closely with Manchester City Council to progress our planning application and to deliver prime industrial assets to the city.”

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate appoints head of investment and asset management

By aioannidis,

Chancerygate has appointed Simon Cowley as head of investment and asset management.

Simon previously worked at the real estate investment and asset management company M7 Investment Group where his focus was on fund strategy and performance in the UK and European industrial and urban logistics sector.

He brings more than 20 years’ experience in investment, structured finance and fund management across the commercial real estate sector in the UK, Europe and APAC. This includes holding senior roles at CBRE Asia Pacific and ICG.

At Chancerygate, Simon will be responsible for driving the strategy and performance of existing joint ventures (JV), identifying and developing new investor partnerships and growing assets under management.

This will cover both Chancerygate’s UK and European market growth strategy as the company explores expansion opportunities on the continent.

Commenting on his new position, Simon said: “Chancerygate is a well-established developer, asset manager and investor with market-leading JV partners.

“These credentials make it not only an attractive company to join, but ensures it is well placed to capitalise on the interesting market opportunities we are seeing in the urban logistics space.

“I look forward to working with the team and building the current and future investor relationships to grow the business and explore untapped growth potential on a pan-European basis.”

The company also has a £150m multi-let urban logistics investment fund with property investment company JR Capital. The fund has a five-year life and is targeting urban logistics, industrial and warehousing investments across the UK in lot sizes of £5m to £15m.

The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.

Chancerygate’s current JV partnerships for urban logistics developments includes specialist sustainability and impact investor Bridges Fund Management and real estate private equity firm Northwood Investors.

Chancerygate managing director, Richard Bains, said: “I am delighted to welcome Simon to Chancerygate. We have ambitious plans for the investment and asset Management team in both the UK and as part of our European growth strategy.

“Simon will be instrumental in delivering this. He brings his wealth of investment experience operating at senior levels in the UK, Europe and APAC and provides a complementary skill set to that already within the company.”

You can learn more about the Chancerygate team here.

Chancerygate and Bridges Fund Management acquire former automotive plant in Birmingham to deliver 300,000 sq ft sustainable logistics development

By aioannidis,

A joint venture (JV) partnership between Chancerygate and Bridges Fund Management has purchased a 12-acre, former automotive component manufacturing site in Erdington, Birmingham, to speculatively build 300,000 sq ft of Grade A urban logistics and industrial space.

The partners intend to develop 300,000 sq ft of space across 26 leasehold units ranging from 5,000 sq ft to 60,000 sq ft. Once complete, the development will have a gross development value of £85m.

The proposed development will be located on Chester Road in Erdington, on a site that previously housed a leading supplier to the automotive sector. On the outskirts of Birmingham city centre, it is also in close proximity to both junction 5 and 6 of the M6.

The JV purchased the site for an undisclosed amount and marks the partnership’s largest site acquisition to date.

Neighbouring occupiers to the proposed development include Jaguar Land Rover, Volvo and Selco Builders Warehouse, as well as further retail and industrial parks.

Commenting on the acquisition, Chancerygate development manager, Rob Watts, said: “Acquiring what is regarded as one of the most prominent sites in Birmingham is a huge statement of intent for our partnership with Bridges and underlines our strong belief in the urban logistics sector.

“There is unsatisfied demand for high-specification units in prime locations within the city. We aim to address this through the regeneration of a redundant building into new Grade A sustainable accommodation which is fit for purpose for a range of prospective occupiers.”

Bridges partner Guy Bowden added: “Across the Bridges platform, we’re developing some of the UK’s most sustainable logistics buildings. We’re delighted to secure this excellent site in Erdington, and we’re confident that given its prime location, there will be strong occupier demand for these high-quality, highly sustainable logistics units.”

Chancerygate and Bridges were advised on the site acquisition by Nick Collins at NRC Associates and Gerald Eve. Knight Frank advised the vendor.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate welcomes Mr Tyre to new 5,000 sq ft unit at Norse Trade Park

By aioannidis,

Chancerygate has announced that Mr Tyre has signed a 10-year lease on a new 5,000 sq ft unit at Norse Trade Park in Congleton as the company expands its operations across the North West.

Mr Tyre Ltd is an independently owned tyre dealer and repair shop with 36 branches across central and northern England. The company has three existing branches in the nearby Stoke-On-Trent area as well as two in Greater Manchester.

Following the completion of the lease. Mr. Tyre will use the unit as its 37th centre in the UK as the company further grows its footprint in the region.

Norse Trade Park is a 45,000 sq ft urban logistics scheme is located off Viking Way within Congleton Business Park, one mile from Congleton Town Centre and directly connected to the £90m Congleton Link Road.

There are four units remaining at the scheme available on a leasehold basis, ranging in size from 3,000 sq ft to 5,300 sq ft. Current occupiers at the development include national trade kitchen supplier Howdens and painting and decorating supplier PaintWell.

Properties at Norse Trade Park benefit from electric vehicle charging points. In addition, the units are constructed from high-performance building materials to reduce CO2 emissions.

Chancerygate development director, Chris Brown, who is based in the company’s Warrington office, said: “We are pleased to welcome Mr Tyre to Norse Trade Park and help the company grow its presence in the North West.

“The deal further emphasises the strength of this location and scheme for national and regional occupiers alike. We are now 60 per cent occupied with significant tenant interest in remaining units.”

You can learn more about Chancerygate’s live projects across the country here.

Work completes at new Chancerygate £23m, 110,000 sq ft urban logistics development in Oldham

By aioannidis,

Chancerygate has achieved practical completion at its 110,000 sq ft urban logistics and industrial development in Chadderton, near Oldham.

Called Broadway Central, the eight-unit scheme comprises seven units across two terraces ranging from 7,600 sq ft to 18,200 sq ft and one stand-alone unit of 27,000 sq ft. Units are available on a leasehold basis, and the scheme has a gross development value of around £23m.

One of the UK’s leading and largest comprehensive automotive repairer, have signed a 15-year lease on the stand-alone unit and one other unit is under offer.

Broadway Central is a short drive away from both the main M60 and M62 motorways, and located six miles north of Manchester city centre.

The scheme is part of the wider 121-acre mixed use Broadway Green, which is delivering 700,000 sq ft of employment space and 500 new homes.

All properties at the development achieved a BREEAM Very good rating and benefit from electric vehicle charging points.

In addition, the units are constructed from high-performance building materials and 15 per cent roof lights to reduce CO2 emissions and occupational energy costs.

Chancerygate development manager, Andy Farrer, who is based in the company’s Warrington office, said: “There is a strong demand in the North West for high specification, sustainable urban logistics and industrial accommodation and Broadway Central will help satisfy this demand.

“The scheme’s strategic location near to arterial routes and Manchester city centre means occupiers will be best placed to serve both the locality and the wider North West region.

“We are seeing a lot of interest in the remaining units at the scheme, so would urge any interested parties to contact us as soon as possible.”

Agents for Broadway Green are Davies Harrison and Avison Young.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate appoints first head of ESG

By aioannidis,

Chancerygate has announced the appointment of Cathy Myatt as director of ESG.

Cathy joins from construction company Willmott Dixon and has almost 30 years’ experience in delivering environmental improvement and sustainable solutions in both the public and private sectors.

She boasts a wealth of expertise in providing environmental expertise on large-scale construction projects, including 14 years at Crossrail where she was head of environment.

At Chancerygate, Cathy will be responsible for defining, driving and executing the developer’s ESG strategy, framework and targets, focusing on both financial and environmental performance. Her remit will encompass the developer’s UK and European operations, as the company drives into new jurisdictions as part of the business’s expansion strategy.

Commenting on her new position, Cathy said: “Chancerygate has an excellent reputation for not only the capability of its people, but also the high specification sustainable product and a track record of successful delivery.

“Those fundamentals helped attract me to the business and position, and I will channel them to drive positive change in both Chancerygate’s and the wider urban logistics sector’s ESG activity.

“I look forward to working with the team to develop and, more importantly, successfully implement our ESG strategy, framework and targets.”

Currently, all properties at Chancerygate’s development target a minimum EPC rating of A and a BREEAM Excellent rating. The units feature electric vehicle charging points along with solar cells which provide occupiers with renewable energy on an affordable basis.

Chancerygate managing director, Richard Bains, said: “As a developer, we’re committed to delivering high-quality, sustainable accommodation to the benefit of occupiers nationwide.

“Cathy’s appointment is testament to this. She has significant and demonstrable experience in environmental and sustainability matters within the construction sector. I welcome her to Chancerygate and look forward to her leading our ESG strategy.”

You can learn more about the Chancerygate team here.

Planning granted for 93,000 sq ft grade A urban logistics development in Croydon creating 150 jobs

By aioannidis,

Planning has been granted for a 93,000 sq ft, Grade A urban logistics development to be speculatively built on Croydon’s Factory Lane which could create 150 jobs.

A joint venture (JV) between Chancerygate and SGN Place, the property development subsidiary of gas distribution company SGN, will deliver a scheme comprising 15 units ranging from 2,000 sq ft to 16,000 sq ft.

Called The Works, units on the four-acre site will be available on a leasehold basis. Construction work is expected to commence in December 2023.

All properties at the development will target minimum EPC rating of A and BREEAM Excellent rating. They will feature electric vehicle charging points along with solar cells which provide green energy on an affordable basis to occupiers.

In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions.

Located on the outskirts of Croydon town centre, the Factory Lane site is 10 miles south of central London and benefits from excellent access to the A23, A232 and M25. Neighbouring occupiers include a Tesco distribution centre, Sainsbury’s, Royal Mail and Decathlon.

Chancerygate development director, Tom Faulkner, said: “We are very pleased to now be able to bring forward The Works in partnership with SGN Place.

“Our development will deliver the first multi-unit urban logistics scheme in Croydon for more than 10 years, meeting the latent demand that there is for this type of accommodation in the area.

“The Works has been designed with sustainability at its heart and will provide a long-term asset for the town, which we anticipate will create more than 150 jobs.

“The development’s excellent strategic location means occupiers will be best placed to serve Croydon, as well as London and the wider South East region.”

SGN Place development manager, Kathleen Hutchinson, added: “This is a great opportunity to redevelop unused brownfield land and turn what was a redundant gas holder site into a first-class industrial scheme”.

SGN Place is a property development subsidiary of SGN, focused on regenerating brownfield land like gas holders and former industrial sites into prosperous, sustainable residential and commercial developments.

Agents for the scheme are Cushman & Wakefield and Stiles Harold Williams.

You can learn more about Chancerygate’s live projects across the country here.

 

CBRE Investment Management and Chancerygate join forces to develop urban logistics schemes

By aioannidis,

CBRE Investment Management (“CBRE IM”) and Chancerygate have formed a joint venture partnership to develop urban logistics schemes on behalf of an investment fund sponsored by CBRE IM.

The joint venture has secured its first development sites representing more than 450,000 sq ft. The joint venture will deliver modern urban logistics assets to high sustainability and operational standards and target BREEAM Excellent certification or better.

Toby Creamer, Portfolio Manager at CBRE IM, said: “This was an exciting opportunity to partner with Chancerygate, which has a reputation for developing high-specification industrial assets with excellent ESG credentials. The secured schemes will meet strong occupier demand in their respective markets where supply remains constrained. We believe that industrial and logistics assets will outperform the wider property market over the next five to ten years and we look forward to working with Chancerygate to bring these new high-specification logistics assets to the market.”

Richard Bains, Managing Director at Chancerygate, said: “Our partnership with CBRE IM will boost our UK expansion strategy and deliver for them a nationwide portfolio of high-quality assets. CBRE IM is a highly respected investment firm and being able to partner with them is a reflection of Chancerygate’s capability and ambition.

“Having access to a substantial amount of capital will allow us to act quickly and decisively to secure the best strategically located urban logistics sites. We have a number of sites under offer which we are very excited to report further on in due course.”

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

About Chancerygate

Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.

The company currently has around 2.65m sq ft of urban logistics space under construction or ready for development across 19 sites ranging from Edinburgh to Chichester. Chancerygate offers units to occupiers on both a freehold and leasehold basis.

The company also manages in excess of £385m of assets across more than five million sq ft of commercial space in over 480 units.

Chancerygate has offices in London, Warrington, Birmingham, Bristol and Milton Keynes. For more information visit www.chancerygate.com.

Chancerygate and JR Capital acquire Knowsley’s Capitol Trading Park for £9.45m

By aioannidis,

Chancerygate and property investment company JR Capital have acquired Capitol Trading Park, Knowsley, for £9.45m through the £150m multi-let urban logistics investment fund.

Managed by property JR Capital and Chancerygate, the fund acquired the 140,000 sq ft Knowsley Industrial Park-based site industrial park from business space provider Flexspace.

Capitol Trading Park is located seven miles from Liverpool city centre and benefits from close proximity to the M6, M7, M58 and M62, as well as being a 10-minute drive from Liverpool Deep Sea Terminal.

The park is currently arranged as 22 units, ranging from 1,600 sq ft to 24,500 sq ft. Current occupiers include window supplier Ascot Architectural Glazing, building solutions provider Highbury Homes and food wholesaler Nuts in Bulk.

JR Capital’s Head of Investment, Michael Ferris commented: “We are pleased to have completed this latest acquisition in Liverpool, having intentionally targeted opportunities in the North West of England. It is a region we are bullish on for multi let industrial due to the favourable supply and demand dynamics.

“Alongside the acquisition of Capitol Trading Park, we have also completed on a new £20m facility credit approved with the intention of increasing to £50m from NatWest Bank. This will support our deployment strategy over the coming months.”

JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.

The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.

Commenting on the acquisition, Chancerygate asset manager, Stuart McGill, said: “Capitol Trading Park is a key opportunity to increase our portfolio with a well-established, strategically located asset.

“Our latest acquisition sits in one of Liverpool’s prime industrial locations and reflects the strong confidence we have in the North West market for urban logistics accommodation.

“The estate offers some exciting opportunities to add value and we plan to be on site carrying out refurbishment works in the very near future. These works will focus on providing good quality units to a supply starved market and will also enhance the sustainability metrics of the estate.”

London-based JR Capital is a multi-family office business with a focus on UK and European real estate. The business provides a platform for its Middle East-based private and institutional investor base principally from Saudi Arabia, Bahrain, Qatar, Dubai, and Kuwait to co-invest into both UK and European real estate via funds and segregated mandates.

Established in 2005 by John Collier-Wright, JR Capital has concluded over £2bn of transactions across all major sectors.

Ereira Mendoza & Co acted on behalf of Chancerygate and JR Capital, while Allsop and LM6 advised Flexspace.

 You can learn more about Chancerygate’s live projects across the country here.

Chancerygate acquires strategic Manchester site to deliver £15m, 60,000 sq ft urban logistics development creating up to 60 jobs.

By aioannidis,

Chancerygate has acquired a 2.3-acre site in East Manchester to speculatively build 59,500 sq ft of Grade A urban logistics and industrial space which could create up to 60 jobs.

The site, which was formerly Walkers of Manchester’s printing facility, is located on Crabtree Lane in Clayton three miles east of Manchester city centre and two miles west of junction 23 of the M60 motorway.

Chancerygate intends to develop nine units ranging from 4,000 sq ft to 14,000 sq ft and once complete, the scheme will have a gross development value of around £15m.

The proposed development sits near to the Eastlands Regeneration Area centred around Manchester City Football Club’s Etihad campus and the upcoming £365m Co-Op Live entertainment venue.

Immediately adjacent the intended scheme is a retail scheme fronting Ashton New Road, with Aldi, Subway and Greggs among the occupiers.

Commenting on the acquisition, Chancerygate development director, Chris Brown, said: “This site presents the perfect opportunity to deliver a true urban logistics development, thanks to its excellent connectivity and close proximity to both Manchester city centre and the M60 motorway.

“East Manchester has been deprived of good quality new industrial development for a generation and we envisage the site appealing to a wide range of occupiers including trade, logistics, retail and industrial amongst others.

“With the large-scale regeneration and investment focused on East Manchester, the site will enable occupiers to be located in the best place to serve the wider city region, whilst also stimulating economic growth and job creation.”

Chancerygate is aiming to submit plans for the development to Manchester City Council before the end of the year.

The company currently has around 2.65m sq ft of urban logistics space under construction or ready for development across 19 sites ranging from Edinburgh to Chichester.

Chancerygate was advised on the site acquisition by Colliers and the site was sold by WT Gunson. Both these parties are retained as disposal agents going forward.

 You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and Bridges Fund Management complete £30m, 200,000 sq ft Peterborough development

By aioannidis,

Chancerygate and specialist sustainable impact investor Bridges Fund Management, have achieved practical completion on a new 200,000 sq ft multi-use development in Peterborough.

Situated adjacent to Maskew Retail Park, Bourges View comprises three drive throughs, nine trade counter units and nine industrial and warehouse units ranging from 2,800 sq ft to 34,500 sq ft.

Chancerygate and Bridges estimate Bourges View, which has a gross development value of £30m, will create up to 280 jobs.

A number of occupiers have taken pre-lets of units at the development. Costa Coffee, fast food chain Taco Bell and US burger giant Wendy’s, will occupy the drive-through units. Trade merchants Toolstation, Wurth, Brewers, Careco and self-storage provider Lok’nStore also committed to the scheme in advance of practical completion.

The development benefits from being in an established  roadside industrial and retail location and its close proximity to the A15 and A47, providing easy access to the city centre, ring road and wider transport network.

Fourteen units ranging from 2,800 sq ft to 34,500 sq ft remain available and there is strong interest in the scheme from potential tenants.

Properties at Bourges View benefit from electric vehicle charging points and a selection of units include solar panels providing green energy. The units are constructed from high-performance building materials to reduce CO2 emissions and increase energy efficiency.

Chancerygate senior development director, George Dickens, said: “We have rejuvenated an empty site to create new employment and trade counter opportunities. This ensures businesses located at Bourges View are best placed to serve Peterborough and the locality, whilst supporting job creation and economic growth for the region.

“There is strong demand from businesses for high specification, sustainable accommodation which is evidenced by the numerous well-known brands already secured as occupiers. The prominence, tenant mix and accessibility of this development makes it Peterborough’s premier roadside and trade counter destination.”

Chancerygate and Bridges have been working in partnership on projects for more than 10 years. Investments include the acquisitions of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.

Guy Bowden, partner at Bridges Fund Management partner, added: “The Bourges View development has revitalised a previously redundant site and could create up to 280 new jobs for the surrounding area.

“Incorporating important sustainable features into the design has enabled us to achieve a BREEAM Very Good rating.

“The development will both benefit occupiers and provide the wider Peterborough community with a high-quality commercial and industrial hub.”

Agents for Bourges View are Savills and JLL.

 You can learn more about Chancerygate’s development sites across the UK here.

Plans submitted for £27m, 105,000 sq ft urban logistics development on former Sony site near Horsham

By aioannidis,

Chancerygate has submitted plans to speculatively build 105,000 sq ft of Grade A urban logistics and industrial space in Southwater near Horsham, West Sussex.

The proposed scheme will comprise seven freehold units ranging from 8,325 sq ft to 33,940 sq ft. The projected gross development value is approximately £27m.

The 4.59 acre site, which was formerly a manufacturing and logistics hub for global electronic manufacturers, Sony, is located at Southwater Business Park approximately four miles south of Horsham. It is strategically positioned adjacent to the A24 between Crawley and Worthing, which provides access to the wider south coast.

All units at the planned scheme will benefit from cycle storage, electric vehicle charging points and solar cells which provide green energy on an affordable basis to occupiers.

In addition, the units will have enhanced roof lighting to increase levels of natural daylight to reduce the need for internal artificial lighting and will be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting EPC B and a BREEAM Very Good rating as a minimum.

Commenting on the plans, Chancerygate development director, Matthew Young said: “Our development at Southwater Business Park will provide an excellent opportunity for businesses across the region to purchase brand new Grade A industrial and warehousing space. Much of the existing industrial and warehouse stock within the mid Sussex market is either second hand with low sustainability credentials or is only available on a leasehold basis.

“There remains strong demand from occupiers for freehold urban logistics units who are becoming more footloose within the region. This has been made possible through the excellent road infrastructure and the desire to own property which meets occupiers’ and their clients’ environmental expectations.

“The scheme aims to become an economic asset to the region through the creation of jobs whilst driving further investment. We look forward to working closely with Horsham District Council to progress our planning application and to deliver prime industrial assets to the region.”

Agents for the development are Graves Jenkins and JLL.

You can learn more about Chancerygate’s live projects across the country here.

Work completes on £35m, 165,000 sq ft grade A urban logistics development in Aston Clinton with 50 per cent of space pre-let

By aioannidis,

Chancerygate has achieved practical completion on its 165,000 sq ft Grade A urban logistics scheme in Aston Clinton, Buckinghamshire.

Called Vantage 41, the development comprises 16 units ranging from 4,800 sq ft to 43,600 sq ft. The gross development value is around £35m.

Three units totalling 79,400 sq ft, which is half of the available space at the development, have been pre-let ahead of practical completion. A further two units totalling 13,400 sq ft have recently been placed under offer.

Occupiers include oriental food specialists Korea Foods Company Limited, Europe’s largest importer of Korean products, alongside a national wholesale DIY, garden, janitorial and engineering supplier.

There are 11 units ranging from 4,800 sq ft to 9,900 sq ft that remain available on a leasehold basis with strong interest in the scheme from potential tenants.

Vantage 41 is situated four miles east of Aylesbury directly off the A41 with excellent road connectivity to junction 20 of the M25 and 18 miles east of junction 8A of the M40.

The scheme has achieved a BREEAM Very Good accreditation and features electric vehicle charging points and a selection of units include solar panels which provide green energy on an affordable basis to occupiers. The units are constructed from high-performance building materials to reduce CO2 emissions.

Chancerygate senior development director, Matthew Connor, said: “There is an acute shortage of small to medium sized urban logistics and warehouse units available to lease in the Buckinghamshire region.

“Vantage 41 will help meet this demand and unlock the economic growth in the region which is being held back by the lack of high-quality, sustainable accommodation. This is already evidenced by 50 per cent of the space at the scheme being pre-let at practical completion.

“We’d like to welcome the new tenants who can now benefit from the development’s close proximity to major infrastructure routes, ensuring they are best placed to serve regional and national markets.”

Agents for Vantage 41 are JLL and Brown and Co.

You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate sells 55,000 sq ft grade A urban logistics development in Brackley to private investor

By aioannidis,

Chancerygate has sold Boundary43, its 55,000 sq ft urban logistics scheme in Brackley, to a private investor for an undisclosed sum.

Situated on the Buckingham Road Industrial Estate off Boundary Road, the development comprises 14 high specification Grade A units. These range from 2,100 to 19,200 sq ft and are available on a leasehold basis.

Boundary43 benefits from excellent access to Brackley town centre, Silverstone race track and the A43, as well as connections to the M1 and M40 motorways.

All properties at the development achieved an EPC A and BREEAM Very good rating and benefit from electric vehicle charging points.

In addition, the units are constructed from high-performance building materials and 15 per cent roof lights to reduce CO2 emissions and occupational energy costs.

Chancerygate development director, George Dickens, said: “This deal is the culmination of years of hard work and expertise to develop Boundary43 and will help satisfy the strong demand there is for prime urban logistics accommodation in the region.

“The sale is also a testament to our product’s sustainability credentials, flexible sizing and proximity to key infrastructure and transport hubs, all of which are attractive to both investors and occupiers.”

JLL and Brown & Co. advised Chancerygate on the sale of Boundary43 while Chadwick McRae acted for the buyer. The scheme is now available to lease through JLL & Brown & Co. and has been rebranded Boundary Park.

You can learn more about Chancerygate’s live projects across the country here.

Planning granted for £16.5m, 72,000 sq ft grade A urban logistics development in Bredbury

By aioannidis,

Chancerygate has been granted planning permission to build 72,000 sq ft of Grade A urban logistics space in Bredbury.

Called Cromwell Park, the development will comprise nine Grade A industrial warehouse units ranging from 2,300 sq ft to 59,500 sq ft available to lease. The projected gross development value is around £16.5m, with the planning being granted also triggering the completion of the land purchase from multinational food processing and retailing company Associated British Foods Group.

The enabling works are set to commence in late 2023 with the main scheme construction due to start in early 2024.

The four-acre site is located on the prime Bredbury Park Industrial Estate, offering excellent access to Stockport town centre and junction 25 of the M60.

Neighbouring occupiers include leading national bakery Allied Bakeries, international courier delivery services company TNT, carpet wholesaler Hadfields and chain manufacturer Renold Chains.

All buildings at Cromwell Park will benefit from electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions. The project is targeting an EPC rating of A+ and BREEAM Very Good.

Chancerygate development director, Chris Brown, said: “We are pleased to secure planning on this site and will now prepare to start the necessary works to begin the construction phase of the project.

“Our agents have received an unprecedented number of occupier enquiries for the site, and we are confident take up will be strong given the lack of alternative new Grade A space in Bredbury.

“The scheme marks one of the last remaining opportunities to develop a site allocated for employment in the Stockport borough, so will support and enable growth within the local economy.”

Agents for the proposed scheme are Williams Sillitoe and Cushman & Wakefield.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and Bridges Fund Management submit plans for £36m, 170,000 sq ft industrial development in Cheshire

By aioannidis,

A joint venture between Chancerygate and Bridges Fund Management has submitted plans to develop a 170,000 sq ft urban logistics space in Adlington, Cheshire. The development could create up to 250 jobs.

Called Avro Business Park, the proposed scheme is located off London Road, south of Poynton town centre, and will adjoin Adlington Business Park & Industrial Estate. The projected gross development value is around £36m.

All units at Avro Park will be fitted with active and passive electric vehicle charging points and solar cells on their roofs, which will provide occupiers with green energy on an affordable basis. In addition, the accommodation is being constructed from high-performance building materials to reduce CO2 emissions and occupier operation costs.

These features will support the development’s target of achieving a BREEAM rating of Excellent and EPC A+ as well as being Net Zero Carbon for regulated energy.

Neighbouring occupiers to the proposed development include confectionery manufacturer Swizzels, tray sealing and packaging line specialist Proseal, and transport company William Kirk.

Commenting on the acquisition, Chancerygate development director, Chris Brown, who is based in the company’s Warrington office, said: “The location of this site has been transformed by the completion of the new Poynton Relief Road and is now directly connected to the airport and the M56 in under 10 minutes’ drive, whilst also providing excellent connectivity to wider south Manchester and Cheshire markets.

“The site is now accessible to a very diverse range of occupiers and we have already received strong interest to satisfy larger Design and Build requirements from occupiers who are desperate to expand or consolidate their operations in the Cheshire / South Manchester area.

“The proposed development will help stimulate further investment and support the creation of up to 250 jobs, bringing wider economic benefits for both the local and regional economy.”

Bridges partner, Guy Bowden, said: “At Avro Park, we’re aiming to develop a high-quality scheme that will create up to 250 jobs and support the growth of the local economy. As always, we’re focused on achieving the highest possible sustainability standards – not only because it’s better for the planet but also because it makes the units more attractive to the many potential occupiers locally.”

Agents for Avro Business Park are Savills and Williams Sillitoe.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate continues to strengthen UK and European growth strategy with five senior promotions

By aioannidis,

Chancerygate has announced five senior promotions as it continues its expansion throughout the UK and Europe.

George Dickens and Matthew Connor have both been promoted to senior development director, and Matthew Young has become development director.

Randeep Sandhu has been promoted to HR director, whilst European director Jason Sharman has joined the senior management team.

Founded in 1995, Chancerygate is the UK’s largest multi-unit urban logistics property developer and asset manager and the only one operating nationwide.

Commenting on the promotions, Chancerygate managing director, Richard Bains, said: “We are delighted to announce our most recent and richly deserved promotions.

“It is always a great pleasure to recognise those who have performed exceptionally within the organisation.  George, Matthew, Randeep, and Matthew are very much deserving of their promotions, and we congratulate Jason on being invited to join the senior management team.

“I look forward to all of them helping Chancerygate to deliver our ongoing UK and European growth strategy.”

You can learn more about Chancerygate’s team here.

Chancerygate completes six urban logistics developments totalling 687,000 sq ft and £115m GDV

By robJonesBrand8,

Chancerygate has achieved practical completion on six new Grade A urban logistics developments totalling 687,000 sq ft which have a combined gross development value (GDV) of £115m.

The schemes are located in Knutsford and Congleton in Cheshire; Wigston, near Leicester; Brackley, South Northants; Witham, Essex; and Bournemouth.

Novus in Knutsford is a development with 207,000 sq ft of Grade A urban logistics space. Chancerygate completed phase two of the scheme which features nine units totalling 73,000 sq ft, including a bespoke design and build warehouse facility sold to Vida Living. Three other units were pre-let ahead of practical completion to trade retailer Screwfix and drilling tool distributor Alpen UK.

The first phase of Novus was successfully completed in April 2021 which delivered 134,000 sq ft of urban logistics and industrial space. Occupiers on this phase include car dealership business Sytner Group, valve manufacturer Oliver Valves and French laundry business Elis.

With 60 per cent of units pre-let, Norse Trade Park in Congleton comprises ten units totalling 45,000 sq ft and has direct access to the new £90m Congleton Link Road. Occupiers include trade kitchen supplier Howdens and painting and decorating supplier PaintWell.

Genesis Park in Wigston, an established industrial location five miles south of Leicester, provides 128,000 sq ft of urban logistics accommodation. The scheme comprises 15 units available on a leasehold basis and benefits from close proximity to the M1 and M69 motorways.

Situated at the Buckingham Road Industrial estate, Boundary43 is a 55,000 sq ft urban logistics scheme in Brackley, South Northants. The development comprises 14 units available on both leasehold and freehold basis.

The 59,000 sq ft Freebournes Park in Witham, Essex, comprises 10 warehouse and industrial units available on a freehold and leasehold basis. The development is located on the established Freebournes Road Industrial Estate.

Developed as a joint venture between Chancerygate and global real estate investor Hines, Bedrock Park comprises 16 units totalling 193,000 sq ft. The scheme was forward sold to Northwood Urban Logistics during the construction phase.

Chancerygate managing director, Richard Bains, said: “Achieving practical completion across these six schemes is a fantastic achievement in what has been a challenging year for construction projects and it solidifies Chancerygate’s position as a leading developer of Grade A urban logistics schemes across the country.

“All of the developments are in prime strategic locations and will help satisfy the strong demand for high specification, sustainable accommodation within their local and regional markets.

“We currently have more than 2.65m sq ft of urban logistics space under construction or ready for development across 19 sites ranging from Edinburgh to Chichester. In addition, we are actively looking for further development opportunities throughout the UK as we continue to implement our strategic growth plans.”

Units at all six sites are constructed from high-performance building materials to reduce CO2 emissions and feature electric vehicle charging points. All properties have targeted a minimum EPC rating of B.

You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate and Bridges Fund Management start work on £30m, 69,800 sq ft sustainable urban logistics development in Tolworth

By robJonesBrand8,

Chancerygate and Bridges Fund Management have started construction on a new speculative 69,800 sq ft Grade A urban logistics scheme in Tolworth, south west London.

Called Metroplex Park, the scheme is located on a 2.8-acre site in Red Lion Business Park. The scheme has a gross development value of £30m and will comprise nine highly sustainable units ranging from 4,450 sq ft to 18,100 sq ft available on a leasehold basis.

Planning for Metroplex Park was granted in April 2023 and the development is being built by London-based contractor Harmonix Construction with practical completion due in summer 2024.

Located near Tolworth Hospital and the A3 Kingston Bypass, the site benefits from excellent access to Kingston upon Thames and central London. It is eight miles from junction 10 of the M25, seven miles from Leatherhead and 12 miles from Croydon and Heathrow.

All units at Metroplex Park will be fitted with active and passive electric vehicle charging points and solar cells on their roofs which will provide green energy on an affordable basis to occupiers.

These features will support the development’s goal of achieving a BREEAM rating of Excellent and EPC A+ as well as being Net Zero Carbon for regulated energy.

In addition, the accommodation is being constructed from high-performance building materials to reduce CO2 emissions and occupier operation costs.

Chancerygate development manager, Matthew Young, said: “There is strong occupier demand for our high quality, sustainable accommodation due to a record low supply in Tolworth and the surrounding areas of Kingston, Surbiton and Chessington.

“Metroplex Park marks Chancerygate’s third scheme on the Red Lion Business Park. We know this is a prime location to ensure businesses are best placed to serve the local area and the wider London city region.

“We now look forward to practical completion and delivering much-needed Grade A urban logistics units into the market.”

Henry Pepper, partner at specialist sustainability and impact investor Bridges Fund Management, added: “We are pleased to be working with our longstanding partner Chancerygate on progressing the delivery of another highly sustainable last-mile industrial scheme – targeting ratings of EPC A+, BREEAM Excellent, and Net Zero Carbon for regulated energy – and making these plans a reality.

“With current levels of under-supply in the south west London market, Metroplex Park is intended to become a key site in serving occupier needs and supporting the economy of the local and surrounding areas.”

Chancerygate and Bridges have been working in partnership on projects for more than 10 years. Investments include the acquisitions of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.

Agents for Metroplex Park are JLL and Bonsors.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate acquires former Sony site near Horsham to deliver £27m, 105,000 sq ft urban logistics development

By aioannidis,

Chancerygate has acquired a 4.59 acre site in Southwater near Horsham to speculatively build 105,000 sq ft of Grade A urban logistics and industrial space.

The site, which was formerly a manufacturing and logistics hub for global electronic manufacturers, Sony, is located at Southwater Business Park approximately four miles south of Horsham. It is strategically positioned adjacent to the A24 between Crawley and Worthing, which provides access to the wider south coast.

Chancerygate plans to develop seven freehold units ranging from 9,775 sq ft to 33,350 sq ft. Once complete, the scheme will have a gross development value of approximately £27m.

All properties will benefit from cycle storage, electric vehicle charging points and solar cells which provide green energy on an affordable basis to occupiers.

In addition, the units will have enhanced roof lighting to increase levels of natural daylight and be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC B and BREEAM Very Good rating as a minimum.

Commenting on the acquisition, Chancerygate development manager, Matthew Young said: “This site presents a fantastic opportunity to develop in a market which has seen a shortage of new-build industrial warehouse accommodation, Grade A or otherwise.

“There is pent-up demand for freehold urban logistics and industrial space across the region and we have previously seen occupiers become more footloose to secure freehold properties.

“Our proposed scheme will generate a catchment area of interest from locations such as Brighton, Worthing, Crawley, Reigate and Redhill. This will help stimulate further investment and job creation, and support growth within the local and regional economy.”

Chancerygate will submit its planning proposal to Horsham District Council in September with an aim to secure approval in early 2024.

Chancerygate was advised on the site acquisition by Graves Jenkins, while JLL advised Sony.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate appoints two new board members

By aioannidis,

Chancerygate has appointed two members of its senior management team to the board of directors.

Head of development, Alastair King, and general counsel, Eva Holden, will help to further shape the strategic direction of the business as it implements its ambitious UK and European expansion plans.

Alastair joined Chancerygate in 2007 and was promoted to head of development in 2018.

Eva, who is Chancerygate’s first general counsel, arrived in 2021 from law firm Bryan Cave Leighton Paisner.

Chancerygate managing director, Richard Bains, said: “Alastair and Eva are excellent additions to our board and will play major roles in shaping the business to facilitate the delivery of our UK and European growth strategy.

“Alastair is a talented operator who has been instrumental in driving our development business forward. He has built, and leads, an exceptional team.

“As our first ever general counsel, Eva has brought a fresh perspective to our business with her legal and commercial acumen, particularly around assessing and managing business risk.

“We look forward to their insight and experience having an even greater positive influence upon Chancerygate’s future in their new roles as board directors.”

You can learn more about Chancerygate’s team here.

Plans submitted for £32m, 82,400 sq ft urban logistics development in Leatherhead

By aioannidis,

Chancerygate has submitted plans to speculatively build 82,400 sq ft of Grade A urban logistics and warehousing space in Leatherhead.

Called Victory Park, the proposed scheme will comprise 13 leasehold units ranging from 3,000 to 19,000 sq ft. The projected gross development value is around £32m.

The 4.6-acre site, which was formerly office and warehouse accommodation, is located off Cleeve Road in Leatherhead Business Park approximately one mile north of the town centre and one mile east of junction 9 of the M25.

Neighbouring occupiers to the proposed development include Unilever and engineering consultancies KBR and RINA Tech UK.

All properties at Victory Park will benefit from electric vehicle charging points and solar cells on their roofs which provide green energy on an affordable basis to occupiers.

In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Very Good rating.

Commenting on the planning submission, Chancerygate development director Jonathan Lee, said: “Leatherhead’s proximity to key motorway infrastructure, skilled local workforce and strong business community means there is strong demand for Grade A urban logistics and warehousing space.

“Our plans for Victory Park will aim to satisfy this demand and provided businesses with high-quality, sustainable accommodation so they are best placed to serve the town and the wider region.

You can learn more about Chancerygate’s development sites across the UK here.

Work completes on Chancerygate’s £30m, 193,000 sq ft Bedrock Park development near Bournemouth

By aioannidis,

A joint venture (JV) between Chancerygate and Hines, a global real estate investment, development and property manager, has achieved practical completion on its 193,000 sq ft Bedrock Park development near Bournemouth.

Situated off Vulcan Way on Ferndown Industrial Estate, the scheme comprises 26 high specification Grade A units ranging from 3,000 to 34,000 sq ft. The gross development value is around £30m.

Bedrock Park benefits from being in a key industrial location in the Bournemouth, Christchurch and Poole conurbation and offers excellent access to the A31, M27 and M3 motorways.

The JV pre-sold Bedrock Park to real estate private equity firm Northwood Urban Logistics in December 2021.

All properties at Bedrock Park have targeted minimum EPC rating of B rating and feature electric vehicle charging points and a selection of units include solar cells which provide green energy on an affordable basis to occupiers.

In addition, the units are constructed from high-performance building materials to reduce CO2 emissions.

Chancerygate development director, Jonathan Lee, said: “Bedrock Park is the first new build Grade A multi-unit urban logistics and trade counter scheme to be built in the local area for 15 years.

“Sitting in one of the premier industrial locations for the Bournemouth, Christchurch and Poole conurbation, the scheme is best placed to serve these towns and the wider South Coast.

“There is strong demand from businesses for high specification, sustainable accommodation, and thanks to its prime location and close proximity to key infrastructure, Bedrock Park will help meet this.”

Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.

The company has offices in London, Warrington, Birmingham, Bristol, and Milton Keynes. It currently has more than 3.2m sq ft of industrial space under construction or ready for development across 24 sites ranging from Bournemouth to Edinburgh.

DTRE, Vail Williams and Realest are joint lettings agents for Bedrock Park.

You can learn more about Chancerygate’s development sites across the UK here.

JR Capital and Chancerygate £150m urban logistics fund acquires 12 units on Eastbourne’s Compton Industrial Estate

By robJonesBrand8,

An industrial estate comprising 12 units totalling 121,780 sq ft on Compton Industrial Estate in Eastbourne has been acquired by a £150m multi-let urban logistics investment fund.

Managed by property investment company JR Capital and Chancerygate, the fund acquired the industrial estate from a joint venture between commercial property business Canmoor and investment company JCAM for £13.7m. This reflects a net initial yield of 7%.

Compton Industrial Estate is situated one-and-a-half miles from Eastbourne town centre and benefits from close proximity to the A22 and A27.

The 12 units range from 3,555 sq ft to 22,785 sq ft. Current occupiers include East Sussex County Council, Eastbourne Coach Furnishers, Williams Trade Suppliers and Howdens Joinery.

JR Capital’s CEO, John Collier-Wright commented: “Eastbourne is the third acquisition for the new fund in as many months and it presented us with a good opportunity to allocate capital to the south coast, a region underpinned by strong occupational demand, a lack of available units and very few new developments in the pipeline.”

“The estate offers well diversified and reversionary income, with short term opportunities to add value by refurbishing and re-letting units. It is well positioned for growth over the next cycle.”

JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.

The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.

Commenting on the acquisition, Chancerygate asset management director, George Jerram, said: “Our latest acquisition sits in one of Eastbourne’s prime industrial locations and reflects the strong confidence we have in the local market for urban logistics accommodation.

“There remains strong demand for urban logistics property both regionally and nationally. Compton Industrial Estate is a key opportunity to expand the geographical spread of our portfolio with a well-established, strategically located asset.”

London-based JR Capital is a multi-family office business with a focus on UK and European real estate. The business provides a platform for its Middle East-based private and institutional investor base principally from Saudi Arabia, Bahrain, Qatar, Dubai, and Kuwait to co-invest into both UK and European real estate via funds and segregated mandates.

Established in 2005 by John Collier-Wright, JR Capital has concluded over £2bn of transactions across all major sectors.

Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.

The company currently manages in excess of £385m of assets across more than five million sq ft of commercial space in over 480 units.

Gerald Eve acted on behalf of Chancerygate and JR Capital, while TT & G Partners acted for Canmoor and JCAM.

You can learn more about Chancerygate’s live projects across the country here.

Work completes on £13.5m, 59,000 sq ft urban logistics and industrial development in Witham

By aioannidis,

Chancerygate has achieved practical completion on its 59,000 sq ft Grade A urban logistics and industrial scheme in Witham.

Called Freebournes Park, the development comprises 10 warehouse and industrial units ranging from 4,400 sq ft to 7,050 sq ft which are available on a freehold and leasehold basis. The scheme has a gross development value of £13.5m.

Located on the established Freebournes Road Industrial Estate, the development is also well connected off the A12 and will serve Witham, Braintree and Maldon, as well as sitting within the catchments of both Chelmsford and Colchester. The M25 can also be accessed from the scheme in under 30 minutes at Junction 28.

All the units at Freebournes Park feature electric vehicle charging points, secured cycle parking and 15 per cent roof lighting.

In addition, the units are constructed from high-performance building materials to reduce CO2 emissions. The scheme will achieve BREEAM rating of Very Good and all units have achieved a minimum EPC rating of B.

Chancerygate development manager, Matthew Young, said: “Freebournes Park is a fantastic example of Chancerygate’s vision, turning a formerly vacant site into an urban logistics and industrial hub which will support economic growth in Witham and the locality.”

“There has been limited speculative development along the A12. Our new development will provide a variety of occupiers with high-quality, well-sized accommodation that meet modern-day business requirements which the area currently lacks.”

“We are pleased to have achieved practical completion at the scheme and bring brand-new energy efficient units to the market to enable local and regional businesses to grow and thrive.”

Agents for Freebournes Park are property consultancy Lambert Smith Hampton and commercial property agents Coke Gearing.

You can learn more about Chancerygate’s development sites across the UK here.

JR Capital and Chancerygate £150m urban logistics fund acquires 55,780 sq ft Northampton portfolio

By aioannidis,

A portfolio of seven fully-let units totalling 55,780 sq ft on Crow Lane Industrial Park in Northampton has been acquired by a £150m multi-let urban logistics investment fund.

Managed by property investment company JR Capital and Chancerygate, the fund has acquired the industrial estate from asset management company Columbia Threadneedle Investments. All values relating to the transaction are undisclosed.

Crow Lane Industrial Park is situated three miles east of Northampton town centre on Hartburn Close and benefits from quick links to the A45 dual carriageway, M1 and A14 (A1/M1 link).

The seven units range from 3,225 sq ft to 28,665 sq ft. Current occupiers include building materials supplier Wolseley UK, independent electrical wholesaler Midshires Electrical and Lighting and frozen and chilled food same day delivery service Route 1 Fulfilment.

Commenting on the acquisition, Chancerygate asset management director, George Jerram, said: “Our investment in Northampton is indicative of the confidence we have in the local market for urban logistics property. It is an excellent fit for our investment and asset management strategy.

“Demand for urban logistics accommodation remains strong both regionally and nationally. Crow Lane presented us with a great opportunity to enhance the geographical spread of our portfolio with an established asset in an excellent location.

“We are active asset managers and will be looking to further enhance the site for the benefit of our occupiers and investors.”

JR Capital and Chancerygate’s £150m fund has a five-year life and is targeting industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.

The partners’ first fund, which totalled £100m, secured 18 assets ranging from Dundee to Exeter over a two-year period. The assets comprised 150 units totalling more than one million sq ft.

JR Capital’s head of investment, Michael Ferris commented: “We are pleased to have completed on the second acquisition for the new fund.

“Crow Lane Industrial Park is well located in Northampton and will provide the fund with a well-diversified income stream and opportunities to add value in the near term.

“We remain extremely bullish on the UK multi-let industrial sector due to the favourable macroeconomic fundamentals and the recent adjustments to pricing has created a buying opportunity for us.

“We expect to be active over the course of this year as we continue to scale our platform with Chancerygate to more than £200m.”

Allsop acted on behalf of Chancerygate and JR Capital, while Collingwood Rigby acted for Columbia Threadneedle Investments.

You can learn more about Chancerygate’s live projects across the country here.

Work completes on £41m, 260,000 sq ft Knutsford and Congleton urban logistics developments

By aioannidis,

Chancerygate has achieved practical completion on two urban logistics developments in the North West which provide a combined total of 260,000 sq ft of Grade A accommodation for the region.

Novus, which is located in Knutsford, and Norse Trade Park in Congleton have a joint gross development value of £41m.

Located within Parkgate Industrial Park, Novus is a £33m development with 207,000 sq ft of urban logistics space. The scheme was sold to real estate private equity firm Northwood Urban Logistics during the construction phase.

Chancerygate has completed phase two of the scheme which features nine high specification units totalling 73,000 sq ft. Three of the properties have been pre-sold or pre-let ahead of practical completion to furniture company VIDA Living, trade retailer Screwfix and drilling tool distributor Alpen UK.

The first phase of Novus, which delivered 134,000 sq ft of urban logistics space, was successfully completed in April 2021. Occupiers include car dealership Sytner Group, valve manufacturer Oliver Valves and French laundry business Elis.

The £8m Norse Trade Park has nine Grade A units totalling 45,000 sq ft. The scheme is located off Viking Way within Congleton Business Park and is directly connected to the new £90m Congleton Link Road.

Now 60 per cent pre-let, occupiers at Norse Trade Park include trade kitchen supplier Howdens and painting and decorating supplier PaintWell.

All the units at Novus and Norse Trade Park feature electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units are constructed from high-performance building materials to reduce CO2 emissions.

Chancerygate development director, Chris Brown, who is based in the company’s Warrington office, said: “It is fantastic to have achieved practical completion on these developments which showcases Chancerygate’s expertise in meeting the demand for Grade A, sustainable accommodation across North West.

“Both Novus and Norse Trade Park are both in strategic locations which will enable businesses to be best placed to serve the locality and wider region.

“Now both schemes are complete, we look forward to seeking further development opportunities to provide the region with new high-quality industrial and urban logistics units.

Agents for Novus are Gerald Eve and Williams Sillitoe, while Davies Harrison and William Sillitoe are joint agents for Norse Trade Park.

You can learn more about Chancerygate’s development sites across the UK here.

Planning application submitted for £12m, 41,200 sq ft urban logistics development in Chichester

By aioannidis,

Chancerygate has submitted plans to speculatively build 41,200 ft of Grade A urban logistics and industrial space in Chichester.

The proposed scheme will comprise four leasehold units ranging from 6,200 sq ft to 12,300 sq ft. The projected gross development value is around £12m.

The 1.9-acre site, which was formerly a Southern Gas Networks storage site, is located off Terminus Road approximately two miles south of Chichester town centre and adjacent to the main A27 arterial route.

Neighbouring occupiers to the planned development include builders’ merchants Jewson and trade kitchen supplier Howdens, as well as Ford, Jaguar and Volkswagen car dealerships.

All properties will benefit from electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions.

Commenting on the planning submission, Chancerygate development director Jonathan Lee, said: “Our plans at Chichester will aim to satisfy the high demand for Grade A sustainable accommodation by converting this current brownfield location to a vital urban logistics asset.

“Sitting close to key transport infrastructure links, our Chichester development is an excellent opportunity for businesses to be best placed for serving the town, West Sussex and the wider South East region.

“The proposed development will help stimulate further investment and support job creation, bringing wider economic benefits for both the local and regional economy.”

Letting agents for the development are Carter Jonas and Vail Williams.

You can learn more about Chancerygate’s development sites across the UK here.

Work completes on 55,000 sq ft grade A urban logistics development in Brackley, South Northants

By aioannidis,

Chancerygate has achieved practical completion on its 55,000 sq ft urban logistics scheme in Brackley, South Northants.

Called Boundary43, the development is situated at the Buckingham Road Industrial Estate off Boundary Road. The scheme comprises 14 high specification Grade A units ranging from 2,100 to 19,200 sq ft available on both leasehold and freehold basis.

Boundary43 benefits from excellent access to Brackley town centre, the A43, as well as connections to the M1 and M40 motorways.

All properties at the development have achieved an EPC A rating and benefit from electric vehicle charging points.

In addition, the units are constructed from high-performance building materials and 15 per cent roof lights to reduce CO2 emissions and occupational energy costs.

Chancerygate development director, George Dickens, said: “There is already strong demand from businesses in Brackley and the surrounding region for high-quality, sustainable urban logistics accommodation on both a freehold and leasehold basis.

“The region has a shortage in supply of small to medium sized Grade A industrial and warehouse accommodation. Boundary43 will act as key development to meet this demand.

“The scheme’s strategic location in one of Brackley’s most prominent industrial estates means occupiers will be best placed to serve both the town and wider region.”

You can learn more about Chancerygate’s development sites across the UK here.

Work starts on Trafford Park 130,340 sq ft last-mile urban logistics development supported by loan

By aioannidis,

Work has started on a 130,340 sq ft Grade A last-mile urban logistics development at Trafford Park in Manchester supported by a joint multi-million pound loan from the North West Evergreen Fund and Trafford Council.

Called Bridgewater Point, units on the 5.6-acre site will be available on a leasehold basis and practical completion is expected in February 2024.

A joint venture (JV) between Chancerygate and real estate private equity firm Northwood Urban Logistics is delivering the scheme. Once complete, it will comprise 16 leasehold units ranging from 5,000 sq ft to 13,000 sq ft.

The development finance loan from the North West Evergreen Fund and Trafford Council will help fund the scheme and enable the delivery of high-quality, sustainable employment premises.

Located at 103 Barton Dock Road, Bridgwater Point sits on one of the most prominent sites in Trafford Park. It also benefits from excellent access to Manchester city centre and is one mile from junction 9 of the M60. Neighbouring occupiers include Kellogg’s, Amazon, L’Oréal and Adidas.

All the units at Bridgewater Point feature electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units are constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Very Good rating.

Chancerygate development director and head of its Warrington office, Mike Walker, said: “We are very pleased to start work at Bridgewater Point as it will deliver the first new multi-unit development in Trafford Park for 15 years.

“The fundamentals of Trafford Park as a location continue to make it the prime spot in Manchester, and the wider North West, for urban logistics accommodation.

“The units at the scheme will have stronger sustainability credentials than anything previously developed in the area which will be of interest to occupiers seeking to reduce operational cost.”

Bridgewater Point is being built by large-scale project construction specialists Stainforth, which won a competitive tender for the construction contract.

Commenting on the development loan, Richard Maxwell, director at CBRE Investment Advisory said: “This JV between Chancerygate and Northwood Investors will see a much-needed key logistics development on this prime site in Trafford Park, and we are proud to structure the facility on behalf of our clients Trafford Borough Council and the North West Evergreen Fund.

“In providing this finance the council and the fund are filling a noticeable void in speculative development finance in this region which exists despite strong occupational demand. Bridgewater Point will deliver high quality new business space suited to SMEs and we particularly liked the plans to introduce native hedgerows to improve the site’s biodiversity.”

The North West Evergreen Fund exists to support the delivery of commercial property and infrastructure projects in Greater Manchester, Cumbria, Cheshire and Lancashire. It is managed by CBRE’s investment advisory team, part of CBRE Capital Advisors.

Cllr Liz Patel, Trafford Council’s executive member for economy and regeneration, said: “This scheme will provide high quality sustainable employment premises in a superb location in the centre of Trafford Park and will help provide employment for hundreds of residents from across the borough and Greater Manchester. The loan sits within our Property Investment Portfolio, supporting the local economy as well as providing important revenue to support the delivery of Council services.”

Northwood Urban Logistics is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $9bn of investor capital with its Manchester office headed by executive director Richard Pellatt.

Iain Taylor, Director at Northwood Urban Logistics, added: ‘’We are very excited that construction at Bridgewater Point has started at a time when there is a chronic lack of supply in the area.

“The scheme is able to cater to a wide range of occupiers who will be able to adapt the units for a variety of uses. We expect the park to gain a lot of interest, especially due to its prime, high-profile location and excellent amenities.’’

Agents for Bridgewater Point are JLL and Davies Harrison.

You can learn more about Chancerygate’s live projects across the country here.

European Regional Development Fund
The project has received up to £20,000,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.  The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.  For more information visit https://www.gov.uk/european-growth-funding.

Chancerygate continues UK and European growth plans with four new appointments

By aioannidis,

Chancerygate has announced four new appointments to support the continued implementation of its UK and European growth strategy.

Helena Redding and Oliver Johnson join as asset manager and assistant development manager respectively. The company has also strengthened its finance team with the hire of Alex Houghton as senior financial analyst and Randeep Sandhu joins as its first HR manager.

Helena arrives at Chancerygate after seven years as a specialist industrial and logistics asset manager at Orchard Street, having previously held positions at Kier Property and SEGRO. She is responsible for Chancerygate’s urban logistics portfolio.

Oliver joins to work as part of Chancerygate’s development team and will assist on a range of urban logistics projects. He previously worked in the industrial and logistics team at Colliers International.

Alex moves from Native, one of the UK’s largest aparthotel operators. Supporting the company’s strategic decision-making, he is responsible for monitoring the financial performance of current portfolios alongside identifying future opportunities.

Randeep joins Chancerygate as the company’s first HR manager, bringing sixteen years of HR experience from a range of sectors. As well as leading Chancerygate’s day-to-day HR function, she will be responsible for planning and implementing the company’s people strategies to support growth plans.

Chancerygate managing director, Richard Bains, said: “These four appointments across our asset, development, finance and HR teams play an essential part in delivering our UK and European growth strategy.

“Helena, Oliver, Alex and Randeep each bring proven experience from diverse backgrounds. I look forward to working with them and drawing on their unique skill sets to support our ambitious expansion plans.”

These latest appointments follow the news that Chancerygate has appointed European director, Jason Sharman, from Warsaw-based Tradeparc to lead the business’s expansion on the continent.

You can learn more about Chancerygate’s team here.

Planning granted for £25m, 98,000 sq ft Grade A trade counter and urban logistics development in Colwick, Nottingham

By aioannidis,

Chancerygate has been granted planning permission for 98,000 sq ft of Grade A trade counter and urban logistics space in Colwick, Nottingham.

Called Colwick Gateway, the scheme will comprise 13 units ranging from 3,600 sq ft to 27,600 sq ft. The projected gross development value is around £25m.

Units on the 6.35-acre site will be available on a leasehold basis and construction work is expected to commence in early Q2 2023.

All properties at the development will benefit from electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions.

Located off Colwick Loop Road approximately five miles east of Nottingham city centre, the Colwick Gateway site benefits from excellent access to the M1.

The scheme forms part of a wider regeneration scheme, encompassing a range of new developments and occupiers aimed at transforming the area.

Neighbouring occupiers include leading high-street brands such as Sainsburys, Argos, Habitat, Specsavers and Starbucks. Nearby trade suppliers include Jewson, Nottingham Steel Supplies, Tile Tec Fireplaces, Biffa Waste Services and MKM Builders Merchant, which is currently under construction.

Chancerygate development director, Mark Garrity, who is based in the company’s Birmingham office, said: “The demand for Grade A, sustainable accommodation remains high not only in Nottingham, but also across the wider East Midlands. Colwick Gateway will help satisfy this demand by bringing new high-quality trade counter and urban logistics units to the region.

“Sitting in an already-established industrial location also means the development will be best placed to serve businesses operating in the region while stimulating economic growth and job creation.”

Agents for Colwick Gateway are FHP and Gerald Eve.

 You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and JR Capital announce first close and first investment for second £150m multi-let urban logistics fund

By aioannidis,

JR Capital has extended its successful partnership with Chancerygate by establishing a second £150m fund to invest in income producing multi-let UK urban logistics assets.

The fund’s first close has raised £40m of equity from JR Capital’s Middle East-based private and institutional client base, giving Chancerygate an initial £80m to deploy. Both Chancerygate and JR Capital have co-invested into the new fund.

At the same time, it has been announced that the fund has made its first investment with the acquisition of Port Road Business Park in Carlisle.

The park comprises 20 units totalling 108,000 sq ft with occupiers including Travis Perkins, Wolseley, Menzies Distribution, NHS and Sky. The asset was acquired for £7.4m and has a net initial yield of 8.1 per cent.

The partners’ first fund, which totalled £100m, secured 18 assets over a two-year period, ranging from Dundee to Exeter and comprising 150 units totalling more than one million sq ft.

The latest fund has a five-year life and will target industrial, warehousing and urban logistics investments across the UK in lot sizes of £5m to £15m.

JR Capital CEO, John Collier-Wright, said: “We are pleased to have closed our second fund with Chancerygate. We remain bullish on the small-box multi-let sector due to the strength of the occupier market and robust fundamentals.

“We have witnessed first-hand on our previous fund the significant supply demand in-balance, which has allowed us to maintain close to 100 per cent occupancy and increase rents by an average of over 25 per cent.

“The recent volatility in the investment markets has created good buying opportunities for investors like us that are well-capitalised and can transact quickly in cash. We try to be active and buy whilst others are selling or sitting on the side lines.”

The fund’s strategy is to acquire a geographically diverse portfolio of assets across the UK, which both generate a secure income stream from a varied tenant base and offer opportunities to add value through active asset management.

Chancerygate managing director, Richard Bains, added: “The success of the first fund underpinned a period of significant growth for our asset management team. We now manage around £385m of assets across more than five million sq ft of commercial space in over 480 units.

“This latest fund provides us with even more firepower that the first. It shows there is ongoing demand from a myriad of entities and jurisdictions for UK logistics property of all types.

“Investors see past short-term challenges and can perceive longer term prospects with an asset class they regard as particularly resilient.”

Established in 2005 by John Collier-Wright, JR Capital has concluded over £2bn of transactions across all major sectors.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate announces European expansion strategy

By aioannidis,

Chancerygate has announced plans to accelerate its expansion into Europe.

Last year, Chancerygate entered the European market for the first time since being founded in 1995 with the €4.5m acquisition of a five-acre site near Dublin airport. The site was acquired in partnership with Bridges Fund Management.

To drive its expansion strategy forward, Chancerygate has appointed Jason Sharman as European director. He joins from Warsaw-based industrial and logistics developer and asset manager Tradeparcs.

Jason has previously held partner and regional director roles at Burlington Real Estate, King Sturge and JLL.

In all three previous positions, he was responsible for identifying, securing and delivering asset management and development opportunities throughout western and central Europe.

Chancerygate managing director, Richard Bains, said: “We have identified significant opportunities for growth in the urban logistics market across Europe and believe now is the time to implement our expansion strategy on the continent.

“I am delighted to welcome Jason to Chancerygate. His significant and demonstrable experience in European markets, coupled with his entrepreneurial drive, set him apart from other candidates for the role.”

Commenting on his new position, Jason said: “Joining Chancerygate as European director is the dream role for me as I am entrepreneurial by nature.

“The opportunity to lead the company’s expansion throughout Europe by sourcing and securing asset management and development deals, whilst also building in country teams and on the ground resource, is my perfect challenge.

“Chancerygate has an excellent reputation in the UK for the capability of its people, high specification sustainable product and a consistent track record of successful delivery.

“I will export those fundamentals to ensure Chancerygate quickly becomes established and highly regarded throughout Europe for the same reasons.”

Jason has relocated from Warsaw to the UK and is working out of Chancerygate’s London office.

You can learn more about Chancerygate’s live projects across the country here.

Work completes on £20m, 100,000 sq ft Tonbridge development with four units pre-let

By aioannidis,

A joint venture (JV) between Chancerygate and international real estate firm Hines has achieved practical completion on its £20m, 100,000 sq ft Tonbridge Trade Park scheme.

Situated on Vale Road, the scheme comprises 15 high specification Grade A units. Four of the properties, which total 31,750 sq ft, have been pre-let ahead of practical completion.

Occupiers include multinational chemical production company Tunap and car service and maintenance group Formula One Autocentres.

A further unit totalling 5,000 sq ft is currently under offer, which means more than 36 per cent of space at the development is now let or under offer. The 10 remaining units total 63,250 sq ft and are available on a leasehold basis.

Located a mile from Tonbridge town centre, the scheme provides easy access to transport links including the A21 and A26, as well as to the M25.

The JV pre-sold Tonbridge Trade Park to real estate private equity firm Northwood Investors at the end of last year.

Chancerygate development director, Jonathan Lee, said: “Tonbridge Trade Park is the first new build, Grade A multi-unit trade park and urban logistics development in the area for more than 20 years.

“The scheme will help meet the significant demand for much-needed high specification, sustainable commercial accommodation in Tonbridge and surrounding areas.

“With its strategic location, the scheme is best placed to serve businesses across Tonbridge and the wider region. This is evidenced by the pre-lets we have already seen and we anticipate this interest will only grow now practical completion has been achieved.”

Bracketts and DTRE are joint sales agents for Tonbridge Trade Park.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate donates over £57,000 to charities throughout 2022

By aioannidis,

Chancerygate have donated over £57,000 to a variety of charities and organisations throughout 2022 alongside food, clothes and gift donations for children.

Action Tutoring

Our company charity for 2022 was Action Tutoring, a charity that supports disadvantaged young people to achieve academically, with a view to enabling them to progress in education, employment or training. Four Chancerygate employees became volunteer tutors in maths and English and have completed over 35 tutoring sessions (with one to three pupils per session). Chancerygate also raised £30,000 through a sponsored 25 mile hike over the Yorkshire Three Peaks.

Read more.

Site donations

Chancerygate have donated £22,500 for nine organisations and charities local to our developments in construction. The donations went towards helping local communities including foodbanks, community centres, primary schools and charities providing emotional health support for children and young adults.

Read more about our site donations.

King Solomon Academy

A few volunteers from Chancerygate took part in a careers fair at King Solomon Academy, speaking with students in year 11 to 13 about opportunities in the property industry and the different career paths available at Chancerygate.

The Andrew Grene Foundation

Chancerygate donated £5,000 to The Andrew Grene Foundation, a charity dedicated to supporting the people of Haiti through education, loans and building projects.

Christmas donations

This year Chancerygate swapped Secret Santa for KidsOut Giving Tree and donated over 45 gifts for children in refuge. The recipients are children who have escaped domestic violence, being forced to flee their homes quickly and leave all possessions behind.

The Chancerygate team also donated six bags full of clothes, blankets, shirts, coats, hats and gloves to The Passage. They are an organisation that assists people who have experienced homelessness to realise their own potential to transform their lives. The items that have been donated will go towards helping vulnerable people in London.

Chancerygate’s £32m, 120,000sq ft Sidcup Logistics Park 100% sold following final unit disposal

By aioannidis,

Chancerygate has successfully sold all 13 Grade A units at its £32m, 120,000 sq ft Sidcup Logistics Park.

Located on Edgington Way, the final 4,400 sq ft unit at the urban logistics scheme has been sold by the developer to a private investor.

Chancerygate achieved practical completion of Sidcup Logistics Park in August this year, with 95 per cent of space forward sold. Occupiers at the development include food wholesaler Gaya Foods and bubble tea operator Mooboo.

The scheme is located less than two miles from Sidcup town centre and provides easy access to the A20, M25 and central London.

Sidcup Logistics Park is the second scheme Chancerygate has completed in the town in the past three years. The first was its successful development of 117,000 sq ft of urban logistics space at Klinger Industrial Park which was forward sold to M&G Real Estate.

Chancerygate development director, Jonathan Lee, said: “Sidcup Logistics Park has played a key role in helping satisfy the high demand for Grade A, sustainable urban logistics accommodation in the Kent region.

“We are very pleased to have secured the sale of the final unit to a private investor. The development is best placed to not only help businesses serve the local area and beyond, but also support economic growth and job creation in Sidcup.”

You can learn more about Chancerygate’s live projects across the country here.

Work completes on Chancerygate’s 119,600 sq ft Gemini8 Business Park in Warrington

By aioannidis,

A joint venture (JV) between Chancerygate and international real estate firm Hines has achieved practical completion on its 119,600 sq ft Gemini8 Business Park scheme in Warrington.

Situated on the final plot at Gemini8 Business Park, the development comprises 18 high specification Grade A units ranging from 3,900 sq ft to 16,500 sq ft.

Located less than three miles north of Warrington town centre, the scheme provides direct access to junction 8 of the M62 motorway and is approximately four miles from the M6.

The JV pre-sold Gemini8 Business Park to real estate private equity firm Northwood Investors at the end of last year. Northwood Investors has strong interest in the scheme with four units currently under offer.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “We are very pleased to have delivered the first new build, Grade A multi-unit industrial and warehousing development of this type in the Warrington area for more than 10 years.

“Its excellent strategic location means Gemini8 is one of the most prominent business parks between the Manchester and Liverpool conurbations. It will see businesses that locate here best placed to serve both of them, as well as the wider North West region.”

Gerald Eve and Davies Harrison are letting agents for Gemini8 Business Park.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate acquires Chichester site to deliver £12m, 41,200 sq ft urban logistics development

By aioannidis,

Chancerygate has acquired a 1.9-acre site in Chichester to speculatively build 41,200 ft of Grade A urban logistics and industrial space.

The site is located off Terminus Road, approximately two miles south of the town centre and adjacent to the main A27 arterial route.

Chancerygate intends to develop four leasehold units ranging from 6,200 sq ft to 12,300 sq ft on the land. Once complete, the scheme will have a gross development value of around £12m.

Chancerygate acquired the site from gas distribution company SGN for an undisclosed sum. Currently, the land is a brownfield site which previously housed above ground high pressure gas storage tanks.

Neighbouring occupiers to the proposed development include builders’ merchants Jewson and trade kitchen supplier Howdens, as well as Ford, Jaguar and Volkswagen car dealerships.

Commenting on the acquisition, Chancerygate development director Jonathan Lee, said: “This site offers a fantastic opportunity to develop in one of the prime urban logistics and industrial property locations in the South East.

“Chichester’s proximity to excellent transport connections means our proposed development will be best placed to serve West Sussex and the wider south east of England.

“The scheme will provide much-needed high specification, sustainable urban logistics and industrial accommodation. This will help stimulate further investment and job creation, and support growth within the local and regional economy.”

Chancerygate will submit its plans for the development to Chichester District Council towards the end of the year.

Chancerygate was advised on the site acquisition by Cushman and Wakefield, while Cater Jonas advised SGN. Carter Jonas and Vail Williams are retained as letting agents for the development.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and Northwood Investors’ JV granted planning for 130,340 sq ft last-mile urban logistics development in Manchester

By aioannidis,

Chancerygate and Northwood Investors’ joint venture (JV) has been granted planning for 130,340 sq ft of Grade A last-mile urban logistics space to be speculatively built at Trafford Park in Manchester.

Called Bridgewater Point, the scheme will comprise 16 units ranging from 5,000 sq ft to 13,000 sq ft. Units on the 5.6-acre site will be available on a leasehold basis and construction work is scheduled to start in January 2023.

Located on Barton Dock Road, the site benefits from excellent access to Manchester city centre and is one mile from junction 9 of the M60. Neighbouring occupiers include Kellogg’s, Amazon, L’Oréal and Adidas.

Bridgewater Point is Chancerygate and Northwood Investors’ debut development since launching the JV last September. The JV plans to target speculative urban logistics development opportunities in key cities throughout the UK over the next 18 months.

Chancerygate development director and head of its Warrington office, Mike Walker, said: “This is an excellent first development for our JV with Northwood. It will showcase exactly the type of high specification, sustainable urban logistics accommodation we will deliver together.

“Bridgewater Point is going to be the first multi-unit development on Trafford Park for more than 14 years and one which will become an enduring, job creating asset for the area.

“We are very confident that there will be strong demand for the units because of the strong latent demand for modern high quality units in Trafford Park.”

Agents for the proposed scheme are JLL and Davies Harrison.

You can learn more about Chancerygate’s development sites across the UK here.

European Regional Development Fund
The project has received up to £20,000,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.  The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.  For more information visit https://www.gov.uk/european-growth-funding.

Chancerygate and SGN Place JV submits plans to deliver 95,000 sq ft urban logistics development in Croydon, South London

By aioannidis,

A joint venture (JV) between Chancerygate and SGN Place, the property development subsidiary of gas distribution company SGN, has submitted plans to speculatively build 95,000 sq ft of Grade A urban logistics space on a four-acre site on Factory Lane in Croydon, South London.

The JV intends to develop a scheme comprising 14 units ranging from 1,000 sq ft to 17,000 sq ft. All units will be available on a leasehold basis.

Located on the outskirts of Croydon town centre, the Factory Lane site is 10 miles south of central London and provides good access to the A23, A232 and M25. Neighbouring occupiers include a Tesco distribution centre, Sainsbury’s, Royal Mail and Decathlon.

Subject to planning approval from Croydon Council, work on the proposed development is anticipated to commence in January 2023 and will be ready for occupation at the end of next year.

Chancerygate development director, Jonathan Lee, said: “We are very pleased to have submitted our first joint planning application as part of our JV with SGN Place.

“This is a hugely exciting opportunity to deliver the first leasehold multi-unit urban logistics site in Croydon for more than 10 years.

“There is very strong demand for high specification, new build urban logistics space in the town and the development has been designed to provide best-in-class last mile facilities with the highest ESG credentials.

“Subject to planning, we look forward to working with our partner SGN Place to revitalise the site and create an enduring and sustainable asset for Croydon. We anticipate the development will enable the creation of more than 250 jobs providing further economic benefit for the town.”

SGN Place is a property development subsidiary of SGN, focused on regenerating brownfield land like gasholders and former industrial sites into prosperous, sustainable residential and commercial developments.

Cushman & Wakefield and Stiles Harold Williams will be the retained agents on the development.

Chancerygate wins developer of the year multi-let and best investment transaction accolades at IAS awards

By aioannidis,

Chancerygate has won two prestigious awards at the Industrial Agents Society (IAS) Awards in the developer of the year multi-let and best investment transaction categories.

The developer of the year multi-let award recognised Chancerygate’s record year in 2021 during which 12 new developments, totalling 1,270,000 sq ft, were completed across the UK. Other highlights included:

  • Expansion into Europe by acquiring a five-acre site in Dublin
  • Obtained eight planning consents for over 950,000 sq ft of new development
  • Placed 10 build contracts with a value in excess of £55m
  • Disposed of 1,050,000 sq ft
  • Opened a new regional office in Bristol
  • Increased headcount by 20 per cent

The highly competitive category was voted for by IAS agent members. Prior to this year, Chancerygate had previously won developer of the year at the IAS Awards four times in seven years.

Chancerygate’s joint venture with international real estate firm Hines won best investment transaction of the year for its ‘Project Highgate’ disposal. The deal involved the forward sale of a 608,000 sq ft, five asset portfolio to real estate private equity firm Northwood Investors for an undisclosed sum.

Now in its 35th year, the IAS Awards saw agents, owners, occupiers, developers and funders gather at the Grosvenor House London to network and celebrate the sector’s success.

Commenting on the award wins, Chancerygate managing director, Richard Bains, said: “It is particularly pleasing to be recognised by the judges and members of the IAS who specialise in our sector. Being recognised by them validates our achievements and we are thankful to them for doing so.

“We fully appreciate that our success is in no small part down to the expertise of the agents and consultants who we partner with.

“I would like to thank them whilst also recognising the outstanding efforts of every member of the Chancerygate team, all of whom continue to drive our business forward as we expand throughout the UK and into Europe.”

Chancerygate submits plans for £25m, 98,000 sq ft Grade A trade counter and urban logistics development in Colwick, Nottingham

By robJonesBrand8,

Chancerygate has submitted plans to speculatively build 98,000 sq ft of trade counter, urban logistics and industrial space in Colwick, Nottingham.

Called Colwick Gateway, the proposed scheme will be located on a 6.35-acre site in Colwick Industrial Estate and comprise 14 Grade A leasehold units ranging from 3,500 sq ft to 27,200 sq ft. The projected gross development value is around £25m.

The site, which was formerly a major fuel distribution centre for Total Petroleum and has been unused for a number of years, is located off Colwick Loop Road approximately five miles east of Nottingham city centre.

Neighbouring occupiers include Jewson, Sainsbury’s, Biffa, Nottingham Steel Supplies and Tile Tec Fireplace.

Chancerygate development director, Mark Garrity, said: “Our proposed plans at Colwick aim to satisfy the high demand for Grade A sustainable trade counter, urban logistics and industrial accommodation in the Nottingham area.

“The site is situated in a prime industrial area of Nottingham, meaning it is best placed to serve businesses operating within the city as well as across the wider East Midlands region.”

“The proposed development will help support both the local and regional economy to stimulate further investment and job creation. We look forward to working with Gedling Borough Council now that planning has been submitted.”

Agents for Colwick Gateway are FHP and Gerald Eve.

 

You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate and Bridges Fund Management JV acquires strategic South Manchester site to deliver £40m, 165,000 sq ft industrial development

By robJonesBrand8,

A joint venture between Chancerygate and Bridges Fund Management has acquired a 7.85-acre site in Adlington, Cheshire to speculatively develop 165,000 sq ft of Grade A industrial and warehousing space that could create up to 250 jobs.

The partners intend to deliver 18 leasehold units ranging from 7,000 sq ft to 24,500 sq ft at the site. Once complete, it will have a gross development value of around £40m.

The proposed development will be located off London Road, south of Poynton town centre, and will adjoin Adlington Business Park & Industrial Estate.

It will also be situated immediately adjacent to the new £53m Poynton Relief Road. Due to complete later this year, this will significantly improve connectivity from the site to Manchester Airport.

The JV partners acquired the site from commercial property developer Quorum Property Group for an undisclosed sum.

Neighbouring occupiers to the proposed development include confectionary manufacturer Swizzels, tray sealing and packaging line specialist Proseal and transport company William Kirk.

Commenting on the acquisition, Chancerygate development director, Chris Brown, who is based in the company’s Warrington office, said: “We’re very pleased to have secured this strategic development opportunity in an off-market transaction with Quorum.

“The new £53m Poynton Relief Road will be hugely beneficial to Avro Business Park. It will directly connect the development to the airport and the M56, providing excellent connectivity to the wider Cheshire and Manchester markets.

 

“We know there is strong demand for multi-unit industrial space from a wide array of occupiers across south Manchester and the wider region. Avro Business Park will help to satisfy and facilitate this demand while enabling up to 250 jobs for the local area. We look forward to submitting plans for the site to Cheshire East Council soon.”

 

Bridges partner, Guy Bowden, said: “Bridges and Chancerygate have shown on multiple occasions that there is strong demand from progressive local employers for high specification sustainable industrial developments – which ultimately helps to create jobs and support the growth of the local economy.”

 

The partners were advised by Wilmslow-based commercial property agent Williams Sillitoe on the acquisition.

 

You can learn more about Chancerygate’s live projects across the country here.

 

 

 

 

Chancerygate and Northwood Investors acquire Grays, Essex, site for £50m to deliver 430,000 sq ft urban logistics development

By robJonesBrand8,

A joint venture (JV) between Chancerygate and Northwood Investors has acquired Titan Industrial Estate on Hogg Lane in Grays, Essex, for £50m to speculatively build 430,000 sq ft of Grade A urban logistics and industrial space.

The 35-acre site is located one mile north of the town centre and five miles east of junction 30 of the M25.

The JV intends to develop 430,000 sq ft across 28 leasehold units ranging from 5,000 sq ft to 130,000 sq ft on the land.

The site was sold to Chancerygate and Northwood Investors by chemical manufacturer and distributor Industrial Chemicals Group (ICGL). The site currently houses an IGCL manufacturing facility which is surplus to requirements and will be closed down over the next 12 months after which it will be demolished for the new development.

Commenting on the acquisition, Chancerygate head of development, Alastair King, said: “This site presents an excellent opportunity for us to speculatively build a state-of-the art, sustainable business park.

“It will provide much-needed smaller urban logistics and industrial units in a local and regional market dominated in recent years by big and mid box development.

“The development’s proximity to the M25 means future occupiers will be best placed to serve Essex, East London and the wider Greater London conurbation.

“Our proposed development of high specification, sustainable industrial accommodation will contribute to the economic growth of local economy and stimulate further investment and job creation supplying units ideally suited to local SME companies.”

Chancerygate and Northwood Investors will submit its plans for the development to Thurrock Council in the autumn.

John Carver, director at ICGL said: “After 40 years on site, we have collectively decided at ICGL to sell Titan Works to pave the way for our expansion at West Thurrock, which will become our new headquarters and one of two mega sites for IGCL in the UK.”

Bruno Jaczkowski, founder of Land 3.0*, who acted on behalf of ICGL along with Montagu Evans, said: “This fantastic future development demonstrates how urban regeneration is beyond simply housing. In this case, multiple enterprises and future career opportunities will be created.”

Tom Paton-Smith, partner at Montagu Evans, added “Montagu Evans have again demonstrated best value for their clients through leveraging upon their industrial and land expertise”.

Chancerygate and Northwood Investors were advised by DTRE.

You can learn more about Chancerygate’s live projects across the country here

 

*Land 3.0 is an equitable Land, Planning and Funding agency for property owners in a zero carbon world.

 

 

Chancerygate completes £32m, 120,000 sq ft urban logistics development in Sidcup with 95 per cent of space forward sold

By aioannidis,

Chancerygate has achieved practical completion on its £32m, 120,000 sq ft urban logistics scheme on Edgington Way in Sidcup.

Called Sidcup Logistics Park, the development comprises 13 high specification Grade A units. Chancerygate forward sold 12 of the properties totalling 113,800 sq ft, which represents 95 per cent of the available space at the development, ahead of practical completion. The final 6,200 sq ft unit is currently under offer.

All properties at Sidcup Logistics Park benefit from electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units are constructed from high-performance building materials to reduce CO2 emissions.

The development is located less than two miles from Sidcup town centre and provides easy access to the A20, M25 and central London.

Chancerygate development director, Jonathan Lee, said: “There continues to be significant demand within Kent for sustainable Grade A urban logistics space in strategic, highly accessible locations.

“The rate of forward sales at Sidcup Logistics Park is proof of this and our development will provide the platform for further investment and job creation within Sidcup and beyond.”

Sidcup Logistics Park is located next to a site of special science interest (SSSI), so Chancerygate has used green coloured cladding and a landscaped bank to minimise visual disruption from the SSSI.

The development is the second scheme Chancerygate has completed in Sidcup in the past three years. The first was its successful development of 117,000 sq ft of urban logistics space at Klinger Industrial Park which was forward sold to M&G Real Estate.

You can learn more about our live developments across the UK here.

Chancerygate and Bridges Fund Management JV forward sells Coventry urban logistics development to Westbrook Partners

By aioannidis,

A joint venture (JV) between Chancerygate and specialist investor Bridges Fund Management has forward sold Holbrook Park in Coventry to Westbrook Partners.

The JV first purchased the 12-acre site in February 2020 and will deliver the development in two phases. The scheme comprises 31 urban logistics, industrial and warehouse units, ranging in size from 2,150 sq ft to 24,650 sq ft and providing in total in excess of 250,000 sq ft.

The first phase of Holbrook Park, which will comprise approximately 105,000 sq ft of accommodation across 17 units, is due to reach practical completion in September 2022. The second phase of around 150,000 sq ft across 14 units will commence later this year and practically complete at the end of 2023. The development will become part of Westbrooks Partners’ Northburn Logistics platform.

In March, Westbrook Partners agreed to forward-purchase two BREAAM ‘Very Good’ urban logistics portfolios for £172.5m from the JV.

The first portfolio, called City Gateway, comprised three multi-unit developments in Edinburgh, Leeds and Peterborough. The second portfolio, called Urban Portal and which was wholly-owned by Chancerygate, comprised three multi-unit logistics developments located in Aston Clinton, Brackley and Leicester.

The seven developments will total 1,088,500 sq ft across 137 units.

The JV was advised on the forward sale of Holbrook Park to Westbrook Partners by the real estate team at law firm Freeths.

You can learn more about Chancerygate’s live developments here.

Works start on new £25m, 110,000 sq ft urban logistics development in Oldham

By aioannidis,

Chancerygate has started construction on a new Grade A 110,000 sq ft urban logistics and industrial development in Chadderton, near Oldham.

Called Broadway Central, the development will comprise an eight-unit scheme, with seven units across two terraces ranging from 7,600 sq ft to 18,200 sq ft and one stand-alone unit of 27,000 sq ft.

All units are available on a leasehold basis, and once complete the scheme will have a gross development value of around £25m.

Broadway Central is being built by Warrington-based Triton Construction, which won a competitive tender for the £8.5m construction contract. Practical completion on the scheme is expected in summer 2023.

Chancerygate acquired the 6.58-acre site last July from FO Developments which is a consortium comprising Oldham Council, Grasscroft Property and Seddon Developments.

The consortium delivered the wider Broadway Green development which is a 121-acre mixed-use scheme on former agricultural land in the Chadderton and Foxdenton Boroughs of Oldham. Broadway Green has a new spine road connecting the A663 Broadway and B6189 Foxdenton Lane.

Ultimately it will have up to 700,000 sq ft of employment space. In addition, there will be 500 new homes and 25 acres of public open space in a linear park.

Chancerygate development manager, Andy Farrer, who is based in the company’s Warrington office, said: “Broadway Central will deliver a high specification, sustainable urban logistics and industrial development to help satisfy the strong demand for this type of accommodation in the North West.

“The scheme is in a prominent location within the established Broadway Green development, and since receiving planning consent, we have experienced a great deal of interest from prospective occupiers. We look forward to delivering a development that will serve the needs of businesses in the region.”

Agents for Broadway Central are Davies Harrison and Avison Young.

You can learn more about our live developments across the UK here.

Chancerygate and Triton Construction donate £2,000 to Knutsford’s Crosstown Community Orchard

By robJonesBrand8,

Chancerygate and Triton Construction have made a £2,000 donation to Crosstown Community Orchard in Knutsford to help purchase new equipment to support the orchard’s educational workshops.

The two companies are currently working together to deliver phase two of the £33m, 207,000 sq ft Novus business park on Knutsford’s Parkgate Industrial Estate,

The money will enable the volunteers to purchase new equipment and host horticultural-themed workshops for people of all ages within the community, such as how to grow produce and build bird houses.

Crosstown Community Orchard is located just half-a-mile from the Novus development on Mobberley Road. It is Knutsford’s first community orchard, and the first 38 fruit trees were planted in February 2021.

Commenting on the donation, Chair of the Crosstown Community Orchard, Adam Keppel-Green, said: “We were delighted when we were offered this great donation, which will help us bring the community into the orchard for interactive workshops and teach us all new skills.”

Since its official launch in August 2021, volunteers of the orchard have been working towards its objectives of educating the community on the benefits of conservation and horticulture.

Chancerygate development manager, Chris Brown, said: “Crosstown Community Orchard is a brilliant local initiative which is so involved in bringing educational projects to the residents of all ages in Knutsford.

“It is a pleasure to support the orchard on its plans to host horticultural workshops and look forward to seeing the local community make use of the orchard and its educational resources this summer.”

Triton Construction business development director, Philip Dyer, said: “We are thrilled to be able to  extend our reach into the local communities we work within. We are delighted to have been able to work with Chancerygate and the Crosstown Community Orchard to help fund the provision of valuable education, wellbeing and community space for all to enjoy”

 

Chancerygate, a fund managed by Credit Suisse Asset Management and Hines JV forward sells 172,000 sq ft Dagenham urban logistics development to BlackRock fund

By aioannidis,

A joint venture (JV) between Chancerygate, a fund managed by Credit Suisse Asset Management and global real estate firm Hines has forward sold a 172,000 sq ft urban logistics development in Dagenham to a fund managed by BlackRock for an undisclosed sum.

Dagenham Council has approved plans to speculatively build 15 Grade A urban logistics and industrial units at the development which is called Zephyr Park. The units range from 5,490 sq ft to 34,670 sq ft and are available leasehold and freehold. Construction is due to commence in August this year.

The six-acre site was previously owned by wholesale electrical distributor Rexel UK. Situated on Rainham Road between the A12 and A13, Zephyr Park is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300m film and TV studios.

Chancerygate managing director, Richard Bains, said: “Zephyr Park will be an outstanding urban logistics development which will generate continued investment and job creation for Dagenham.

“Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also testament to the high specification, sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow.

“We look forward to working with Hines and BlackRock to deliver Zephyr Park and expect to achieve practical completion in summer 2023.”

Greg Cooper, Hines managing director, industrial and logistics, added: “We are pleased to have executed this opportunity to recycle this asset, with the value generated illustrating the unabating demand for high quality logistics developments.

“It is an asset class which remains a key focus for Hines in the UK, and we are continuing to explore opportunities to grow our portfolio of both big box and urban facilities.”

Agents for the development are Colliers International, CBRE and Glenny.

You can learn more about Chancerygate’s live projects across the country here.

Planning granted for 58,000 sq ft Grade A urban logistics and industrial development in Witham

By robJonesBrand8,

Chancerygate has been granted planning permission to build around 58,000 sq ft of Grade A urban logistics and industrial space in Witham.

Called Freebournes Park the speculative development will comprise 10 units ranging from 4,390 sq ft to 7,030 ft which are available on a leasehold basis.

Construction of the scheme is set to commence in August 2022 with practical completion expected in May 2023.

Located on the established Freebournes Road Industrial Estate, the development will offer excellent road connectivity to junction 28 of the M25. The scheme will also provide easy access to Chelmsford, Colchester and Ipswich via the A12, and to nearby Braintree via the B1018.

Chancerygate development manager, Matthew Young, said: “Freebournes Park is in an excellent location and will provide Witham with much needed new units, as well as support job creation in the region.

“There is a limited supply of leasehold Grade A urban logistics and industrial accommodation within Essex and along the A12 corridor, so we anticipate strong demand from businesses operating locally and regionally for the units. We look forward to work commencing on site in August this year.”

Agents for Freebournes Park are property consultancy Lambert Smith Hampton and commercial property agents Coke Gearing.

First for Chancerygate and Northwood as JV submits planning for £30m, 131,000 sq ft development in Trafford Park, Manchester

By aioannidis,

A joint venture (JV) between Chancerygate and real estate private equity firm Northwood Investors has submitted plans to build 131,000 sq ft of Grade A urban logistics space at Trafford Park, Manchester.

The planning submission is developer Chancerygate’s and Northwood Investors’ first joint application since launching the JV in September 2021. The JV plans to target speculative urban logistics development opportunities in key cities throughout the UK over the next 18 months.

The speculative development will comprise 16 leasehold units ranging from 5,000 sq ft to 13,000 sq ft and has a projected gross development value of around £30m.

Subject to planning approval from Trafford Council, work on the proposed development will commence in early 2023.

Located on Barton Dock Road, the seven-acre development site benefits from excellent access to Manchester city centre and is one mile from junction 9 of the M60. Neighbouring occupiers include Kellogg’s, Amazon, L’Oréal and Adidas.

Chancerygate development director and head of its Warrington office, Mike Walker, said: “We’re very pleased to have submitted our first joint planning application as part of our JV with Northwood Investors.

“Trafford Park is widely regarded as the prime industrial and logistics location in Manchester. This is a hugely exciting opportunity to deliver the first multi-unit development on the park for more than 14 years and provide the area with high specification, sustainable urban logistics and industrial accommodation.”

Agents for the proposed scheme are JLL and Davies Harrison.

You can learn more about Chancerygate’s live projects across the country here.

European Regional Development Fund
The project has received up to £20,000,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.  The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.  For more information visit https://www.gov.uk/european-growth-funding.

Chancerygate relocates to larger Birmingham premises as Midlands growth continues

By robJonesBrand8,

Chancerygate has relocated to new premises in Birmingham city centre as the company continues to expand its operations throughout the Midlands.

Chancerygate has agreed a three-year lease for office accommodation at Cavendish House on Waterloo Street, in the heart of the city’s central business district. The business was previously located at Spaces in the Lewis Building on Bull Street.

The Birmingham office opened three years ago and has completed two developments with a further three currently under construction. The five developments will deliver a total of 545,000 sq ft of Grade A urban logistics, warehouse and industrial space and have a combined gross development value of more than £100m.

Mark Garrity, development director and head of Chancerygate’s Birmingham office, said: “We opened our office with an ambitious growth plan and have significantly exceeded our initial expectations.

“The industrial property sector is strong throughout the Midlands. We are delighted by the progress we have made in delivering speculatively built, Grade A warehouse and logistics space in strategic locations across the region. We are excited by the prospects of growing the business in the future.

“We now employ two project managers and two development managers. Our new offices provide exactly the positive working environment appropriate for our aspirations to be the leading industrial developer in the Midlands.”

Chancerygate has recently achieved practical completion on two developments in the Midlands. These comprise the 11-unit Forge Industrial Park development in Minworth, Sutton Coldfield, and the 19-unit Aston Gateway scheme, which is part of the latest phase of the Advanced Manufacturing Hub, in Aston.

The Midlands team is also developing a 31-unit scheme in Coventry in a joint venture with specialist investor Bridges Fund Management. Called Holbrook Business Park, phase one of the £69m development is currently under construction and is expected to achieve practical completion in June this year.

You can find out more about Chancerygate’s live developments across the country here.

Chancerygate acquires Leatherhead sites to deliver £32m, 82,400 sq ft industrial development

By aioannidis,

Chancerygate has acquired two adjacent sites totalling 4.6 acres in Leatherhead to speculatively build 82,400 ft of Grade A industrial and warehousing space.

The sites are located off Cleeve Road in Leatherhead Business Park approximately one mile north of the town centre and one mile east of junction 9 of the M25.

Chancerygate intends to develop 13 leasehold units ranging from 3,000 sq ft to 19,000 sq ft on the land. Once complete, the scheme will have a gross development value of around £32m.

Chancerygate first acquired a 3.6-acre site from a private family investor then an adjacent one-acre site from an international corporation. Both sites currently comprise office and warehouse accommodation which will be demolished for the new development. All values relating to the acquisitions are undisclosed.

Neighbouring occupiers to the proposed development include Unilever and engineering consultancies KBR and RINA Tech UK.

Commenting on the acquisition, Chancerygate head of development Alastair King, said: “We’re very pleased to have secured this opportunity to develop in a prime industrial area of the South M25 quadrant.

“Leatherhead’s proximity to excellent transport connections and an affluent, skilled workforce has resulted in a thriving business community, including an array of established, blue chip multi-national companies.

“Our proposed development of high specification, sustainable industrial accommodation will complement the local and regional economy and stimulate further investment and job creation.”

Chancerygate will submit its plans for the development to Mole Valley District Council towards the end of the year.

Chartered surveyors Aston Rose advised Chancerygate on the site acquisition of 3.6-acre site , whilst JS Land & Capital advised the vendor. The one-acre site was bought directly by the developer.

For more information on our current projects, click here.

Chancerygate achieves phase two practical completion on £20m, 102,500 sq ft Mersey Reach urban logistics development in Aintree

By aioannidis,

Chancerygate has achieved practical completion on the second and final phase of its £20m, 102,500 sq ft Mersey Reach urban logistics development in Aintree.

Situated on Dunnings Bridge Road, phase two comprises 12 Grade A trade counter and industrial or warehouse units ranging from 4,050 sq ft to 29,650 sq ft, all of which are available leasehold.

Mersey Reach is located six miles north of Liverpool city centre and provides access to both the M57 and M58. The development is also strategically located on a prominent gateway route into the Liverpool2 deep-water port.

Chancerygate sold phase one, and pre-sold phase two, of Mersey Reach to real estate private equity firm Northwood Investors at the end of last year. Northwood is responsible for the leasing of phase two and new occupiers are expected to be announced shortly.

Mersey Reach’s first phase of four units totals 112,500 sq ft. The units are occupied by precision blade manufacturer, Hardy UK; builders’ merchants, Selco Builders Warehouse; and zero calorie tonic start up, SDG.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “We are absolutely delighted to have achieved practical completion on phase two which means the whole scheme is now complete.

“This is a site we have been involved with since 2007, so to see it reach a conclusion is a major milestone for Chancerygate The units look fantastic and are a massive improvement from the derelict wasteland that was there five years ago.

“It is a great example of a major brownfield regeneration scheme. It has delivered both a physical improvement to local stakeholders and significant economic gains in terms of attracting new businesses and jobs.

“Mersey Reach is also a great example of Chancerygate working collaboratively with the local authority, Sefton Council, the local community, funders and investors to achieve an excellent end result.”

JLL and B8 Real Estate are joint agents for Mersey Reach.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and Bridges make European debut to deliver €35m, 114,000 sq ft logistics development in Dublin

By aioannidis,

Chancerygate and specialist investor Bridges Fund Management have acquired a site in Dublin, marking the first joint investment in Europe for their long-standing partnership.

The five-acre plot is located on Swords Road in Santry, less than a mile south of Dublin Airport and around five miles north of Dublin city centre.

Subject to planning, the partners will speculatively develop 114,000 sq ft of Grade A urban logistics and warehouse space across 14 units ranging from 3,500 sq ft to 20,675 sq ft. All the units will be available leasehold and, once complete, the development will have a gross development value of around €35m.

The site was acquired for €4.5m from construction company Careys, which previously used it for office accommodation and civil engineering yard space. It benefits from excellent connectivity due to its proximity to the airport, M50, M1, numerous bus routes and the proposed Dardistown Metro stop.

A planning application for the proposed development will be submitted to Fingal County Council within the coming weeks.

Chancerygate managing director, Richard Bains, said: “Acquiring the Swords Road site is a very important milestone for Chancerygate as it marks our first ever investment outside the UK.

“We have a trusted funding partner in Bridges who shares our vision and is excited by the opportunity to offer our high specification, speculatively built product to the Irish market.

“We have a clear strategic growth plan, and expansion into Ireland and further into continental Europe is a central tenet of it. We are actively looking for further opportunities in Ireland and expect to be making further announcements shortly.”

Bridges is a specialist sustainable and impact investor. Its property funds focus on sectors that are well placed to benefit from the transition to a more sustainable and inclusive economy, including healthcare, lower-cost housing and sustainable logistics.

Bridges partner, Guy Bowden, added: “In the last few years, in partnership with specialist developers like Chancerygate, we have shown that there is strong market demand for high-quality sustainable logistics sites near urban centres – and that these developments can play an important role in reducing emissions and supporting local economic growth.

“We are excited to bring this proven model to Ireland and are confident that this development will bring clear benefits to the Dublin area.”

Bridges and Chancerygate have been working in partnership with on projects for more than a decade. Investments include acquisitions sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.

Chancerygate and Bridges were advised on the acquisition by CBRE whilst Lisney acted for Careys. Both CBRE and Lisney will be retained as leasing agents on the proposed development.

 To find out more about our live projects, click here.

Chancerygate completes £11m, 72,000 sq ft industrial development in Minworth, Sutton Coldfield, with 50 per cent of space forward sold

By aioannidis,

Chancerygate has achieved practical completion of its £11m, 72,000 sq ft Forge Industrial Park scheme in Minworth, Sutton Coldfield.

Situated on Forge Lane, the development comprises 11 high specification Grade A units. Four of the units, which total 38,340 sq ft of industrial and trade counter space, have been forward sold ahead of practical completion.

The future occupiers are automotive brand Mercedes; supermarket, wholesaler and distributor supplier Food Store International; and machinery manufacturer Rubbernek Fittings.

A further five units totalling 24,220 sq ft are currently under offer, which means that more than 85 per cent of space at the development is now sold or under offer. The two remaining units are 4,750 sq ft and 5,270 sq ft and are available on a freehold and leasehold basis.

Located eight miles north east of Birmingham city centre, the scheme provides access to the A38 dual carriageway which links to junction 5 and junction 6 of the M6.

Chancerygate development director, Mark Garrity, said: “We are very pleased to have achieved practical completion with more than 85 per cent of the scheme’s units now sold or under offer, and the remaining two units attracting plenty of interest.

“There is significant demand in the region for strategically located Grade A industrial space clearly evidenced by the successful disposal of units at the development and in the strong interest we have for the final two units.”

Knight Frank and Gerald Eve are joint sales agents for Forge Industrial Park.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate primed for further growth following five new appointments

By aioannidis,

Chancerygate has announced five new appointments as the company continues to expand its operations throughout the UK.

Darren Jeal and Paul Stayte have joined as project managers and are based in Chancerygate’s Birmingham and Bristol offices respectively. The company’s finance team has been further strengthened by Mukkarram Ali who is operating from Chancerygate’s Milton Keynes office.

In addition, there have been two promotions. Jessica Aukim is now office manager and PA to directors whilst Katy Evers has become construction documentation manager.

Darren joins after five years at property consultancy JLL where he was an associate director in its Birmingham office. A chartered surveyor, he is responsible for managing the delivery and completion of Chancerygate’s industrial development projects throughout the Midlands.

Paul moves from nationwide property consultancy Gardiner & Theobald, where he worked as an associate director. Paul is responsible for the management and successful delivery of Chancerygate developments across the South West and South Wales.

Mukkarram arrives at Chancerygate from the audit and assurance team at Deloitte. A member of the Association of Chartered Certified Accountants, he is responsible for group reporting and asset management in the company’s finance team.

Chancerygate managing director, Richard Bains, said: “These appointments will enable the continued implementation of our nationwide growth strategy building further on our record delivery of 1.7m sq ft across 15 schemes this year.

“I am delighted to welcome Darren, Paul and Mukkarram to Chancerygate. Jessica and Katy thoroughly deserve their promotions as they both play essential roles within Chancerygate’s infrastructure which underpin our operational capability.”

Find out more about the team at Chancerygate here.

Westbrook Partners forward purchases prime £172.5m industrial portfolio from Chancerygate and Bridges Fund Management

By aioannidis,

Westbrook Partners has agreed to forward-purchase two BREAAM ‘Very Good’ urban logistics portfolios for £172.5m from Chancerygate and Bridges Fund Management.

The first portfolio, which was wholly owned by Chancerygate, is called Urban Portal and comprises three multi-unit logistics developments located in Aston Clinton, Brackley and Leicester. The schemes will total 347,177 sq ft across 45 units and all three are set to practically complete in the next 12 months.

The second portfolio, called City Gateway, comprises three multi-unit developments in Edinburgh, Leeds and Peterborough. The three schemes were jointly owned by Chancerygate and Bridges, who have a long track record of successful collaboration on sustainable industrial developments.

The City Gateway portfolio will total 485,389 sq ft across 61 units, providing 43 industrial/warehouse units, 16 trade counter units and two drive throughs. The three schemes are set for practical completion in the next 24 months.

In total, the portfolios comprise 832,000 sq ft over 42 acres, with each of the six schemes being acquired on a forward-commitment basis. All the newly built units will have market leading green credentials and will be constructed to the highest specification.

Commenting on the deal, Mark Donnor, managing principal of Westbrook Partners, said: “We are delighted to have concluded the deal with Chancerygate and Bridges Fund Management, in such a timely manner.

“The 832,000 sq ft of Grade A stock is already receiving strong occupational interest for a variety of units. JLL is instructed to pre-lease the portfolio.”

Chancerygate managing director, Richard Bains, said: “Our strategy of focusing on acquiring urban logistics sites and delivering Grade A schemes benefiting from strong environmental credentials has been borne out by the very strong interest we received for these portfolios.

“We are very pleased to have concluded the deal with Westbrook Partners in a very swift timescale. The funds from the disposal will be used by us to invest in further strategic speculative development opportunities as Chancerygate continues to expand throughout the UK.”

Guy Bowden, partner at Bridges Fund management, added: “We’re delighted to complete this forward-purchase, which we think is testament to the strong demand – from both investors and occupiers – for high-quality highly sustainable logistics developments. Bridges’ sustainable logistics portfolio continues to deliver both attractive financial returns for our investors and superior environmental outcomes.”

Tudor Real Estate represented Westbrook. JLL advised Chancerygate and Bridges Fund Management.

You can learn more about Chancerygate’s live developments here.

Planning granted for £20m, 110,000 sq ft Grade A urban logistics and industrial development in Oldham

By Stephen Stebbings,

Chancerygate has been granted planning permission to build 110,000 sq ft of Grade A urban logistics and industrial space in Chadderton, near Oldham.

Called Broadway Central, the speculative development will comprise eight units across two terraces ranging from 7,600 sq ft to 18,200 sq ft and one stand-alone unit of 27,000 sq ft. Units are available freehold or leasehold and the scheme will have a gross development value of around £20m.

Chancerygate acquired the 6.58-acre site last July for £3.8m from FO Developments which is a consortium comprising Oldham Council, Grasscroft Property and Seddon Developments. Construction is scheduled to commence in May with practical completion expected early next year.

The consortium delivered the wider Broadway Green development which is a 121-acre mixed-use scheme on former agricultural land. Once complete, it will provide up to 700,000 sq ft of employment space. In addition, 500 new homes and 25 acres of public open space in a linear park.

Chancerygate development manager, Andy Farrer, said: “We’re very pleased to have obtained planning to deliver Broadway Central just nine months after our acquisition. This is a testament to the hard work of our team and the positive and pragmatic attitude of Oldham Council.

“Broadway Central is in an excellent location where there is very little supply of new, high-specification industrial units. Therefore, this development is best placed to help satisfy the strong demand for Grade A urban logistics and industrial space that there is for businesses operating both locally and throughout the North West region.”

Agents for Broadway Green are Davies Harrison and Avison Young.

You can learn more about Chancerygate’s live developments here.

Planning granted for £30m, 164,765 sq ft Grade A industrial development in Aston Clinton

By Stephen Stebbings,

Chancerygate has been granted planning permission to build 164,765 sq ft of Grade A industrial and warehousing space with a gross development value of around £30m in Aston Clinton.

Called Vantage 41, the speculative development will comprise 16 units ranging from 4,758 sq ft to 43,357 sq ft available on a leasehold basis.

Construction of the development is set to commence in the first quarter of this year with practical completion expected in the fourth quarter of 2022. Chancerygate has appointed A&H Construction as main contractor on Vantage 41.

Located on College Road North, adjacent to Mercedes-Benz and Jaguar dealerships, the development provides quick access to the A41 and Junction 20 on the M25.

Vantage 41 is just under three miles from the centre of Aston Clinton and just over four miles from Aylesbury train station and town centre.

Chancerygate development manager, Matthew Young, said: “We’re very pleased to have secured planning consent to deliver Vantage 41. Since acquiring the site last February, interest for new build Grade A industrial units has only intensified as demand continues to outstrip supply.

“Vantage 41 will provide businesses within Buckinghamshire and surrounding areas with the opportunity to relocate, expand or consolidate.

“The development will be built according to Chancerygate’ s high sustainability standards providing occupiers with energy saving benefits.

“These will include electric vehicle charging points, high performance insulated wall and roof materials and a thoughtfully designed landscaped environment within the development.”

Agents for Vantage 41 are JLL and Brown and Co.

 You can learn more about Chancerygate’s live developments here.

Chancerygate hails strong start to 2022 with 126,000 sq ft of industrial space now underway at Knutsford and Congleton

By Stephen Stebbings,

Chancerygate has announced work has commenced on a combined 126,000 sq ft of Grade A industrial space in Knutsford and Congleton.

The news marks a strong start to the year for Chancerygate’s Warrington-based team. In addition, the office submitted plans in January to speculatively build 72,000 sq ft of industrial and warehousing space in Bredbury.

Called Cromwell Park, and subject to planning, the Bredbury development will comprise 10 leasehold units ranging from 1,930 sq ft to 22,000 sq ft.

In Knutsford, Chancerygate has started work on phase two of its £33m, 207,000 sq ft Novus business park which is located within Parkgate Industrial Estate.

The second phase will deliver 73,000 sq ft of industrial space and create up to 100 jobs. It comprises nine units ranging from approximately 2,000 sq ft to 50,000 sq ft which are available on a freehold and leasehold basis.

A 50,000 sq ft bespoke unit on phase two has already been forward sold to furniture company VIDA Living. The company will move its UK operation from Cheadle and use the unit for storage and distribution purposes. Phase two is scheduled for practical completion in the fourth quarter of this year.

Work has also started at Chancerygate’s development within Congleton Business Park. Called Norse Trade Park, the £7m, 53,000 sq ft scheme will comprise ten leasehold units.

These range from approximately 2,900 sq ft to 9,550 sq ft with one already pre-let to trade kitchen supplier Howdens. Practical completion of the development is expected by this October.

Chancerygate development director and head of the Warrington office, Mike Walker, said: “We had an exceptionally strong 12 months last year and have continued that momentum into 2022.

“Our forward sale and pre-let at Novus and Norse Trade Park respectively are indicative of the high demand for Grade A multi-let industrial and warehousing accommodation in the North West.

“We are well known in the regional marketplace for the consistent delivery of speculative schemes of this type for the benefit of both funders and occupiers.

“This year, we’re going to further build upon that reputation whilst actively identifying and securing future development opportunities, such as Bredbury, throughout the North West.”

You can learn more about Chancerygate’s live projects across the country here.

Plans submitted for £16m, 72,100 sq ft Grade A industrial and warehousing development in Bredbury, near Stockport

By aioannidis,

Chancerygate has submitted plans to speculatively build 72,140 sq ft of industrial and warehousing space in Bredbury, near Stockport.

Called Cromwell Park, the proposed scheme will be located on a four-acre site in Bredbury Park Industrial Estate and comprise 10 Grade A leasehold units ranging from 1,927 sq ft to 22,001 sq ft. The projected gross development value is around £16m.

The development site benefits from excellent access to the town centre and is less than one mile from junction 25 of the M60. Neighbouring occupiers include leading national bakery Allied Bakeries, international courier delivery services company TNT, carpet wholesaler Hadfields and chain manufacturer Renold Chains.

Chancerygate development manager, Chris Brown, said: “This is an exciting opportunity to build on one of the last remaining undeveloped sites allocated for employment in the Stockport borough.

“Our plans for Cromwell Park aim to meet the significant demand for high-quality, new-build industrial space that there is from businesses operating in and around Stockport and the wider North West. With planning now submitted, we are looking forward to working with Stockport Council to bring a much-needed, high specification industrial and warehousing development to Bredbury.”

Agents for Cromwell Park are Williams Sillitoe and Cushman & Wakefield.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and JR Capital’s £100m multi-let industrial property fund makes final five acquisitions totalling £16m

By aioannidis,

Chancerygate and JR Capital’s £100m multi-let industrial property investment fund has acquired five assets for a combined value of more than £16m.

The deals mark the conclusion of the fund’s acquisitions boosting its portfolio of industrial space to 24 assets comprising 150 units totalling 1,050,000 sq ft on sites ranging from Dundee to Exeter.

The final round of acquisitions includes estates located across the country in Mansfield, Dudley, Chester, Llandarcy and Nailsea.

Mansfield South Trade Park in Mansfield comprises eight units and was bought from Dunmoore for £3.35m. Sterling Park in Merry Hill, Dudley, also has eight units and was purchased from a client of Ellandi for £3.5m.

The Courtyard at D’Arcy Business Park in Llandarcy, near Neath, is a 10 unit estate and was sold to the fund by St Modwen for £3.1m. Three units at West End Trading Estate in Nailsea, Somerset, were acquired from Radnor Investments Ltd for £3m and the recent acquisitions are completed by the purchase of two units in Chester.

Launched in June 2019, the fund has targeted multi-let industrial investments across the UK in lot sizes of £3m to £15m.

JR Capital CEO, John Collier-Wright, said: “We are very pleased to have successfully deployed close to £100m over the past two years, and in doing so have aggregated a high quality and diverse portfolio.

“The fund’s assets have performed exceptionally well, despite challenging global economic conditions, which is testament to the strength of the UK multi-let industrial sector, our stock selection and the management team.

“The sector remains undersupplied, with record levels of occupational demand, and we are bullish on the long term outlook. We have plans to raise additional capital from our investors in next year and look forward to growing our partnership with Chancerygate.”

Chancerygate managing director, Richard Bains, said: “Our successful partnership with JR Capital and our multi-let fund has been key in enabling further sustainable growth of our asset management business.

“We are delighted to have concluded the assembly of the portfolio with this flurry of transactions. The portfolio now comprises a balanced and diversified spread of assets which will provide strong income returns to our investors.

“Our asset management team have already significantly increased rental income across the portfolio in line with the aims of the fund.

“It has been a pleasure to work with JR Capital and the two firms are already exploring how we can best work together further going forwards.”

Chancerygate and JR Capital were advised by BNP Paribas at Nailsea, Greenberry Advisors at Chester, Mitch Prop at Merry Hill and Knight Frank at Llandarcy.

You can learn more about Chancerygate’s live projects across the country here.

Planning granted and Travis Perkins pre-let secured for £35m, 132,000 sq ft industrial development in Edinburgh

By aioannidis,

A Chancerygate and Bridges Fund Management joint venture (JV) has secured planning to build 132,000 sq ft of Grade A urban logistics and trade counter park with a gross development value of around £35m on Bankhead Avenue in Sighthill, Edinburgh.

Called Capital Park, the development will comprise 18 high specification new build leasehold units ranging from 2,761 sq ft to 16,953 sq ft. A bespoke 15,630 sq ft unit has been pre-let to national builders’ merchant, Travis Perkins.

The JV purchased the seven-and-a-half-acre site, which was the former location of Grayfield House, a 90,000 sq ft office building, in April 2021.

Construction of the development is set to commence in early 2022 with practical completion expected towards the end of next year. Neighbouring occupiers to the development include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.

Chancerygate development director, Mike Walker, said: “We’re very pleased to have secured consent to deliver Capital Park. The scheme will provide best-in-class urban logistics and trade counter space to serve the city’s increasingly active and dynamic SME sector.

“The development has already attracted a considerable amount of interest, which has been confirmed by the pre-let of a bespoke builders merchant unit for Travis Perkins. This will be a fantastic trading location and we look forward to welcoming the company to Capital Park.”

Bridges Fund Management is a specialist sustainable and impact investor. It has been working in partnership with Chancerygate on projects for more than 10 years.

Investments include acquisitions this year of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.

Guy Bowden, Bridges Fund Management partner, said: “We’re delighted that we can press ahead with this much-needed development, which will incorporate a number of value-adding sustainability features. As with all our previous projects with Chancerygate, we are confident these units will create jobs and support the growth of the local economy.”

Agents for Capital Park are Galbraith & Co and Ryden.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate set sights on further expansion with three new appointments

By aioannidis,

Chancerygate has announced three new appointments in its London and Birmingham offices as the company continues to expand its operations.

Ada Ioannidis and Chris Thrippleton join as marketing manager and project manager respectively and will be based in Chancerygate’s London office. Rob Watts joins the Birmingham office as development manager.

Ada arrives after seven years at workspace provider Landmark, where she spent four years in the marketing team. At Chancerygate, she will be responsible for developing and implementing strategic and tactical marketing activity across the business.

Chris joins from Quartz Project Services and brings a wealth of experience in the London construction sector. A chartered surveyor, he will support the delivery and completion of industrial developments across London.

Rob joins the business from Avison Young, where he was most recently associate director. Rob will be responsible for the management and successful delivery of a growing portfolio of developments in the Midlands to further deliver Chancerygate’s nationwide growth strategy.

Chancerygate managing director, Richard Bains, said: “We continue to grow our team to support our nationwide expansion plans. These three appointments across our development and marketing functions are critical in order to help achieve our growth ambitions.

“Ada, Chris and Rob each bring significant experience in their individual roles and have track records of success and delivery. I welcome them to the team and look forward to seeing them help us continue to drive Chancerygate forward.”

You can learn more about the Chancerygate team here.

Chancerygate welcomes Metro Mayor of the Liverpool City Region to Mersey Reach in Aintree

By aioannidis,

Chancerygate has welcomed the Metro Mayor of the Liverpool city region on a visit to the £35m Mersey Reach logistics park in Aintree.

Steve Rotherham visited the first phase of the development’s occupiers, including builders merchant Selco, blade maker Hardy and zero calorie tonic company Skinny Tonic. The mayor was also shown the construction progress of the scheme’s 116,000 sq ft second phase.

Chancerygate’s development director and head of the Warrington office Mike Walker was on hand to welcome the Metro Mayor to Mersey Reach. Northwood Investors director of asset management, Iain Taylor, also joined Steve on his visit.

The first phase of award-winning Mersey Reach comprises four units and was completed in August 2021, with development funding supported by The Chrysalis Fund. Chancerygate sold phase one of scheme to Northwood Investors at the end of 2020.

Phase two of the development is currently under construction and will deliver an additional 12 units ranging from 4,000 sq ft to 30,000 sq ft, with practical completion expected in January 2022. The second phase has also been sold to Northwood.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “It was fantastic to welcome Steve on his visit to Mersey Reach. The development demonstrates the transformation of a derelict site into a thriving scheme which will support the rising demand for high-quality industrial space in the Liverpool region and the wider North West.

“Mersey Reach a great example of Chancerygate being at the forefront of urban regeneration, improving environments and creating jobs in a diverse range of sectors. We’re pleased to have been able to give Steve the opportunity to meet occupiers and view the progress of phase two at the development.”

Find out more about Chancerygate’s development sites across the UK here.

Chancerygate continues growth in Warrington with three new appointments

By aioannidis,

Chancerygate has announced a trio of key appointments in its Warrington office as it continues to grow its team in the North West.

Stuart McGill joins Chancerygate as asset manager, Andy Farrer as development manager and Joe Johnson as project manager.

Stuart joins from Cowiesburn Asset Management, where he headed up the Manchester office. A chartered surveyor, he is responsible for the asset management of the Northern properties in Chancerygate’s industrial portfolio, both balance sheet and third-party asset management mandates.

Andy arrives from Peel L&P, where he was most recently development director on business parks. He has also worked for CBRE and Lambert Smith Hampton and will deal with some of the existing portfolio of industrial developments in the North as well as source new development opportunities as the business continues to achieve its growth ambitions.

Joe is also a chartered surveyor and joins from Lambert Smith Hampton’s Manchester office, having previously worked for Deloitte Real Estate and Dot Residential. Joe will work with both the development and asset management teams to advise on technical and construction activities on Chancerygate projects in the region.

Mike Walker, development director at Chancerygate and head of the Warrington office, said: “These are three great additions to the business as we continue to grow across both asset management and development.

“We are delighted to welcome Stuart, Andy and Joe to Chancerygate. They bring a wealth of experience and proven success with large firms, as well as a strong understanding of the industrial property market in the North.

“We have grown our asset management portfolio and development pipeline significantly in the North West in the past 12 months. Their appointments will be key in ensuring that we achieve our ambitions to continue with our rate of growth and maintain our position as a leading developer and asset manager in the region.”

You can learn more about the Chancerygate team here.

Chancerygate and Bridges Fund Management JV submits plans for 68,000 sq ft urban logistics development in Tolworth

By aioannidis,

A joint venture (JV) between Chancerygate and specialist investor Bridges Fund Management has submitted plans to speculatively build 67,975 sq ft of Grade A urban logistics space on a 2.78-acre site at Red Lion Road Business Park in Tolworth.

The JV intends to develop an industrial scheme comprising nine units ranging from 4,467 to 17,513 sq ft. Units will be available on a leasehold basis.

The JV acquired the site from a private vendor for an undisclosed sum and hopes to start construction in the second half of 2022.

Close to Tolworth Hospital and the A3 Kingston Bypass in the heart of Tolworth, the site is situated in a prime location offering good access to Kingston-upon-Thames and central London. It is eight miles from junction 10 and 17 miles from junction 12 of the M25, seven miles from Leatherhead and 12 miles from Croydon and Heathrow.

Chancerygate development manager, Matthew Young, said: “This is a really exciting opportunity to regenerate a site that has been under utilised for many years and allocated for industrial use by the local authority. We will bring forward a new high-specification urban logistics development with strong sustainability credentials.

“Our plans will help address a real shortage of high-quality, new build industrial space across the region. We’re confident this development will meet the needs of businesses across Tolworth and its surrounding areas by providing quality, sustainable urban logistics accommodation that provides easy access to central London.”

The developer’s current plans follow the successful delivery of 32,000 sq ft of industrial space across 11 units, which Chancerygate developed adjacent to the site at Red Lion Road Industrial Estate in 2009.

Henry Pepper, partner at Bridges Fund Management, said: “Our proposed development on this really well-located site will deliver high-quality logistics units that will create jobs and boost the local economy. We’re also increasingly finding that our focus on delivering buildings with strong sustainability credentials is not just better for the planet; it is also making these sites more attractive to potential occupiers.”

Agents for the scheme are JLL and Bonsors.

You can learn more about Chancerygate’s development sites across the UK here.

Planning secured for £20m, 128,000 sq ft industrial development in Wigston, near Leicester, which could ‘create hundreds of new jobs’

By aioannidis,

Chancerygate has secured planning to build 127,975 sq ft of light industrial and warehousing space in Wigston, near Leicester, which it anticipates could create hundreds of new local jobs.

Work is expected to start on the speculative development, named Genesis Park at the end of November. The scheme will comprise 15 freehold and leasehold units ranging in size from 4,785 sq ft to 18,510 sq ft.

The scheme has a projected gross development value of around £20m and the construction contract has been awarded to Halesowen-based contractor A&H Construction.

The 5.4-acre development site is located close to the existing Tesco Superstore, Lidl and Wickes in Wigston, 5.2 miles south of Leicester city centre with good access to the M1 and M69.

Chancerygate acquired the site from a private vendor for £3m. It was previously home to Food Hub Leicester’s main facility until it was demolished in 2018.

Mark Garrity, development director and head of Chancerygate’s Birmingham office, said: “Genesis Park is a prime site in South Wigston’s well-established industrial area. With planning now approved we’re looking forward to A&H Construction starting work to help us deliver high-quality light industrial and warehousing space to the region.

“With excellent transports links, and close proximity to Leicester city centre, Genesis Park will fill a gap in the local market for warehousing space and has the potential to create hundreds of new jobs. In particular, we know there are an increasing number of businesses looking to invest in their logistics operations to help meet rising demand for rapid last mile delivery.”

Avison Young and Innes England have been appointed as agents on the scheme.

Find out more about Chancerygate’s development sites across the UK here.

Planning consent approved for £10m, 55,000 sq ft Grade A industrial and warehousing development in Brackley

By aioannidis,

Chancerygate has secured planning permission to build 55,000 sq ft of Grade A industrial and warehousing space at Boundary Road Industrial Estate in Brackley.

Called Boundary43, the development will comprise 14 Grade A units ranging from 2,050 sq ft to 19,125 sq ft. The scheme has a projected gross development value of £10m.

Boundary43 will benefit from excellent access to Brackley town centre, the A43, as well as connections to the M1 and M40 motorways.

Chancerygate purchased the vacant two-and-a-half-acre site in February 2021, and construction on the development is set to commence in early 2022. Practical completion at Boundary43 is expected in late 2022.

George Dickens, development director at Chancerygate, said: “We’re very pleased to have secured planning consent to develop this vacant site in part of one of the town’s most prominent industrial estates.

“Boundary43 will see us provide the region with much-needed Grade A industrial and warehousing space and are already in discussions with a number of occupiers.”

Joint agents for the development are Brown & Co and White Commercial.

 You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate acquires Nottingham site to deliver £19M, 137,852 sq ft industrial development and create hundreds of jobs

By aioannidis,

Chancerygate has acquired a 6.35-acre site in Colwick, Nottingham to speculatively build 137,852 sq ft of industrial and warehousing space and create hundreds of jobs.

The site, which was formerly a major fuel distribution centre for Total Petroleum but has been unused since 2019, is located off Colwick Loop Road in Colwick Industrial Estate. It is approximately five miles east of the city centre.

Chancerygate acquired the site from commercial property development and investment company, City Estates.

The developer plans to redevelop the site to deliver a speculative scheme of 15 freehold and leasehold units ranging from 5,920 sq ft to 23,864 sq ft. The scheme has a projected gross development value of around £20m.

Neighbouring occupiers to the proposed development include Jewson, Sainsbury’s, Biffa, Nottingham Steel Supplies and Tile Tec Fireplaces.

Commenting on the acquisition, Chancerygate development director and head of its Birmingham office, Mark Garrity, said: “We’re very pleased to have secured this development opportunity in a prime industrial area of Nottingham.

“Colwick is an up-and-coming area of the city benefitting from extensive redevelopment and regeneration. The delivery of this site has the potential to create hundreds of jobs in the local area.

“We already have interest from a variety of potential occupiers and we’re looking forward to submitting plans for the development to Gedling Borough Council towards the end of the year.”

Chancerygate was advised by Gerald Eve on the site acquisition whilst FHP advised City Estates. FHP and Gerald Eve will be the retained agents on the development.

You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate secures planning for phase two of £33m Novus development in Knutsford with 50,000 sq ft forward sold

By aioannidis,

Chancerygate has been granted planning permission to build phase two of its £33m, 207,000 sq ft Novus business park in Knutsford, with 50,000 sq ft forward sold to furniture company VIDA Living.

Located within Parkgate Industrial Estate, phase two of the development will deliver 73,000 sq ft of industrial space with a gross development value of £11m and create up to 100 jobs.

The scheme will comprise nine units ranging from approximately 2,000 sq ft to 50,000 sq ft, available on a freehold and leasehold basis.

VIDA Living has forward purchased a 50,000 sq ft bespoke unit as part of the business’ expansion. As part of these plans, the business will move its UK operation to Knutsford from Cheadle and use the unit at Novus for storage and distribution purposes.

VIDA Living is headquartered in Dundalk, Ireland, and provides design-led, high-quality furniture tailored to businesses and the private rented residential sector.

Construction on phase two of Novus is set to begin in January 2022, with practical completion expected in Q4. It follows the successful completion of phase one, which delivered 134,000 sq ft of industrial space sold to Northwood Urban Logistics, Sytner Group, Oliver Valves and Mesoestetics.

Chancerygate development manager, Chris Brown, who is based in its Warrington office, said: “We’re very pleased to conclude the deal with VIDA Living which has been a long time in the making.

“This deal is another example of Chancerygate’s ability to cater for occupiers who require bespoke industrial and warehousing space. There’s significant interest in the speculative development of phase two of Novus and we look forward to seeing this development progress.”

VIDA Living, chief executive officer, Alan Wogan, said: “We are thrilled to secure our new UK premises at Novus Knutsford.

“This investment supports our transformation plans and enables us to move forward with our strategic vision for Vida. We strongly believe that this location provides our organisation with the platform for growth within our UK markets, whilst also providing our people with a world class environment and certainty in these challenging times.

“The investment also demonstrates our confidence in the UK market and importantly in our UK team. With state-of-the-art facilities and technology, it will enable us to continually exceed our customers’ expectations. It is a true testament to the ambition and vision of our company.”     

Property consultants Gerald Eve and Williams Sillitoe acted as agents for Chancerygate.

You can learn more about Chancerygate’s development sites across the UK here.

Work starts to deliver first phase of £35m, 254,000 sq ft urban logistics development in Coventry

By Ada Ioannidis,

A joint venture between Chancerygate and specialist investor Bridges Fund Management has started construction on the first phase of a new 31-unit, 254,000 sq ft urban logistics scheme in Coventry.

Named Holbrook Business Park, the scheme is located off Holbrook Lane and Swallow Road on a 12-acre plot which was previously home to the Meggitt aerospace factory. The scheme has a gross development value of £35m and the initial phase of the development will comprise 13 freehold and leasehold units ranging from 2,153 sq ft to 40,053 sq ft.

The development is being built by West Midlands-based A&H Construction, which won a competitive tender for the c £7m construction contract. Practical completion of the first phase of development is due to be completed in June 2022.

Holbrook Business Park is located two-and-a-half miles from the centre of Coventry and provides good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.

Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “We’re pleased to have work underway at Holbrook Business Park, to deliver the initial phase of a high-quality urban logistics development in support of the strong demand for industrial space in the West Midlands.

“Since receiving planning consent, we have seen great interest from prospective occupiers and look forward to delivering a scheme that will serve the needs of businesses in the region.”

A&H Construction director, Paul Davenport, said: “We are delighted to be working with Chancerygate on the first phase of the Holbrook Business Park development.

“As a Midlands based contractor this is a great opportunity for us to be involved in a scheme which will benefit local people and businesses.”

Avison Young and KWB are the retained property agents for Holbrook Business Park.

You can learn more about our live developments across the UK here.

Chancerygate opens first Bristol office to drive growth in the South West and South Wales

By Ada Ioannidis,

Chancerygate has opened its first office in Bristol on Whiteladies Road to further expand its presence throughout the South West and into South Wales.

The new office is headed up by development director, Rupert Joseland, who lives in Bristol and was previously managing director of St Modwen Industrial & Logistics.

During the past three years, Chancerygate has successfully delivered more than 568,000 sq ft of Grade A industrial space across five developments in the South West worth a combined £76m.

These comprise Vertex Park and Warmley Business Park in Bristol; Festival Trade Park and Furlong Park in Cheltenham and Apollo Park in Yate.

Commenting on the office opening, Rupert, said: “It is great to have the opportunity to lead Chancerygate’s continued expansion throughout the South West and into South Wales.

“We are already in discussions regarding a number of development and asset management deals and are seeking new opportunities ranging from Tewkesbury down to Plymouth and from Swansea across to Swindon.

“We have the funds available to act decisively to quickly secure opportunities to speculatively develop our Grade A urban logistics and industrial accommodation.

“In addition, we fully intend to grow the Bristol office and will be looking to recruit ambitious, high performing property professionals for both development and project management roles in due course.”

The opening of Chancerygate’s Bristol office follows the successful launches of a Birmingham office to serve the Midlands in 2018 and a Warrington office in 2015 to focus on the north of England and Scotland.

Chancerygate’s managing director, Richard Bains, added: “Rupert is a highly respected operator within the industrial and logistics sector, both regionally and nationally.

“He has the remit and authority to act entrepreneurially to grow our operations throughout the South West and South Wales, and we have every confidence Rupert will achieve that objective.”

Find out more about Chancerygate’s live developments across the South West and beyond here.

Chancerygate wins fourth UK industrial developer of the year award in seven years and deal of the year accolade

By Ada Ioannidis,

Chancerygate has been named developer of the year at the Industrial Agents Society Awards for the fourth time in seven years.

In addition, the company won the deal of the year under 50,000 sq ft for its Duo development in Marlow, Bucks.

The highly competitive UK-wide categories were voted for by Industrial Agents Society (IAS) agent members.

Now in its 34th year, the IAS Awards saw industrial and logistics real estate agents, occupiers, developers and funders meet at an event in London to network and celebrate the sector’s success.

During 2020, and despite the pandemic, Chancerygate experienced another stellar year, completing 11 new developments throughout the UK. The company concluded two very significant portfolio sales, substantially derisking its development pipeline and with profits driven to record levels.

This success has continued during 2021. Highlights include a JV between Chancerygate and Hines forward selling a 608,000 sq ft, five-asset portfolio to Northwood Investors for an undisclosed sum. In September, Chancerygate announced a nationwide urban logistics speculative development JV, also with Northwood Investors.

Commenting on the award wins, Chancerygate managing director, Richard Bains, said: “All of us at Chancerygate are humbled and grateful to win these awards. In particular, being voted as the best developer by the membership of the IAS, who are ideally placed to judge developers’ achievements, means a lot to us.

“Winning this award four times in seven years shows the consistently outstanding performance of the Chancerygate team. The way the team responded to the challenges of the pandemic was an extraordinary combination of resilience, determination and agility which allowed us to have one of our best ever trading periods.

“We also understand we could not have achieved any of this without the continued support of our excellent network of agents and consultants.

“I would like to put on record my sincere thanks to them and everyone at Chancerygate who put in huge amounts of effort and dedication to deliver our success.”

Chancerygate and SGN place joint venture exchanges contracts on four-acre Croydon site to deliver 95,000 sq ft industrial development

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and SGN Place – the property development arm of gas distribution company SGN – has exchanged contracts to acquire a four-acre site in Croydon.

The deal marks the first JV between the partners, who plan to speculatively develop 95,000 sq ft of Grade A industrial and warehousing space.

Subject to planning approval, the scheme will comprise 14 units ranging from 1,000 sq ft to 17,000 sq ft. All units will be available on a freehold and leasehold basis.

Located on the outskirts of Croydon town centre, the Factory Lane site is 10 miles south of central London and provides good access to the A23, A232 and M25. SGN had originally acquired the site from National Grid Transco and has now unlocked the land for development as part of a rationalisation of its portfolio.

Chancerygate development director, Jonathan Lee, said: “We’re very pleased to have entered into this JV with SGN Place on the Factory Lane site. We are excited to bring forward our plans for a first-class industrial scheme in an excellent location.

“As far as we are aware, there has been no speculative development of freehold multi-unit industrial sites in Croydon for more than 10 years. There is, therefore, very high demand from many different types of business operating in and around the area wanting to own high-quality, new build industrial space.

“We’re confident our development will be best placed to satisfy that demand and become a thriving part of Croydon’s commercial infrastructure, especially as we expect it to create more than 100 jobs.”

SGN Place operations and land quality manager, Scott Lewis, said: “This is a great opportunity to redevelop unused brownfield land and turn what was a redundant gas holder site into a first-class industrial scheme which will greatly benefit the local area. Working with our partner Chancerygate, we look forward to bringing this scheme forward, helping the local community through the creation of jobs and revitalising this site.”

Property agents Cushman & Wakefield advised SGN Place on the site acquisition. Cushman & Wakefield and Stiles Harold Williams will be the retained agents on the development.

 You can learn more about Chancerygate’s development projects across the UK here.

Chancerygate acquires site in Witham, Essex, to deliver £10.5m, 58,000 sq ft industrial scheme

By Ada Ioannidis,

Chancerygate has acquired a former 2 Sisters Food Group site in Witham, Essex, to speculatively build around 58,000 sq ft of Grade A industrial and warehousing space.

Subject to planning, the 2.49-acre development will comprise ten freehold units ranging from 4,166 sq ft to 7,427 sq ft and will have a gross development value of in excess of £10.5 m.

Chancerygate acquired the site from a private vendor for an undisclosed sum and expects to submit a planning application for the site to Braintree District Council by the end of the year.

Witham is located approximately eight miles to the north east of Chelmsford and 13 miles south west of Colchester. The Ports of Felixstowe and Harwich are 41 and 33 miles away respectively whilst Stansted airport is around 24 miles from the site.

Located on the established Freebournes Road Industrial Estate, the proposed development will provide excellent road connectivity to junction 28 of the M25 and Ipswich via the A12.

Chancerygate development manager, Matthew Young, said: “The site provides us with an excellent location to build our highly specified Grade A industrial and warehousing units. Our intention is to deliver a development that will support job creation and provide Witham much needed new units.

“With a limited supply of new build freehold units within Essex, and along the A12 corridor, we are confident there will be strong demand for our units from both local and regional businesses. We look forward to submitting our proposals to Braintree District Council in due course.”

Chancerygate was advised on the acquisition by Joe Reubin at property consultancy Lambert Smith Hampton whilst Paul Fitch of commercial property agents Coke Gearing acted for the vendor.

You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate and Bridges Fund Management JV submit plans for £25m, 200,000 sq ft development in Peterborough

By Ada Ioannidis,

A joint venture between Chancerygate and Bridges Fund Management has submitted a planning application for 200,000 sq ft of trade counter, industrial and drive-through space in Peterborough, Cambridgeshire.

This prime roadside development on 8.63 acres will be branded Bourges View, and is adjacent to the city’s premier out-of-town retail destination, Maskew Retail Park, which has lain vacant for 10 years.

Chancerygate and Bridges Fund Management have already secured three drive-through brands for the development – Costa Coffee, fast food chain Taco Bell and US burger giant Wendy’s. The latter is re-entering the UK market with an aggressive growth plan to open 400 stores.

The scheme, which has a gross development value of £25m, will also include nine trade counter units ranging from 3,907 sq ft to 7,943 sq ft and eight industrial units from 3,831 sq ft to 34,368 sq ft. Units will be available on a leasehold basis.

Two of the nine trade counter units are under offer from national trade occupiers, showing the appeal of this site, which has visibility to Bourges Boulevard, with 26,000 vehicles passing daily.

In addition, a land sale has been agreed to a local car parts supplier. Self-storage provider Lok’nStore will also be opening a facility after agreeing to purchase one acre of the original site from Chancerygate.

Chancerygate development director, George Dickens, said: “This is a significant development for Peterborough which will rejuvenate dormant land adjacent to a key retail destination.

“The brands already secured, and the names we have under offer, highlight the prominence this site has to passing traffic and its accessibility to the city centre and wider transport network.

“The planning application has been validated and we’re looking forward to working with Peterborough City Council to bring forward this exciting development.”

Agents for the Bourges View development are Savills.

 

You can learn more about Chancerygate’s development sites across the UK here.

Chancerygate and Bridges Fund Management JV submits planning for £30m, 147,000 sq ft urban logistics development in Edinburgh

By Ada Ioannidis,

A joint venture between Chancerygate and Bridges Fund Management has submitted plans to speculatively develop 146,745 sq ft of Grade A urban logistics accommodation on a seven-and-a-half-acre site on Bankhead Avenue in Sighthill, Edinburgh.

Called Capital Park, the proposed development is around five miles southwest of the city centre and will comprise 18 leasehold units ranging from 4.295 sq ft to 17,000 sq ft. A bespoke 15,000 sq ft unit is already under offer to a national builders’ merchant.

It will have a gross development value in excess of £30m, and will replace Grayfield House, a 90,000 sq ft office building that is currently being demolished.

Neighbouring occupiers to the proposed development, which is one-and-a-half miles from the A720/M8, include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.

Chancerygate development director, Mike Walker, said: “Submitting a planning application for this site is another key milestone in bringing forward this development.

“We are very encouraged by the high interest we have received from potential occupiers to date. Once delivered, we believe Capital Park will be a best-in-class trade counter and multi-unit urban logistics development perfectly placed for Edinburgh’s increasingly active and dynamic SME sector.”

Guy Bowden, partner at Bridges, commented: “The rise in ecommerce is driving strong demand for urban and last-mile logistics sites. We’re delighted to partner with Chancerygate again, and we’re confident that Bridges’ extensive experience of delivering some of the most sustainable industrial developments in the country will help ensure that Capital Park is highly attractive to potential occupiers. Over time, this will support the growth of the local economy in Edinburgh.”

Agents for Capital Park are Galbraith & Co and Ryden.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and JR Capital’s £100m multi-let industrial property fund makes six new acquisitions totalling £20m

By robJonesBrand8,

Chancerygate and JR Capital’s £100m multi-let industrial property investment fund has acquired six new assets for a combined value of almost £20m.

The deals see the fund boost its portfolio of industrial space to 19 assets ranging from Dundee to Exeter comprising 120 units with a total investment value of around £80m.

The latest round of acquisitions includes three multi-let industrial estates; Armtech Row & Technine in Yeovil; G3 in Dundee; and Hellaby Industrial Estate in Rotherham.

Armtech Row & Technine comprises 14 units and has been acquired by the fund from real estate investment company Mayfair Capital for £4.5m. G3 comprises four units and has been bought from property group West Ranga for £6.5m. Meanwhile, Hellaby Industrial Estate comprises seven units and was purchased from property management company TWS Property for £2.75m.

The fund has also acquired two single let warehouses; a unit in Billingham currently occupied by DPD and a unit in Stockton-on-Tees, occupied by Howdens Joinery. Both warehouses were acquired from TWS Property, for £1m and £775,000 respectively.

The recent acquisitions are completed by Peterborough Trade Centre, a multi-let trade counter scheme comprising six units, acquired from real estate investment management firm Clipstone for £4.4m.

The fund has a further £20m to spend and intends to raise additional capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.

JR Capital CEO, John Collier-Wright, said: “These most recent acquisitions demonstrate our continued strong appetite for investment in the industrial property sector.

“We see really strong fundamentals underpinning the UK’s industrial property market and that gives us confidence to continue pursuing an ambitious acquisition strategy. We’re delighted to add these new assets to the fund and we remain committed to identifying and securing prime industrial assets across the UK.”

Chancerygate’s head of asset management, Rory Finnan, said: “These acquisitions further increase the fund’s presence in strategic locations across the UK, with the G3 industrial estate in Dundee a perfect example of this. It is our second acquisition in Scotland and further cements our position in an important regional market.

“Completing six acquisitions in a short space of time shows our continued commitment to the market. However, with £20m still available to invest, we are still looking to grow the fund’s footprint in areas where we see a strong market case to do so.

Chancerygate and JR Capital were advised by four agents across the six acquisitions – Aurum, Colliers, Lismore and The Acquisition Group.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate submits planning for 219,765 sq ft of industrial space across two sites with £37m GDV

By robJonesBrand8,

Chancerygate has submitted plans to speculatively develop sites in Aston Clinton, Buckinghamshire, and Brackley, South Northants, delivering 219,765 sq ft of light industrial and warehousing space with a combined gross development value of £37m.

The developer intends to deliver 15 Grade A units ranging from 4,758 sq ft to 43,357 sq ft on an 8.9-acre site in Aston Clinton. The proposed Vantage 41 scheme will have a gross development value of £27m and total 164,765 sq ft of space.

The site is located close to the Mercedes-Benz and Jaguar dealerships on the Aston 41 scheme and provides quick access to the A41 and Junction 20 on the M25.

In Brackley, Chancerygate plans to speculatively build Grade A units ranging from 2,050 sq ft to 19,125 sq ft, delivering a £10m, 55,000 sq ft scheme called Boundary43. The development will be located on a two-and-a-half-acre site within Boundary Road Industrial Estate, close to the A43, M40 and M1.

All units across both sites will be available on freehold or leasehold basis, meeting local demand for new high-quality industrial space in both locations.

Alastair King, head of development at Chancerygate, said: “Vantage 41 and Boundary 43 will provide an excellent opportunity for local businesses in each area to acquire Grade A industrial and warehousing space at a time when supply is very low.

“The Aston Clinton development will provide more affordable space for businesses in west and north west London that are looking to relocate, expand or even consolidate. In Brackley, we’re confident that Boundary43’s close proximity to Silverstone will appeal to motor sport and high-tech industries.

“Most importantly, both developments will offer Grade A units on a freehold basis in locations at a time when the cost of borrowing is historically low. We’re looking forward to working with the respective planning authorities in bringing forward these two exciting schemes.”

Sales agents for Vantage 41 in Aston Clinton are JLL and Brown & Co. For Boundary 43, agents are Brown & Co and White Commercial.

 

You can learn more about Chancerygate’s live projects across the country here.

 

Chancerygate and Bridges Fund Management JV secures planning for £35m, 254,000 sq ft urban logistics development in Coventry

By Stephen Stebbings,

A joint venture between Chancerygate and Bridges Fund Management has secured planning to build 254,000 sq. ft. of urban logistics space in Coventry.

Called Holbrook Business Park, the speculative development will be situated on a 12-acre plot situated off Holbrook Lane and Swallow Road. The scheme has a gross development value of £35m and will comprise 31 Grade A units ranging from 2,153 sq. ft. to 40,053 sq. ft.

Accommodation at the site, which was previously home to the Meggitt aerospace factory, will be available on a leasehold basis.

Holbrook Business Park will be located two-and-a-half miles from the centre of Coventry and provide good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.

The warehousing and industrial space will be delivered in two phases, with Chancerygate set to commence construction of phase one in August 2021. The initial phase, which will comprise 105,218 sq. ft. of industrial space across 17 units, is due to be completed in June 2022.

Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “This is a key new development for Coventry that will enable local businesses to grow and develop, particularly as we know there is strong demand for high-quality industrial space in the West Midlands.

“We are already experiencing significant interest from potential occupiers and are looking forward to turning our development plans into reality.”

Last year the joint venture secured the Holbrook Business Park opportunity plus two others in Peterborough and Edinburgh for urban logistics development. The three sites will provide a combined total of around 619,000 sq. ft. of Grade A urban logistics space.

Guy Bowden, partner at Bridges Fund Management, said: “We are delighted to join forces with Chancerygate again for this exciting development, which will create jobs and boost the local economy in Coventry. Our previous projects have shown that there is strong occupier demand for urban logistics sites that combine accessibility with market-leading sustainability features, which help to reduce running costs and future-proof the building. We fully expect this to be case with Holbrook Business Park.”

Joint agents on the scheme are Avison Young and KWB.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate acquires Oldham site to deliver £16m urban logistics and industrial development on the M60

By Stephen Stebbings,

Chancerygate has acquired plot 3000 at Broadway Green in Chadderton, near Oldham, to speculatively build 108,662 sq ft of Grade A industrial and urban logistics space.

The developer acquired the 6.58-acre site for £3.8m from FO Developments which is a consortium comprising Oldham Council, Grasscroft Property and Seddon Developments.

The consortium delivered the wider Broadway Green development which is a 121-acre mixed-use scheme on former agricultural land. Once complete, it will provide up to 700,000 sq ft of employment space, 500 new homes and 25 acres of public open space in a linear park.

The Chancerygate development at Broadway Green is set to comprise two terraces of units ranging from 7,000 sq ft to 15,000 sq ft and one single unit of 25,618 sq ft. Units will be available freehold or leasehold and the scheme will have a gross development value of around £16m.

At present, it has reserved matters consent for three separate units. Chancerygate will be making a new application to Oldham Council within the next two months to modify the design to accommodate their proposed scheme.

Located six-and-a-half miles north east of Manchester, the site has excellent connectivity being approximately one-and-a-half miles from junction 20 of the M60.

Mike Walker, development director and head of Chancerygate’s Warrington office, said: “We are really pleased to have acquired this site. It provides a great opportunity to deliver some much-needed Grade A multi-unit space for Chadderton, Oldham and the wider Greater Manchester region.

“Access to the M60 is excellent, so we believe it will be of interest to a wide variety of occupiers in the manufacturing and urban logistics sectors. One of the critical factors is that the site is oven ready and we should be providing new units during the course of 2022.”

Chancerygate was on advised on the purchase by property consultancy Davies Harrison. Agents for the vendor were JLL, Avison Young and BC Real Estate.

You can learn more about Chancerygate’s live projects across the country here

Chancerygate and Bridges Fund Management JV acquires prime Leeds Site to deliver £31m, 231,000 sq ft industrial scheme

By Stephen Stebbings,

A joint venture between Chancerygate and Bridges Fund Management has acquired an 11.14-acre site in Leeds to speculatively develop 231,000 sq ft of sustainable industrial, trade and roadside space.

Called Triangle 45, the site is prominently located within the Cross Green industrial area three miles north-west of the city centre, on the East Leeds link road that connects junction 45 of the M1 with Leeds city centre. Notable occupiers nearby include Amazon, John Lewis, FedEx, Lamborghini and McLaren.

Chancerygate and Bridges plan to deliver 23 units at Triangle 45, ranging from 4,000 sq ft to 34,000 sq ft. The scheme will be aimed at the owner-occupier market and will offer units for sale on a freehold basis.

According to the two companies, it is over a decade since a multi-unit industrial development aimed at owner occupiers was developed in the city. It will also be the first time Chancerygate has developed in Yorkshire since the company was founded in 1995.

Triangle 45 was acquired for £6m from Halifax Estates. Chancerygate and Bridges anticipate that, once complete, the proposed scheme will have a gross development value of around £31m. They expect to submit a planning application to Leeds City Council within the next two months.

Commenting on the acquisition, Chancerygate development manager, Chris Brown, said: “We have a clear vision for Triangle 45 and, from a Chancerygate perspective, we are excited about delivering our first ever development in Yorkshire.

“The connectivity and prominence of Triangle 45 is of huge appeal. We strongly believe there is latent demand from a range of owner-occupiers in and around Leeds, so we expect our product to be extremely well received.”

The industrial units at the scheme will be targeting BREEAM ‘Very Good’ and EPC ratings of B as a minimum; this is likely to reduce utility costs for tenants and minimise the development’s impact on the environment.

Chancerygate has been working in partnership with Bridges on projects for more than 10 years. Other notable investments include the development of ‘The Curve’, a student housing development in London SE1; the regeneration of Beeston Business Park, Nottingham; and site acquisitions in 2020 for speculative industrial developments in Coventry, Peterborough and Edinburgh.

Guy Bowden, partner at Bridges Fund Management, added: “We are delighted to partner with Chancerygate again for this exciting development in Leeds.

“The growth of ecommerce is driving strong demand for industrial units like these, and our experience of similar developments across the country has shown us that tenants are increasingly seeking out sustainability features that minimise emissions and reduce operating costs.

“We think this will make Triangle 45 an attractive proposition for owner-occupiers, which in turn will enable it to become an engine of job creation and economic growth for the local area.”

Chancerygate and Bridges were advised on the acquisition of Triangle 45 by Lambert Smith Hampton and law firm Freeths. Sanderson Weatherall acted for the vendor. Lambert Smith Hampton and Sanderson Weatherall have been appointed joint agents for Triangle 45.

You can learn more about Chancerygate’s live projects across the country here.

 

Plans submitted for £50m, 172,000 sq ft Grade A industrial development in Dagenham

By Ada Ioannidis,

A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, Chancerygate and international real estate firm Hines has submitted plans to speculatively build a 172,169 sq ft industrial, warehousing and trade counter development comprising 15 Grade A units in Dagenham.

The six-acre site, which was previously owned by wholesale electrical distributor Rexel UK, currently comprises warehouse buildings with ancillary trade counters and offices.

The proposed scheme, called Zephyr Park, has a gross development value of £50m, with units available ranging from 5,490 sq ft to 34,671 sq ft, on both a leasehold and freehold basis.

Situated on Rainham Road between the A12 and A13, the site is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300m film and TV studios. Demolition work is scheduled to begin on site within the next two months, with a decision on the proposed plans expected before the end of the year.

Chancerygate development manager, Tom Faulkner, said: “We are excited to have submitted plans for an ambitious industrial development in a truly prime location. Our proposals to bring 172,169 sq ft of Grade A industrial, warehousing and trade counter space to Dagenham will meet the needs of local businesses and we are confident the development will be a great asset for the area.”

Greg Cooper, Hines managing director, industrial and logistics, continued: “We believe the site and our development plans has enormous potential to attract a variety of different businesses to Dagenham that are either expanding or relocating. This is an excellent example of our creative transformation of urban environments with leading edge logistics developments.”

Agents for the development are Colliers International, CBRE and Glenny.

You can learn more about Chancerygate’s live projects across the country here.

Chancerygate and Hines JV agrees to forward sell 608,000 sq ft, five-asset portfolio to Northwood Investors

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and Hines has agreed to forward sell a 608,000 sq ft, five-asset portfolio to real estate private equity firm Northwood Investors for an undisclosed sum.

The portfolio, jointly owned by Chancerygate and the global real estate firm, comprises developments in Birmingham, Bournemouth, Cheltenham, Tonbridge and Warrington.

The JV will continue to develop the assets through to practical completion, at which point they will be sold to Northwood Investors.

This latest deal follows Chancerygate’s announcement in January this year that it had sold an 11-asset portfolio ranging from Livingston, West Lothian, to Maidstone, Kent, to Northwood Investors for an undisclosed sum.

Chancerygate’s managing director, Richard Bains, said: “We are very pleased to have built upon our already strong relationship with Northwood Investors by agreeing the forward sale of these five sites.

“Our JV with Hines continues to be extremely successful for both parties, and this deal is evidence of the success of our strategy of investing into well located last mile logistics development opportunities.

“In line with our ambitious growth plans, we will be re-investing the funds raised as we continue to identify and acquire strategically-located sites across the UK. This approach will ensure we remain best placed to deliver the next generation of multi-unit industrial developments across the UK.”

Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8bn of investor capital.

Hines’ managing director, Industrial and Logistics, Greg Cooper, added: “The geographical spread of the developments in this portfolio illustrates the JV’s forensic analytical approach to pinpointing locations across the UK which are ripe for the supply of modern, fit-for-purpose last-mile logistics facilities.”

Chancerygate and Hines were advised on the portfolio sale by DTRE and BCLP while Gerald Eve, Shoosmiths and Dickson Minto acted for Northwood Investors.

You can learn more about Chancerygate’s live projects across the country here.

JR Capital and Chancerygate’s £100m multi-let industrial property fund makes first South West acquisition

By Ada Ioannidis,

JR Capital and Chancerygate’s £100m multi-let industrial property investment fund has acquired assets near Exeter totalling 64,682 sq ft for an undisclosed sum.

Chelsea Trading Estate and Stanley House, which are located four miles east of Exeter within Sowton Industrial Estate, have been purchased in a move that marks the fund’s first deal in the South West.

The assets were acquired with property investor Charterhouse Property Group and comprise four units ranging from 5,000 sq ft to 40,000 ft which all benefit from excellent access to the M5.

Current occupiers at the development are auto electrician services provider Halls Electrical; sign makers Wood & Wood International Signs; Royal Mail; and Virgin Media.

The acquisition brings the fund’s total investments to circa £60m comprising more than 900,000 sq ft of industrial space across 13 assets, now ranging from Glasgow to Exeter.

JR Capital head of investments, Michael Ferris, said: “Chelsea Trading Estate and Stanley House are a welcome addition to the fund, and we are pleased to have completed another off-market acquisition. It has been a pleasure working with Charterhouse Property Group.

“Multi-let industrial real estate continues to be our main investment focus as we build a diversified portfolio of well secured assets with opportunities to add value.”

The fund has a further £40m to spend over the next six months and intends to raise additional capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.

Chancerygate asset manager, George Jerram, added: “This investment marks the fund’s first acquisition in the South West of England and demonstrates our appetite to invest in high-quality, strategically-located industrial sites.

“We’re really pleased to be adding Chelsea Trading Estate and Stanley House into our expanding portfolio. The development sits in a prime location within Exeter’s industrial hub and is home to a number of well-established businesses.

“It’s an excellent acquisition for the fund and we look forward to identifying further opportunities across the South West as we continue to grow investment footprint.”

News of the deal follows soon after Chancerygate announced it is to open an office in central Bristol this September to further expand its operations within the South West and into South Wales. The office will be led by former St Modwen Industrial & Logistics managing director, Rupert Joseland, who will join Chancerygate in September as development director.

Commercial property consultancy Greenberry Advisors acted for Chancerygate and JR Capital on the Chelsea Trading Estate and Stanley House acquisition.

You can learn more about the work of Chancerygate’s asset management team here.