Category: News


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.

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 £25m, 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 with a gross development value of £25m.

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.

Chancerygate to open Bristol office and appoints former St Modwen Industrial & Logistics MD to lead South West and South Wales expansion

By Ada Ioannidis,

Chancerygate has announced it is to open an office in central Bristol as it seeks to further grow its activity throughout the South West and into South Wales.

The new office will be led by former St Modwen Industrial & Logistics managing director, Rupert Joseland, who will join Chancerygate in September as development director.

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.

The new Bristol office will allow Chancerygate to expand further into the South West region and also into South Wales where the company is already actively looking for development sites.

Commenting on his appointment, Rupert, who lives in Bristol, said: “Chancerygate is a progressive company with a clear strategic growth plan for the South West and South Wales.

“I have watched the business continue to gather momentum over recent years so, when the opportunity arose to lead a regional office where I live, it was one I wanted to take.

“Chancerygate has a deserved great reputation for successful speculative development, an excellent product and acting quickly and decisively to get things done.

“I am looking forward to taking that refreshing approach to industrial development to an even wider audience in the South West and into South Wales.”

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 managing director, Richard Bains, said: “We are very pleased to have appointed Rupert to lead our new Bristol office as part of Chancerygate’s continued expansion throughout the UK.

“He is ideal for the role, bringing with him 20 years’ experience, and is highly regarded by his peers within the industrial and logistics sector.

“His extensive understanding of developing throughout the South West and South Wales will give us an immediate operational boost whilst his astute market knowledge will accelerate our growth plans.

“Under his leadership, we fully expect to be growing our development and project management teams in the Bristol office in due course.”

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

Chancerygate enhances in-house expertise with planning and legal appointments

By Ada Ioannidis,

Chancerygate has made two key appointments to expand its in-house capabilities.

Carmelle Textor joins Chancerygate as development planning manager, supporting the regional development teams with strategic planning services. A Member of the Royal Town Planning Institute, Carmelle joins from Savills, where she worked for eight years, most recently as associate planner.

Eva Holden also joins the business as general counsel to oversee all legal matters arising in connection with business activities. As part of the senior management team, Eva will also work alongside the Board to formulate and implement company strategy and support the Board in assessing and managing business risk. Eva’s legal career spans 13 years and she joins Chancerygate from Bryan Cave Leighton Paisner, where she worked as senior associate. Carmelle and Eva will both work from Chancerygate’s London office.

Chancerygate managing director, Richard Bains, said: “As the business continues to grow we have taken a strategic decision to expand the breadth of capabilities that we have in-house and these appointments will strengthen both our planning and legal expertise.

“Carmelle and Eva both bring a strong pedigree in their respective fields and their appointment is another demonstration of the way that the business is investing in people to achieve its ambitions. I look forward to seeing them contribute towards our continued growth.”

You can learn more about the Chancerygate team here.

Work starts on £11m, 72,000 sq ft industrial development in Minworth, Sutton Coldfield

By Ada Ioannidis,

Chancerygate has started construction on a 72,007 sq ft industrial development called Forge Industrial Park in Minworth, Sutton Coldfield.

Located on Forge Lane, the industrial and trade counter scheme will comprise 11 high-quality units ranging from 4,466 sq ft to 12,701 sq ft.

The scheme has a gross development value of £11.1m, with units available on both a leasehold and freehold basis. Chancerygate has already concluded a deal to pre-sell the largest unit on the estate.

The units at Forge Industrial Park will be built by Tamworth-based Quantum Construction after the contractor won a competitive tendering process for the contract worth £4.6m.

Initial site works on the 3.13-acre site completed this February after the demolition of a 69,000 sq ft industrial building. Practical completion of the development is scheduled for November this year.

Located just eight miles north east of Birmingham city centre, the development offers easy access to the A38 dual carriageway which links to junction 5 and junction 6 of the M6.

Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “We’re very pleased to see construction work start on site at Forge Industrial Park. The area is very well established in the trade and industrial market, which made it ideally suited for our speculative development model.

“The development is already receiving a great deal of interest from prospective occupiers and we are looking forward to successfully delivering Forge Industrial Park in partnership with Quantum Construction. Once built, the development will provide a fantastic home for businesses across the region looking for Grade-A industrial space.”

Quantum Construction director, Matt Gallagher, said: “We are excited to have secured the opportunity to work with Chancerygate, and their team, on this project.

The high-quality scheme will undoubtably be popular in the area and we look forward to delivering a successful project.”

Joint agents on Forge Industrial Park   are Knight Frank and Gerald Eve.

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

Work starts on 16m, 92,810 sq ft Aston Gateway development in Aston, Birmingham

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and global real estate firm Hines has started construction work on its 92,813 sq ft Aston Gateway industrial development in Aston, Birmingham.

The development, which is located on Aston Hall Road in Aston’s Advanced Manufacturing Hub, comprises 18 industrial and warehousing units ranging in size from 3,370 sq ft to 39,022 sq ft. Units will be available on a leasehold basis.

The scheme has a projected gross development value of £16m and will be built by Bailey Construction after the contractor won a competitive tender for the construction contract worth £7.2m. Practical completion is expected in March 2022.

Located three miles from the city centre, Aston Gateway is being built adjacent to the M6 providing quick access in and out of Birmingham. Neighbouring occupiers include Guhring, Hydraforce, Salts Healthcare and Y International.

Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “Aston is an area that is going through significant regeneration and we’re pleased to be starting on site on an excellent scheme which will be an important part of that process.

“Currently there is a lack of multi-unit industrial schemes available in the area to support the needs of businesses, so we’re pleased that construction has begun at Aston Gateway to provide much-needed units. We’ve had a great deal of early interest already, which demonstrates the demand from occupiers for high-quality industrial and warehousing units close to Birmingham city centre.”

The JV between Chancerygate and Hines acquired the 3.75-acre site from Birmingham City Council and Homes England in December 2020 for £3.35m.

The Advanced Manufacturing Hub is a JV between Birmingham City Council and Homes England and is a 49-acre site designated for regional investment and can accommodate buildings ranging from 15,000 sq ft to 155,000 sq ft. The venture is aimed at the advanced manufacturing sector.

Leader of Birmingham City Council, Cllr Ian Ward said: “The Aston Gateway industrial scheme is a huge vote of confidence in Birmingham’s post-Covid recovery and will create high quality jobs and opportunities at a vital time.”The Advanced Manufacturing Hub is already a success story and now with Chancerygate and Hines, we’re writing the next important chapter.”

Homes England head of acquisition, Stuart Buckley, said: “This scheme highlights our commitment to use our land and investment to help stimulate local economic growth by delivering new commercial space and ultimately jobs. It is the latest development to start on site at the Advanced Manufacturing Hub and will provide a range of small to medium sized units for starts ups and business to expand.

“This builds on the success of the considerable investment by large, advanced manufacturing companies from across the globe who have located onto the site following the land assembly and enabling works undertaken by Homes England and Birmingham City Council.”

Bailey Construction director, Scott Bailey, said: “We are extremely pleased to have been appointed as the principal contractor on this prestigious scheme to deliver the design and construction of over 92,000 sq ft of high-quality industrial stock within Aston, Birmingham. Again, we look forward to delivering this scheme and working with Chancerygate as a repeat client.”

Joint agents on the scheme are Colliers and Savills.

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

Chancerygate continues growth with duo of key appointments

By Ada Ioannidis,

Chancerygate has announced two new appointments as part of its ongoing growth strategy.

Matt Connor joins our team as development director, where he will oversee the sourcing, appraisal and delivery of development opportunities across London and the South. He arrives from Hampton Brook, a privately owned property development and investment company, where he was also development director. Prior to this, he was head of development management at JLL.

Luke Morley joins the team as asset manager in our North West office, bringing experience from previous asset management roles at Hansteen Holdings and most recently Bruntwood.

Chancerygate managing director, Richard Bains, said: “These are two key appointments for the business as we continue to expand and realise our growth ambitions and I am pleased to welcome Matt and Luke to Chancerygate.

“Both bring a wealth of experience and proven success in the market and will help ensure we remain best placed to deliver on exciting development and investment opportunities across the country.”

You can learn more about the Chancerygate team here.

Work starts to deliver £20m, 100,000 sq ft industrial scheme at Tonbridge Trade Park, Kent

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and global real estate firm Hines has started construction on a new 15-unit, 100,000 sq ft trade park on Vale Road in Tonbridge, Kent.

Called Tonbridge Trade Park, the industrial and trade counter scheme will comprise high-quality units ranging from 4,000 sq ft to 15,000 sq ft. The scheme has a gross development value of £20m, with units available on a leasehold basis.

The £7.6m contract to build the development has been awarded to logistics and industrial construction specialist Glencar Construction after the contractor won a competitive tendering process. The 4.11-acre site will be Tonbridge’s first new industrial scheme in more than 20 years, with practical completion of the development scheduled for November this year.

Located just one mile from Tonbridge town centre, the scheme will provide a variety of trade, warehouse, industrial and other roadside opportunities, as well as offering easy access to the M25.

Chancerygate development manager, Tom Faulkner, said: “We’re really pleased to see our Tonbridge Trade Park development start on site. It’s the first new industrial scheme to be built in Tonbridge in more than 20 years and will bring much-needed high-quality warehousing space to the area.

“We’re already receiving a great deal of interest from prospective occupiers and look forward to delivering a scheme that will serve the needs of businesses in the region for years to come.”

Glencar Construction director, Tony Cornwell, said: “We are extremely happy to have been appointed by Chancerygate and Hines after a rigorous tendering process. Tonbridge Trade Park is a high-profile development and we are looking forward to working with the full project team and getting started.”

Joint agents on the scheme are Bracketts and DTRE.

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

Work starts on £19m, 119,600 sq ft industrial development at Gemini8 Business Park, Warrington

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and international real estate firm Hines has started construction work on a new build, 18 unit industrial and warehousing development in Warrington.

Totalling 119,588 sq. ft, the scheme is situated on the final plot at Gemini8 Business Park and will have a gross development value of £19m. Once complete, it will comprise 18 units ranging from 4,295 sq. ft to 16,754 sq. ft available on a freehold or leasehold basis.

Gemini8 is being built by Caddick Construction which won a competitive tender for the construction contract.

Both Chancerygate and Caddick Construction have offices in Warrington and will deliver the project from those locations. Practical completion of the development is scheduled for March 2022.

Gemini8 is strategically located adjacent to junction 8 of the M62 motorway and approximately four miles from the M6. Occupiers surrounding the new business park include Ikea, Starbucks, Travelodge, Marks & Spencer and Athelis Club & Spa.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “Gemini8 provides an optimum location for commercial occupiers as it is ideally placed within the North West’s most prominent business park midway between the major Manchester and Liverpool conurbations.

“It is also the first new build, multi-unit industrial and warehousing development of this type in the Warrington area for more than 10 years so we are very pleased to have started on site.

“We have already had a great deal of interest in the available units, which reflects the strength and resilience of both the industrial and warehousing sector in the North West and the region’s economy.

“We are also very pleased to be working with Caddick Construction again, a company which we have a longstanding relationship with, and which recently built our highly successful schemes in Knutsford, Liverpool and Carlisle.”

North west managing director for Caddick Construction, Ian Threadgold, said: “We are delighted to be once again working with Chancerygate on another high-profile scheme that will bring employment and investment opportunities to Warrington.

“Its superb location will undoubtedly attract quality tenants to an area that is proving increasingly popular with the logistics market and, we are extremely pleased to be associated with the development.”

Joint agents on Gemini8 are CBRE and Davies Harrison.

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

Work starts on phase two of Mersey Reach scheme in Aintree to deliver further 102,500 sq ft of urban logistics space

By Ada Ioannidis,

Chancerygate has started construction work on phase two of its Mersey Reach urban logistics development in Aintree to deliver a further 12 new build units totalling 102,485 sq ft.

Units will range from 4,000 sq ft to 30,000 sq ft. Phase two is being built by Triton Construction which won a competitive tender for the £6.2m construction contract.

Situated on Dunnings Bridge Road, Mersey Reach is being developed in response to strong demand for high quality, new build industrial space across the Liverpool City Region and wider North West.

Mersey Reach’s first phase of four units totalled 112,500 sq ft. Units have been let to precision blade manufacturer, Hardy UK; builders’ merchants, Selco Builders Warehouse; and zero calorie tonic start up, Skinny Tonic.

Both Chancerygate and Triton Construction have offices in Warrington and will deliver the project from those locations. Practical completion of phase two is scheduled for January 2022.

Chancerygate sold phase one of Mersey Reach to Northwood Investors at the end of last year and has also pre-sold phase two to the real estate private equity firm. The two deals highlight the continued growing demand from investors for industrial logistics space and for strategic locations created within the Liverpool City Region.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “It is great to get phase two of Mersey Reach underway following the tremendous success of phase one.

“Mersey Reach is an excellent example of us doing what we do best by identifying and speculatively developing in a place where there is pent up demand for our high-quality urban logistics product.

“We look forward successfully delivering the development in partnership with Triton Construction to provide a place that will create a further economic boost for Sefton and the wider Liverpool City region.”

Triton Construction’s North West regional director, Chris Quinn, added: “We are delighted to have won the Mersey Reach construction tender and to be working with Chancerygate for the first time.

“We are looking forward to working with Chancerygate’s professional team on a project which is exciting for both our companies.”

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

Work starts to deliver 116,500 sq ft Diamond Point industrial scheme at former Allied Bakeries site in Norwich

By Ada Ioannidis,

Chancerygate has started construction work on a new build 17-unit, 116,448 sq ft light industrial and warehousing scheme on the former Allied Bakeries site in Norwich.

Called Diamond Point, the 4.55-acre site is accessed via Diamond Road and Vulcan Road North. It forms part of the northern industrial estates and will have a gross development value of £13m.

The speculatively built Grade A units on the site will range from 3,045 sq ft to 19,912 sq ft and are available on a leasehold basis. The development is scheduled to achieve practical completion this September.

Located two-and-a-half miles to the north of Norwich city centre, Diamond Point provides excellent links to Norwich Airport, the A47 and the A1042 inner ring road.

Chancerygate development director, George Dickens, said: “Covid-19 has highlighted the importance of the industrial and logistics sector, there is pent-up demand for our high-quality product and this speculative development will provide Grade A space in a market of very short supply. Our intention is to deliver a great asset for businesses to enable growth in the region.”

Letting agents for Diamond Point are JLL and Bidwells.

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

Chancerygate acquires 2.2-acre Congleton Business Park plot with plans to deliver £7m, 53,000 sq ft industrial scheme

By Ada Ioannidis,

A 2.2-acre plot at Congleton Business Park is set to become a 10-unit, 53,000 sq ft light industrial scheme with a gross development value of £7m.

Chancerygate has acquired the site and, subject to planning approval, will speculatively develop 10 light industrial units ranging in size from 2,906 sq ft to 9,548 sq ft. Units will be available on a leasehold basis.

The site is the last remaining undeveloped plot at Congleton Business Park and was bought by Chancerygate from developer Gladman Developments Limited for £525,000.

Located on Viking Way, the business park provides quick access to the A34 and Congleton Town Centre. Its occupiers include airbag manufacturer Airbags International, financial planning firm Franklyn Financial Management and Gladman’s headquarters. Congleton Retail Park, which is home to Boots, M&S and B&M, is also situated a short walk from the site.

The site will also join the new £90m Congleton Link Road, which is under construction and due to complete in April 2021.

Chancerygate expects to submit its planning application to Cheshire East Council next month and intends to bring its scheme to market branded as Congleton Trade Park.

Speaking about the acquisition, Chancerygate development manager, Chris Brown, said: “We’re very pleased to have secured this plot at the well-established Congleton Business Park. It’s an ideal location for us to bring forward high-quality trade and light industrial space across a series of smaller units and we’re already receiving a great deal of interest from major national trade occupiers.

“The new Congleton Link Road, will connect directly into the site once it completes next month, which means that our scheme will have excellent connectivity to the M6 and the wider Cheshire market plus fantastic retail and leisure amenity on its doorstep.”

Romy Silvers, commercial property director at Gladman, said: “Congleton Business Park has proved to be very successful for us and is where our head office is.  We have been able to work very closely with Chancerygate through the transaction forging a very good working relationship and we hope to be able to work with them again in the future.”

Williams Sillitoe advised Chancerygate on the deal while Harris Lamb acted on behalf of Gladman. Davies Harrison and Williams Sillitoe will be retained agents on the scheme going forward.

Learn more about our live developments across the country here.

Work starts to deliver £30m, 120,000 sq ft urban logistics scheme in Sidcup

By Ada Ioannidis,

Chancerygate has started construction work on a 13-unit, 120,000 sq ft urban logistics scheme in Sidcup.

Named Sidcup Logistics Park, the scheme is located on Edgington Way and will comprise speculatively built Grade A units ranging in size from 4,000 sq ft to 35,750 sq ft. The scheme will have a gross development value of £30m.

The development is being built by Howard Russell, which won a competitive tender for the £11m construction contract. Practical completion at the scheme is scheduled for March 2022.

A 19,500 sq ft unit and 35,750 sq ft unit at the scheme have already been pre-sold to investor IM Properties, with the remaining units available on a freehold basis.

Sidcup Logistics Park is located less than two miles from Sidcup town centre and within close proximity to the A20, providing easy access to the Central London, the M25 and the M20. Development at the 5.4-acre site, which Chancerygate acquired from Tesco in 2018, follows the business’s successful redevelopment of the adjacent former Klinger Factory site in 2019.

Chancerygate development director, Jonathan Lee, said: “We’re pleased to have work underway at Sidcup Logistics Park to deliver a high-quality urban logistics scheme that will offer much sought after freehold industrial space to businesses across the region.

“We have already pre-sold two of our units to IM Properties and are seeing a great deal of interest in the scheme’s 11 remaining units. After our successful redevelopment project at Klinger Business Park, it’s great to be moving forward with another excellent scheme just next door.”

Altus Group, DTRE and Savills are the retained property agents for Sidcup Logistics Park.

Learn more about our live developments across the country here https://www.chancerygate.com/developments/current-projects/.

Chancerygate acquires Buckinghamshire and South Northants sites to deliver 212,000 sq ft of industrial space with £34m GDV

By Ada Ioannidis,

Chancerygate has acquired sites in Aston Clinton, Buckinghamshire, and Brackley, South Northants, to deliver 212,000 sq ft of light industrial space with a combined gross development value of £34m.

The developer plans to speculatively develop 156,797 sq ft of new build light industrial space across 15 units at its 8.9-acre site on College Road North in Aston Clinton, with units ranging in size from 4,370 sq ft to 41,366 sq ft.

A planning application for the scheme, which has a gross development value of £25m, will be submitted this spring. The site was acquired from Aston Clinton-based Midwinter Property Holdings for an undisclosed sum and units will be available on a freehold and leasehold basis.

Located near to the Mercedes-Benz and Jaguar dealerships on the Aston 41 scheme, the site is in a prime industrial location, providing quick access to the A41 and Junction 20 on the M25. It is just over four miles from Aylesbury train station and town centre, and just under three miles from the centre of Aston Clinton.

In Brackley, the developer has acquired a 2.5-acre site at Boundary Road Industrial Estate. Here, Chancerygate intends to speculatively develop 55,000 sq ft of light industrial and warehousing space across 14 units ranging in size from 2,500 sq ft to 15,000 sq ft.

Plans for the scheme, which will have a gross development value of around £9m, will be submitted later this year. Units at the site, which was acquired from a private vendor for an undisclosed sum, will be available on a freehold and leasehold basis.

Located off Boundary Road, the site provides good access to the A43 and M40 motorway and the development will provide Grade A industrial and warehouse accommodation.

Speaking about the acquisitions, Alastair King, head of development at Chancerygate, said: “We are really pleased to have acquired these sites in Aston Clinton and Brackley, both of which have excellent potential.

“We’re excited to bring forward plans for two high-quality industrial schemes, which will offer businesses a range of units on both a freehold and leasehold basis. We are committed to developing these multi-let schemes speculatively to meet the high levels of demand we’re seeing from a wide range of occupiers.

Acquiring agent for the Aston Clinton site was NRC Associates with the vendor advised by Brown and Co. Sales agents for the proposed scheme will be JLL and Brown and Co. At Brackley the vendor was advised by Brown and Co.  Sales agents for the proposed scheme will be Brown and Co and White Commercial.

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

Chancerygate acquires 24,880 sq ft of warehousing space at Henley Industrial Park in Coventry for £2.56m

By Ada Ioannidis,

Chancerygate has acquired a portfolio of four industrial units totalling 24,888 sq ft at Henley Industrial Park in Coventry for £2.56m.

The four units, ranging in size from 4,537 sq ft to 8,012 sq ft were acquired from Midlands-based property, development and construction company, The Wigley Group.

The units’ occupiers include the UK’s largest retailer of trade tools, accessories and hardware products, Screwfix, hydraulic valves manufacturer, Atlantic Fluid Tech, commercial cleaning company, IC Solutions 24/7, and manufacturing fasteners and tools provider, Fastenal Europe.

Located off Henley Road in the Henley Green area of Coventry, Henley Industrial Estate is situated 3.5 miles north-east of the city centre and 1.5 miles from Junction 2 of the M6 and M69 Interchange, which provides direct links to Birmingham and Leicester.

George Jerram, asset manager at Chancerygate, said: “Henley Industrial Estate is a well-established logistics and warehousing scheme in an excellent location and we’re very pleased to have secured these four units from The Wigley Group.

“The acquisition is further evidence of our appetite to invest in the region and allows us to expand our existing portfolio of industrial schemes across the Midlands, which already includes sites in Birmingham, Coventry and Sutton Coldfield.”

Edgerley Simpson Howe and Bromwich Hardy acted as joint agents for the unit acquisition.

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

Chancerygate announces speculative development on nine sites to deliver 975,000 sq ft of urban logistics space with £160m GDV

By Ada Ioannidis,

Chancerygate has announced it has committed to starting the development of nine sites.

Ranging from Bournemouth to Warrington, the sites will have a combined gross development value of £160m and deliver close to 975,000 sq ft of Grade A industrial and warehousing accommodation.

The schemes form part of Chancerygate’s three million sq ft of pipeline across 23 sites which stretch from Havant to Edinburgh.

Chancerygate managing director, Richard Bains, said: “We are delighted to be in a position to commence construction on these urban logistics sites, maintaining the high level of momentum we achieved over the course of 2020.

“Getting these schemes to this position has been a great team effort and my thanks go to both everyone in the Chancerygate team and our external consultants.

“There is strong demand for our Grade A product throughout the UK from both occupiers and investors. These schemes will provide new build multi-let accommodation in areas where there has been very little new supply delivered for a long period of time.

“Demand for the schemes is strong and they have attracted a great deal of interest from potential occupiers even before construction has started. We look forward to announcing occupational transactions in the near future.”

In addition to Bournemouth and Warrington, the other seven developments are located in Birmingham, Cheltenham, Chesham, Harlow, Norwich, Sidcup and Tonbridge.

Learn more about our live developments across the country here https://www.chancerygate.com/developments/current-projects/.

JR Capital and Chancerygate £100m industrial fund acquires Glasgow and Leeds assets for £6.15m

By Ada Ioannidis,

JR Capital and Chancerygate’s £100m multi-let industrial property investment fund has acquired sites in Glasgow and Leeds totalling 83,109 sq ft for £6.15m.

Clyde Gateway Trade Park is a 27,409 sq ft asset which has been acquired for £2.35m in a move that marks the fund’s first acquisition in Scotland. In Leeds, the fund has purchased the 55,700 sq ft Eagle Industrial Estate for £3.8m.

The acquisitions bring the fund’s total investments to circa £50m comprising 650,000 sq ft of industrial space across 12 assets ranging from Glasgow to Northampton.

The Glasgow asset comprises four light industrial units ranging from 5,000 sq ft to 7,000 sq ft. It is located three miles south east of Glasgow in the heart of the Clyde Gateway regeneration area and provides quick access to the M74.

Current occupiers at the scheme are Evolution Fasteners, a manufacturer of high-performance fasteners for the construction industry, and vehicle conversion specialist Allied Vehicles.

The Leeds asset comprises seven light industrial units ranging from 3,000 sq ft to 13,000 sq ft, as well as a 0.25-acre storage yard, and is located approximately one mile from the city centre.

Current occupiers are home furnishing business, Instore Direct; display and signage specialist, BSW; traffic management sub-contractor, Premier Traffic Management; and fishing and angling retailer, Bobco Fishing Tackle.

JR Capital head of investments, Michael Ferris, said: “The acquisitions in Glasgow and Leeds are excellent additions to our growing portfolio and help us increase the fund’s presence across in the UK. Clyde Gateway Trade Park is the fund’s first acquisition in Scotland and enables us to enter an exciting and important market with strong underlying fundamentals.

“These acquisitions are a great way for us to start the year and we are looking forward to being active in the market across 2021 as we look to further expand our portfolio across the UK.”

The fund has a further £50m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.

Chancerygate asset manager, David Tyson, said: “The fund’s investment in these two sites is indicative of the confidence we have in the industrial property market, where we are seeing growing demand for high-quality light industrial and warehousing space driven by the needs of a diverse range of businesses.

“That trend is clearly visible at both Clyde Gateway Trade Park and Eagle Industrial Estate, which play home to a number of diverse, well-established businesses. Combined with the prime location of these sites, these fundamentals make both assets great additions to the fund’s portfolio.”

Colliers International advised Chancerygate and JR Capital on the acquisition of both assets. Galbraith and Ryden acted for the vendor on Clyde Gateway Trade Park while RY Partnership advised the vendor on Eagle Industrial Estate.

Chancerygate appoints analyst to support continued growth

By Ada Ioannidis,

Chancerygate has recruited an analyst as the company continues to expand its operations throughout the UK.

Phillippa Twohig-Howell will monitor the performance of current schemes and help identify future opportunities in the market. This is a newly created role that recognises the value the company places on insight, data and statistical analysis in making development and investment decisions.

Prior to joining Chancerygate, Phillippa was a graduate surveyor specialising in property management and sustainability at commercial real estate consultancy Lambert Smith Hampton. She holds a master’s degree in real estate from the University of Reading.

Commenting on her new role, Phillippa said: “Chancerygate has a great reputation for its agility and innovation in delivering industrial developments throughout the UK. The company built up a great deal of momentum in 2020, so it is an ideal time to join Chancerygate and play my part in the continued implementation of the business’s growth strategy.”

Last year, Chancerygate was recognised as one of ‘1000 companies to inspire Britain’ following a report by the London Stock Exchange Group, and as one of UK property industry’s best places to work by trade publication Property Week.

Chancerygate managing director, Richard Bains, said: “We are very excited to welcome Phillippa to the team. Her intelligence, knowledge and analytical skill has impressed us and will make her a strong addition to our team.

“This is a strategic appointment which immediately enables us to better analyse new opportunities and our own performance as we look to expand the company in 2021.”

Skinny Tonic expands with new 12,130 sq ft production facility at Chancerygate-developed Mersey Reach

By Ada Ioannidis,

Award-winning, zero calorie tonic start-up Skinny Tonic is ramping up its expansion plans after agreeing terms on a 12,133 sq ft unit within phase one of the £20m Mersey Reach industrial development in Aintree.

Skinny Tonic has signed a 10-year lease at Mersey Reach, which is being developed by Chancerygate, and has invested £5m into a new state of the art canning and bottling production facility. Once installed, the lines will enable Skinny Tonic to produce 36,000 cans and 15,000 bottles of tonic per hour.

The Aintree-headquartered business currently employs 11 people and hopes to create a further nine jobs due to the expansion. Fit-out work has already begun, with production at the new facility commencing this month.

Leasing the new unit forms part of Skinny Tonic’s ambitious growth plans, which recently saw the company exceed its £1m crowdfunding target for an 8.83 per cent equity stake in just 24 hours. They have since closed the round 240 per cent over subscribed, raising £2.4m.

Commenting on the new facility, Skinny Tonic founder, Ian Minton, said: “I am absolutely delighted to have secured our new HQ. The team are really excited to move in and make it our home. Working with Chancerygate has been very easy for us, they couldn’t have done more to accommodate our needs.”

The deal means three out of the four units available at phase one of Mersey Reach, which is located on Dunnings Bridge Road, have now been let prior to the scheme achieving practical completion.

One 42,518 sq ft unit remains available within phase one of development, which is strategically located on a prominent gateway route into the new Liverpool SuperPort and provides quick access to the M57 and M58.

In December, Chancerygate secured planning permission for a revised phase two scheme at Mersey Reach, which will see the developer build out a new scheme of 12 units totalling 102,000 sq ft.

Mike Walker, development director and head of Chancerygate’s Warrington office, said: “Skinny Tonic is expanding at pace, so we are very pleased they have chosen Mersey Reach to help enable the business to continue on its upward trajectory.

“Securing Skinny Tonic as an occupier is testimony to Mersey Reach delivering much-needed high quality industrial and warehousing space in a key strategic location. The only remaining phase one unit is attracting a great deal of interest and, with revised plans for phase two now approved, we’re excited about the positive impact Mersey Reach will bring to the region for years to come.”

Skinny Tonic debuted in the market last year after a soft launch in 2019 and produces a range of organic flavoured tonics with no sugar or artificial ingredients. The business recently picked up the Best New Brand Award / Business and the Best Sparkling Drink Award at the FoodBev Media Awards 2020.

CBRE and B8 Real Estate are joint agents for Mersey Reach.

Chancerygate sells 11 asset urban logistics portfolio to Northwood Investors

By Ada Ioannidis,

Chancerygate has sold an 11 asset portfolio to real estate private equity firm Northwood Investors for an undisclosed sum.

The 11 assets are located in Livingston, West Lothian; Knutsford, Cheshire; Aintree, Merseyside; Beeston, Nottinghamshire; Ipswich, Suffolk; Norwich, Norfolk; High Wycombe, Buckinghamshire; Cheltenham, Gloucestershire; and Dartford and Maidstone in Kent.

Commenting on the deal, Chancerygate’s head of development, Alastair King, said: “We are very pleased to conclude our involvement on these development projects. The deal is testimony to the hard work and commitment of everyone at Chancerygate who has been involved with the schemes.

“The sale shows the strength of current investment demand for high quality, Grade A multi-unit industrial and warehousing space placed in strategic locations across the UK.

“Moving into 2021, we have already identified a number of new development opportunities throughout the UK. We have a clear strategy on how we will recycle the funds raised by this sale into further new projects in what continues to be a very exciting sector of the UK property market.”

Northwood Investors is a privately held, real estate private equity firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8bn of investor capital.

Chancerygate was advised on the portfolio sale by Freeths while Shoosmiths, Dickson Minto and JLL acted for Northwood Investors.

Chancerygate launches charitable foundation for black and minority ethnic students to celebrate 25th anniversary year

By Ada Ioannidis,

Chancerygate has announced the launch of its charitable foundation to encourage and enable black and minority ethnic students to build long-term careers within the property industry.

The not-for-profit Chancerygate Foundation has been established by Chancerygate chairman, Andrew Johnson, and his wife, and it was given charitable status by The Charity for England and Wales earlier this month. The Foundation has been launched to celebrate the 25 year anniversary of Chancerygate.

The Foundation’s mission is to help create an inclusive and diverse UK real estate sector where people from disadvantaged black and minority ethnic backgrounds can thrive and succeed. Only one per cent of the 35,306 RICS members who qualified in 2020 stated they were of black ethnicity (classed in the data as being from an African, Caribbean or ‘other’ background).

Through its scholarship programme, the Foundation offers bursaries to qualifying students, allowing them to access RICS-accredited courses at higher-level education establishments.

Andrew Johnson said: “Securing charitable status is an important first step towards the Foundation achieving its mission of addressing the lack of diversity in the UK property industry. We started the Foundation with a very clear goal – to help as many black and minority ethnic students as possible to embark on careers in property.

“One of the most challenging barriers faced by black and minority students leaving university is to find a job. The Chancerygate Foundation will help those students throughout their university experience and mentor them as they take the first steps on the road to a property career.”

For more information on the Chancerygate Foundation visit www.chancerygatefoundation.com

Chancerygate completes Carlisle City Council’s 42,500 sq ft Gateway 44 retail park

By Ada Ioannidis,

Chancerygate has announced the practical completion of the 42,500 sq ft Gateway 44 retail park development on Parkhouse Road, Carlisle.

The development, which is owned by Carlisle City Council, comprises seven leasehold units and will create ‘significant new employment opportunities’ in the area.

Two of the units have already been pre-let. Costa Coffee has taken 1,800 sq ft for a drive through outlet, which is due to open in early December, whilst Wren Kitchens will open a 15,000 sq ft showroom early next year.

Chancerygate acted as development manager on Gateway 44 for Carlisle City Council. The £5.6m build contract was undertaken by Caddick Construction.

Commenting on the practical completion of the development, a Carlisle City Council spokesperson said: “We are very pleased that Gateway 44 has been delivered on time and on budget by Chancerygate. The Costa Coffee and Wren Kitchens pre-lets are a testament to the high quality of the retail space available and the excellent location of Gateway 44.

“The development is real boost for the city and will provide significant new employment opportunities for people living in and around Carlisle.”

Gateway 44 sits on junction 44 of the M6 and the five remaining leasehold units at the development provide space from 1,200 sq ft to 10,000 sq ft. It is located opposite Kingstown Retail Park, where current occupiers include Asda, Marks & Spencer, Currys PC World, B&M and Next.

Mike Walker, development director and head of Chancerygate’s Warrington office, said: “The completion of Gateway 44 is great news for Carlisle and provides a prime location for retailers looking to bolster their presence in the area.

“We’re seeing a strong level of interest across the remaining available units and hope to be in a position to announce further deals soon. Gateway 44 is now, in our opinion, the best retail park in the area, so we are looking forward to seeing the development serve Carlisle as a fantastic asset for years to come.”

Manchester-based Fletcher Rae was the architect. Letting agents for the development are Savills and Carigiet Cowan.

Chancerygate completes £17m, 86,000 sq ft Panorama scheme in Dartford with 80 per cent of space sold

By Ada Ioannidis,

Chancerygate has achieved practical completion of its £17m, 86,019 sq ft Panorama scheme in Dartford, Kent, and already sold more than 80 per cent of the available space there.

The development is situated within Crossways Business Park and overlooks the River Thames. Comprising seven new warehouse and industrial units, Panorama is adjacent to the Queen Elizabeth II Bridge and half a mile away from the M25.

83 per cent of the development’s available space has already been sold. Three units totalling 56,715 sq ft were disposed of ahead of practical completion in mid-October while an additional 14,555 sq ft unit was sold in November.

The three remaining units, which range from 4,693 sq ft to 5,030 sq ft, are all currently under offer.

The development’s first four occupiers include paper, plastic and board supplier, PPB; commercial vehicle body repair company, Truck Align; laser and special effects equipment provider, ER Productions; and aquarium supplier, Aquacadabra.

Panorama’s proximity to the A13, A2 and M20 also makes the scheme well-positioned for occupiers wanting to access Europe via the Channel Tunnel. Nearby occupiers on Crossways Business Park include Yodel, DHL Parcel, Furniture Village and Amazon.

Chancerygate development manager, Matthew Young, said: “Panorama is ideal for occupiers wanting to secure high quality, new build industrial space that is strategically located for access to both London and Europe.

“The combined benefits to occupiers provided by our units and the location have been reflected in the sales we have already achieved. These same qualities have led to the three remaining units currently being under offer and we are hopeful of having them all sold by the end of January 2021.”

Knight Frank and Altus Group are joint sales agents for Panorama Dartford.

Chancerygate granted revised planning approval for expanded phase two of £20m Mersey Reach industrial scheme in Aintree, Liverpool

By Ada Ioannidis,

Chancerygate has been granted planning permission for a revised phase two of its Mersey Reach warehousing and industrial development in Aintree, Liverpool following the success of the scheme’s first phase.

Originally, planning permission had been granted by Sefton Council to deliver 95,000 sq ft of industrial space as part of the phase two development.

The revised application to develop a second phase of the scheme was submitted in response to high market demand for industrial space in the region. Under the new approved plans, Chancerygate will reconfigure two previously approved units totalling 95,000 sq ft into 12 smaller units totalling 102,000 sq ft. The size of the units will range from 4,000 sq ft to 29,000 sq ft.

Chancerygate is currently nearing completion on first phase of its £20m Mersey Reach development. Located on Dunnings Bridge Road, phase one comprises four industrial units, two of which were pre-let to historic Bootle-based precision blade manufacturer Hardy UK and builders’ merchants Selco Builders Warehouse, earlier this year. Chancerygate has also sold a two-acre plot to Euro Garages for a new filling station.

Mike Walker, Chancerygate’s development director and head of the Warrington office, said: “We are pleased to have been granted planning permission to expand Mersey Reach having been delighted with the success of the scheme’s first phase.

“This permission allows us to redesign our plans for phase two to take advantage of the demand for urban logistics space in the North West. We are eager to begin speculative development of the scheme’s second phase in the first quarter of next year.”

CBRE and B8 Real Estate are joint agents for Mersey Reach.

JR Capital and Chancerygate £100m industrial fund acquires Birkenhead and Cardiff assets for £6.9m

By Ada Ioannidis,

JR Capital and Chancerygate’s £100m multi-let industrial property investment fund has acquired a further two assets in Birkenhead, Merseyside, and Cardiff for a total of £6.9m.

Commerce Trade Park in Birkenhead is a 40,004 sq ft scheme which has been acquired from investment and property management company, London & Cambridge Properties (LCP) for £3.45m.

Comprising 14 trade counter, office and industrial units, the trade park is prominently situated on the A41, approximately one mile south of the town centre and within the Wirral’s dominant trade counter location.

Anchor tenants on the scheme include construction materials supplier, Saint Gobain Building Distribution; tools, accessories and building supplies specialist, Toolstation; and kitchens and joinery specialist, Benchmarx.

West Point Industrial Estate, Cardiff, a nine unit scheme totalling 33,977 sq ft has also been acquired by the fund from commercial property management, development and investment company, Telereal Trillium for £3.45m.

The units are located within three miles of Cardiff city centre and are prominently situated on Penarth Road, the main arterial route into Cardiff from the west of the city centre. Current occupiers of the units include out of home advertising specialist, Clear Channel UK; same day courier, CitySprint; and trade electrical products manufacturer, PremSpec Electrical Products.

The two purchases by the fund bring its total investments to £32m comprising over 400,000 sq ft of industrial space. Other properties managed by the fund include Brunswick Park near Newcastle airport; Sandbeds Trading Estate in Ossett, West Yorkshire; Wollaston Industrial Park near Wellingborough and a portfolio of five assets near Northampton town centre.

JR Capital head of investments, Michael Ferris, said: “We are delighted to have completed these off-market transactions prior to the year end and they are both welcome additions to the fund.

“The multi-let industrial sector has proven to be very resilient during the lockdowns and despite the wider economic uncertainty, we remain bullish on the outlook for this sector. We have deployed cautiously over the past 12 to 18 months since launching the fund and plan to be active next year.”

The fund has a further £68m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.

Chancerygate head of asset management, Rory Finnan, added: “Our two latest acquisitions significantly strengthen the fund, as well as enhancing its geographical profile.

“Both properties are situated in prominent locations where demand remains consistently strong. We’re confident that these two acquisitions will act as a catalyst for further growth of the fund.”

On the Commerce Park acquisition, B8 Real Estate acted on behalf of Chancerygate and JR Capital, while Mason Partners LLP acted for LCP. Knight Frank acted on behalf of Chancerygate and JR Capital on the purchase of the Cardiff property, while Cooke & Arkwright acted for Telereal Trillium.

Chancerygate and Bridges Fund Management JV exchanges on 7.5-acre Edinburgh site to deliver £25m speculative development

By Ada Ioannidis,

Chancerygate and Bridges Fund Management’s joint venture (JV) has exchanged contracts to acquire a 7.5-acre site in Edinburgh.

The site, currently known as Grayfield House, is located in Sighthill which is approximately five miles south west of the city centre and currently comprises 90,000 sq ft of office accommodation. The vendor is Mapeley and the sale will complete next April.

The JV intends to speculatively develop a ‘best-in-class’ urban logistics scheme on the site, which will be known as Capital Park, and has a projected gross development value of £25m.

The JV will be submitting a planning application to redevelop the site to deliver 165,000 sq ft of industrial and warehousing space across 20 units ranging from 3,400 sq ft to 25,000 sq ft. Units will be available freehold or leasehold.

Neighbouring occupiers to the proposed development include Evans Halshaw, Tool Station, Edinburgh College, Edinburgh Napier University and Burton Biscuit Company.

Commenting on the acquisition, Chancerygate development director, Mike Walker, said: “We are very pleased to have secured this development opportunity in what is widely regarded as Edinburgh’s prime industrial location.

“We believe there is an undersupply of Grade A best-in-class industrial space in Edinburgh and our site will go some way to addressing this imbalance. We will be offering the units on a sale or leasehold basis, which is quite rare within the city, and we already have interest from a variety of potential occupiers.

“The site is situated within close proximity to Edinburgh’s motorway network, commuter links and airport, making it an ideal location for SME occupiers, trade counters and last mile logistics operators.”

Chancerygate and Bridges Fund Management have been working in partnership on projects for more than 10 years. Investments include the development of ‘The Curve’, a student housing development in London SE1; the regeneration of Beeston Business Park, Nottingham; and the acquisition of sites earlier this year for industrial development in Coventry and Peterborough totalling 454,000 sq ft.

Bridges Fund Management partner, Guy Bowden, added: “It’s great to be finalising our third recent JV with Chancerygate following our acquisitions in Coventry and Peterborough. The site offers an excellent opportunity to carry out some significant regeneration work and we will ultimately provide space that is much more environmentally sustainable the accommodation currently available in the area.”

The JV was advised by property consultancy Galbraith on the site acquisition whilst property agents Savills and Ryden advised Mapeley. Galbraith and Ryden will be the retained agents on the development.

Chancerygate completes 12-unit, 62,940 sq ft industrial scheme in Chertsey, Surrey

By Ada Ioannidis,

Chancerygate has achieved practical completion on a 12-unit, 62,937 sq ft industrial development in Chertsey, Surrey.

Called Chertsey Business Park, the development comprises leasehold industrial and warehousing accommodation with units ranging from 3,756 sq ft to 7,300 sq ft. A number of the units are already under offer.

Chancerygate purchased the 2.1-acre site in August 2018 and the land was then transferred to the ownership of Runnymede Borough Council in December 2019.

The development is in the centre of the borough of Runnymede within the town’s Hanworth Lane Industrial Estate and provides good access to junction 11 of the M25 and junction 2 of the M3.

Matthew Young, development manager at Chancerygate, said: “It’s fantastic news that we have achieved practical completion on Chertsey Business Park as it brings much-needed high quality industrial and warehousing accommodation to the region.

“The business park is strategically located in the town’s most central industrial area. In addition to being best placed, the development also has excellent sustainability credentials. All of these factors combined mean we are experiencing high demand for units, with a number already under offer.”

All the units at Chertsey Business Park benefit from high-performance insulated cladding and roof materials which deliver an EPC rating of A and a BREEAM rating of ‘very good’. The scheme provides occupiers with electric vehicle charging points and secure cycle parking.

Alex Williams, corporate head of assets and regeneration at Runnymede Borough Council commented:

‘We are delighted with the finished product and high quality of build at Chertsey Business Park. We are very pleased that practical completion of the development was delivered according to programme, particularly considering the challenges to the construction supply chain presented by the Covid-19 pandemic.’

Joint agents on the Chertsey Business Park scheme are JLL and Carter Jonas.

Chancerygate’s 121,370 sq ft Warmley Business Park 80% sold or let following three more disposals

By Ada Ioannidis,

Chancerygate has successfully sold or let 80 per cent of its 15 unit, 121,366 sq ft Warmley Business Park scheme in Bristol after disposing of three more units.

Two units totalling 19,643 sq ft were let to Co-op Funeralcare as part of its national portfolio expansion. Following the leasing of the properties, we sold the units to a private investor.

A further 12,240 sq ft unit has been sold to Warmley-based chemical manufacturer Barrettine Group to further enable the company’s growth plans. Founded in Bristol in 1879, Barrettine Group’s head office is located half a mile from Warmley Business Park.

With one 4,085 sq ft unit currently under offer, only two units at 4,083 sq ft and 4,424 sq ft remain available.

Situated within six miles of Bristol city centre, Warmley Business Park is strategically located just 350 yards from the A420 which provides access to Bristol, Bath and the wider South West.

Chancerygate development manager, Matthew Young, said: “Demand for high-quality industrial and warehousing units in and around Bristol has exceeded available supply for some time.

“It is a rarity to find modern units available on a freehold basis across central Bristol, so Warmley Business Park has become an increasingly attractive proposition for occupiers wishing to acquire industrial space.

“We are delighted to have completed sales with Co-op Funeralcare and Barrettine Group, and we have strong interest in the scheme’s two remaining units.”

Current occupiers of Warmley Business Park include meat-slicer manufacturer Grasselli, artificial sports surfaces contractor Verde Recero, balancing machine manufacturer Balancing Universal and office refurbishers Avent Interiors.

Alder King and Burston Cook are joint sales agents for Warmley Business Park.

Credit Suisse, Chancerygate and Hines JV acquires Dagenham site to deliver £50m, 165,000 sq ft speculative industrial development

By Ada Ioannidis,

A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, Chancerygate and the international real estate firm Hines has acquired a six-acre site in Dagenham, East London.

The JV intends to speculatively develop a new 165,000 sq ft industrial scheme on the site with a gross development value of £50m. Plans will be submitted to deliver up to 20 units ranging from 3,000 sq ft to 33,000 sq ft for warehousing and trade counter use. Units will be available freehold or leasehold.

The Rainham Road site, which was previously owned by wholesale electrical distributor Rexel UK Ltd, currently comprises warehouse buildings with ancillary trade counters and offices.

Situated between the A12 and A13, the scheme is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300m film and TV studios.

Commenting on the acquisition, Chancerygate development manager, Tom Faulkner, said: “We are very pleased to have secured this exciting development opportunity in such a prominent London location. Our proposals for the scheme will address a shortage of high quality, new build warehousing supply in the area.”

The Dagenham scheme will be the second acquired by the JV between the three parties following the 350,000 sq ft Network West development in Bracknell, Berkshire, which is currently subject to planning approval.

Greg Cooper, Hines UK director of industrial and logistics, continued: “In developing a range of units speculatively, we aim to attract a variety of different businesses to Dagenham that are either expanding or relocating.

“Given the site’s proximity to what will be a world-class film studio, we also expect our development to be an attractive option for businesses serving the TV and film industry. This serves as yet another example of our creative transformation of urban environments with leading edge logistics developments.”

CBRE advised the JV on the site’s acquisition whilst Colliers International acted on behalf of Rexel.

Len Rosso, head of industrial & logistics at Colliers International, said: “This year has shown the need for good quality industrial space across the country as supply logistics have been tested like never before. We have a historic issue of low-supply of industrial stock, so the development of speculative, modern industrial space in this east London location will help to meet the growing needs of the industry.”

Chancerygate announced as one of UK property industry’s best places to work

By Ada Ioannidis,

Chancerygate has been revealed as one of the UK property industry’s best places to work by leading trade publication Property Week.

Only 28 businesses successfully qualified for the annual list, and we secured our spot after entering the selection process for the first time this year. The listing also coincides with us celebrating our 25th anniversary in 2020.

To qualify for the list, real estate companies’ employers and employees are independently surveyed to ensure a robust and objective view of an organisation.

The survey covers topics ranging from management culture, working conditions and benefits to diversity, social activities and health and well-being initiatives.

Part of our mission statement is to be ‘the most enjoyable place to work’ within industrial property and asset management, so the listing is significant evidence of us moving toward that objective.

Chancerygate managing director, Richard Bains, said: “Being announced as one of the best places to work in the UK property industry is an award we are very proud of.

“Our culture and values are a direct reflection of our people. This ensures a workplace environment that is rewarding, supportive and enjoyable.

“Being listed shows we are on the right track. However, we can always do more and we will strive to continually improve and consistently ensure we put our people first.”

To find out more about Chancerygate and our vision, mission and values, click here

Chancerygate one of UK’s most inspiring companies, says London Stock Exchange Group

By Ada Ioannidis,

Chancerygate has been recognised as one of ‘1000 companies to inspire Britain’ following a report by the London Stock Exchange Group.

The research-based annual report, which is now in its seventh year, highlights how small and medium-sized enterprises (SMEs) will play a crucial role in rebuilding the UK economy following Covid-19.

Described by London Stock Exchange Group CEO, David Schwimmer, as a report ‘which identifies the UK’s most dynamic and fastest-growing businesses’, it examines in detail the opportunities and challenges facing SMEs. The report also looks at sectors and trends that will shape the future of the UK economy.

We are the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide from its offices in London, Warrington, Birmingham and Milton Keynes.

Chancerygate is one of only 39 real estate businesses named in the report. It is the first time we have featured in the report and the accolade coincides with us celebrating our 25th anniversary.

Chancerygate managing director, Richard Bains, commented: “We are very pleased to have been selected as a company to inspire Britain this year, especially considering the impact of Covid-19 and with it being our 25th anniversary.

“The industrial property sector has emerged strongly from the pandemic and we have continued to think and act entrepreneurially throughout it. We have benefited from a fantastic team effort at Chancerygate during 2020 and managed to secure some of the largest and most strategically important deals in our history over the course of this year.

“As we head towards 2021, we remain focused on ensuring our business remains best placed to continue to react with speed and agility to the opportunities and challenges ahead.”

Chancerygate currently has up to 2.9 million sq ft of freehold and leasehold industrial space under construction or ready for development across 22 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.

We also manage in excess of £220m of assets across more than 4.9 million sq ft of commercial space in more than 350 units.

Chancerygate and Bridges Fund Management acquire Peterborough site to develop 200,000 sq ft of industrial, roadside and trade space

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and Bridges Fund Management has acquired an 8.63-acre site in Peterborough to speculatively develop up to 200,000 sq ft of industrial, roadside and trade space.

Located on Maskew Avenue, the site has lain vacant for a decade and is around two miles north of Peterborough town centre.

It is also immediately adjacent to the established Maskew Retail Park which includes B&Q, Matalan, Aldi and Argos as occupiers. The vacant site’s vendor was Wren Kitchens and the value of the sale is undisclosed.

The JV intends to submit plans to the local authority within the next four months which, if approved, will provide the opportunity for a mix of industrial, warehouse, trade counter, self-storage and roadside accommodation.

Subject to planning, Chancerygate and Bridges Fund Management have already agreed the sale of one acre of the site to self-storage company Lok’nStore. In addition, the JV is also in advanced negotiations with drive-through food and beverage retailers.

Commenting on the acquisition, Chancerygate development director, George Dickens, said: “We are very pleased to have secured this prominent development opportunity and bring back to life a site that has lain dormant for 10 years.

“We specialise in speculative development and believe that the Maskew Avenue site is ideally placed for us to do what we do best by creating a mix of industrial, roadside and trade units which will attract investment and jobs to the area. This is already evident by our agreement with Lok’nStore and the positive ongoing negotiations with drive through operators.

“We are looking forward to delivering much-needed, high quality accommodation for a wide variety of businesses.”

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

Bridges Fund Management partner, Guy Bowden, added: “Our Maskew Avenue site will allow us to regenerate and revitalise a sizeable area of land by creating a new place for both business and the wider Peterborough community. We are looking forward to having the opportunity to deliver another successful project with Chancerygate.”

Chancerygate and Bridges Fund Management have appointed property consultancy Savills as agents for the Maskew Avenue site.

Chancerygate secures planning for Warrington and Sutton Coldfield sites totalling 191,680 sq ft

By Ada Ioannidis,

Chancerygate has secured planning for two multi-unit schemes at Gemini8 in Warrington and Forge Industrial Park in Sutton Coldfield.

The development at Gemini8 will see Chancerygate speculatively develop 119,675 sq ft of industrial and warehousing space as part of a joint venture (JV) with Hines, the international real estate firm.

Comprising 5.1 acres in total, the scheme will provide 18 freehold and leasehold units ranging from 3,900 sq ft to 16,500 sq ft and is strategically located with direct access to the M62. Planning consent comes after Chancerygate and Hines acquired the site in January this year.

The development at Forge Industrial Park in Sutton Coldfield will see Chancerygate deliver a 72,007 sq ft freehold light industrial and warehousing scheme featuring 11 units ranging from 4,467 sq ft to 24,003 sq ft.

Chancerygate purchased the 3.1-acre site last August and work to demolish an existing 69,000 sq ft industrial building on the site is due to begin in November.

Located next to Minworth Trade Park, Forge Industrial Park is located 2.2 miles from junction 5 of the M6, three miles from junction 9 of the M42 and seven miles north east of Birmingham city centre.

Alastair King, head of development at Chancerygate, said: “We are seeing growing demand for high-quality industrial developments across the UK. This is being driven in part by increasing demand from retailers and institutional investors, both of which regard strategically located industrial space as a key asset.

“Our scheme at Gemini8 is a great example of this. Historically, there has been a shortage of warehousing space in Warrington and there has not been a multi-unit development in the area for more than a decade. Now, we are seeing demand rise significantly and that is why we are best placed to invest in the area to speculatively develop 119,675 sq ft of industrial and warehousing space.

“Rising demand is also a key driver behind our development at Forge Industrial Park. It is a well-established industrial area and is ideally located for retailers and funds looking to invest in warehousing and logistics to meet growing consumer demand for ecommerce and home delivery models.”

Commenting on the scheme at Gemini8 in Warrington, Greg Cooper, Hines UK director of industrial and logistics, said: “This is an important next step in continuing to grow our portfolio with Chancerygate and deliver high-quality industrial schemes across the UK. The partnership to date has been highly successful at identifying modern industrial and logistics space in strategic locations across the UK and we welcome the momentum behind these quick transactions that allow us to deliver schemes at pace.”

Joint agents on the Gemini8 scheme are CBRE and Davies Harrison. Joint agents on the Forge Park Industrial scheme are Knight Frank and Gerald Eve.

Chancerygate completes 91,000 sq ft 40:40 Link industrial scheme in High Wycombe with 40 per cent of units sold

By Ada Ioannidis,

Chancerygate has achieved practical completion for its 91,734 sq ft 40:40 Link industrial development in High Wycombe, Buckinghamshire, having pre-sold four of the scheme’s ten units.

40:40 Link offers warehouse, industrial and trade counter units, with the six remaining units at the development ranging from 4,589 sq ft to 30,313 sq ft available on a leasehold basis.

The development’s practical completion, delivered by appointed contractor MCS Group, follows the pre-sale of four units totalling 33,864 sq ft to supplier of cutlery, china and barware, Elia International.

The trade business, which supplies its products to the leisure and hospitality industry is headquartered in Greenford, London and has acquired the four units to expand its warehousing and distribution operation.

Located within an established employment area approximately two miles to the west of High Wycombe town centre and two miles north of the M40 motorway, the scheme is well positioned to serve London, Oxford, Milton Keynes and the wider Thames Valley.

Chancerygate’s head of development, Alastair King, said: “We are delighted to have completed the development of this complicated site, which included the deculverting and rewilding of a section of the River Wye.

“The quality of the scheme and its strategic location has been endorsed by the commitment of Elia International and the strong levels of demand we are seeing for the other units.”

MCS Group managing director Keir Edmonds said: “Chancerygate is recognised as one of the UK’s leading industrial developers and we are delighted to have worked alongside them once again to deliver this first-class development of warehouse units and trade counters.”

JLL and Chandler Garvey are joint sales agents for 40:40 Link.

Howdens joinery expands in Nottingham with new 8,800 sq ft warehouse at Trent Gateway, Beeston

By Ada Ioannidis,

The UK’s largest trade kitchen supplier, Howdens Joinery, has signed a 15-year lease on an 8,800 sq ft warehouse at Trent Gateway in Beeston, Nottingham, as part of its continued expansion plans.

Trent Gateway is a new industrial and warehousing scheme, delivered by a joint venture (JV) between Chancerygate and international real estate firm Hines. The 156,812 sq ft development offers 17 other units ranging between 2,644 sq ft and 36,339 sq ft which are available on a freehold or leasehold basis.

Founded in 1995, Howdens Joinery provides kitchen and joinery products to the building trade with its new premises set to add to its network of over 730 depots across the country.

Since being leased by Howdens Joinery, the 8,800 sq ft warehousing unit has been sold by the JV to a private investor.

Located within Beeston Business Park on the former Siemens Communications site, Trent Gateway is situated approximately three miles south west of Nottingham city centre with excellent links to the M1 leading to close towns and cities including Loughborough, Leicester and Derby.

The 156,812 sq ft industrial development is now almost 50 per cent occupied with tenants including Midlands-based Eden Tyres and gym equipment companies Indoor Sport Services and Again Faster.

The JV has also sold three units to private investors and an additional three units are currently under offer.

Commenting on the recent deal, Chancerygate development director, Mark Garrity, said: “We’re very pleased to be welcoming Howdens Joinery to Trent Gateway. The level of interest throughout the development’s build has been considerably high, and now construction is complete interest in the remaining units is continuing to grow.

“Beeston Business Park is a sought-after location for both local and national businesses and it is a testament to the growing demand for high-quality and well-located industrial and warehouse space that such an established national brand has chosen the site as part of its expansion.”

Innes England and FHP are joint sales agents for Trent Gateway. Property consultancy Montagu Evans acted on behalf Howdens Joinery.

Plans submitted for 350,000 sq ft Bracknell Business Park by Credit Suisse, Chancerygate and Hines JV

By Ada Ioannidis,

A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, Chancerygate and Hines has submitted plans to speculatively build a 350,000 sq ft business park in Bracknell, Berkshire.

Called Network West, the 18.75-acre site is currently home to Hewlett Packard Enterprise UK’s headquarters. The current planning application will see 24 units ranging from 3,500 sq ft to 43,000 sq ft built on the site, with the developers also able to accommodate larger bespoke units up to 350,000 sq ft.

The JV was set up by the three entities specifically to deliver the Network West development and its initial purchase of the land was one of the largest deals of its type within the M4/M3 corridor last year.

The proposals for Network West are to provide speculative industrial, warehousing and logistics accommodation, while its comprehensive power infrastructure and fibre connectivity also makes the site suitable for data centres or film production facilities.

The development is being offered on both a leasehold and freehold basis.

Commenting on the development proposals, Chancerygate head of development, Alastair King said: “Our proposed development will be the largest we have built and reflects the confidence we have in the market for industrial and warehousing space, which is driven by particularly strong demand from potential occupiers in this region.

“The fact that so many online retailers have taken up additional warehousing space over recent months to alter their supply chains has reduced supply. As a specialist in speculative development, the combination of an appealing site and a healthy dynamic between supply and demand created the perfect opportunity for us to play to our strengths alongside our joint venture partners.

The new business park will reinforce Bracknell’s status as one of the UK’s emerging trading centres, which has seen it become home to headquarter offices for major businesses including Vodafone, Fujitsu, Honda and Waitrose.

Greg Cooper, Hines UK director of industrial and logistics, added: “With excellent motorway links and the ability to serve such a large proportion of the population, Network West provides a fantastic opportunity for businesses looking to either expand or relocate their operations.

“The site’s wider appeal to data centre users and film production companies, a number whom have already enquired about bespoke facilities, is another avenue we are exploring.”

The UK Hines team is currently active in the office, retail, student housing and logistics sectors, managing a combined UK property portfolio worth more than £2bn and located in London and key regional cities.

Joint agents on the scheme are BNP Paribas and JLL.

Chancerygate pre-sells 70 per cent of £17m, 88,900 sq ft Dartford industrial scheme ahead of completion

By Ada Ioannidis,

Chancerygate has pre-sold nearly 70 per cent of its 88,900 sq ft Panorama industrial development in Dartford, Kent ahead of practical completion.

Panorama is a £17m scheme offering seven high-quality warehouse and industrial units ranging from 4,693 sq ft to 29,072 sq ft, which are available on either a freehold or leasehold basis.

Ahead of practical completion, which is expected in late September, Chancerygate has pre-sold three of the scheme’s larger scale units totalling 59,728 sq ft with another 14,434 sq ft space currently under offer. The development’s three remaining units range from 4,693 sq ft to 14,749 sq ft.

Once complete, the scheme’s first three occupiers will comprise paper, plastic and board supplier, PPB Limited, commercial vehicle body repair company, Truck Align; and laser and special effects equipment provider, ER Productions.

Situated within Crossways Business Park on the River Thames waterfront, Panorama is strategically placed adjacent to the Queen Elizabeth II Bridge and the M25 motorway for easy access to London. The development’s proximity to the A13, A2 and M20 also makes the scheme well located for occupiers looking to gain entry to Europe through the Channel Tunnel. Nearby occupiers on Crossways Business Park include Yodel, DHL Parcel, Furniture Village and Amazon.

Chancerygate development manager, Matthew Young, said: “The excellent location and quality of accommodation at Panorama means interest in the scheme has been high since we unveiled our plans for the site.

“The forward commitments demonstrate the strong demand from occupiers in the area seeking well located, Grade A, freehold units and there is strong interest in the remaining units.”

Knight Frank and Altus Group are joint sales agents for Panorama, Dartford.

Chancerygate completes £10m Furlong Business Park industrial development in Cheltenham with a third of units already sold

By Ada Ioannidis,

Chancerygate has achieved practical completion for its  94,000 sq ft Furlong Business Park scheme in Bishops Cleeve near Cheltenham, with almost a third of the development’s available units already sold.

Furlong Business Park is a £10.2m development providing a total of 11 high-quality industrial and warehousing units ranging from 3,988 sq ft to 25,714 sq ft. Units are available on both a freehold and leasehold basis.

Having pre-sold a 3,075 sq ft unit to Chipping Norton-based printing company KopyRite Printers last November, Chancerygate pre-sold a further 4,590 sq ft unit before the scheme’s completion, which was purchased by building specialists, D&G Contracting.

A further unit totalling 4,865 sq ft was bought by creative agency Still Moving Media within days of the development’s completion, while a 3,988 sq ft unit is currently under offer.

Situated within Cleeve Business Park on the outskirts of Cheltenham, Furlong Business Park is approximately one mile north of Cheltenham racecourse and four miles from Junction 10 of the M5. Nearby occupiers on Cleeve Business Park include GE Aviation, Zurich Insurance and Capita Life & Pensions.

Chancerygate is also in the process of developing a second industrial scheme in Cheltenham, which is expected to be available for occupation next autumn. Called Festival Trade Park, the development will offer 14 trade counter, industrial and warehousing units ranging from 3,487 to 34,981 sq ft and is part of a joint venture with international real estate firm Hines.

Commenting on the site’s practical completion, Chancerygate development director George Dickens, said: “We’re very pleased to have achieved practical completion at Furlong Business Park with a third of the scheme’s units now sold and the remaining seven units attracting plenty of interest.

“Prior to our two active sites in Cheltenham, there had not been a speculative development in the area for more than a decade. Our recent investment in the region shows our commitment to giving prospective occupiers high-quality industrial space to grow their businesses in Gloucestershire.”

BNP Paribas Real Estates and Colliers International are joint sales agents for Furlong Business Park.

 

JR Capital and Chancerygate £100m industrial fund buys Northampton portfolio for £10.4m

By robJonesBrand8,

JR Capital and Chancerygate’s £100m multi-let industrial fund has acquired a portfolio of five industrial assets in Northamptonshire for a total of £10.4m.

Reflecting a net initial yield of 7.1 per cent and totalling 130,619 sq ft, the two multi-let estates and three single-let units are fully let to 11 tenants and are all located within five miles of Northampton town centre. The portfolio was sold by Edmond de Rothschild Real Estate Investment Management (REIM) on behalf of Highgate Unit Trust.

The five assets within the portfolio range between 4,953 sq ft and 64,832 sq ft in size and are strategically located within the heart of the ‘Golden Triangle’, a core M1 corridor location between London, Milton Keynes and Birmingham.

Tenants across the five Northampton industrial properties include the UK and Ireland’s leading distributor of toys and collectables, Click Distribution; freight specialists, Normal Global Logistics; healthcare provider, Millbrook Healthcare; and business process automation specialist, Exela Technologies.

The purchase by the fund brings its total investments to £25m comprising Brunswick Park near Newcastle airport, Wollaston Industrial Park near Wellingborough and Sandbeds Trading Estate in Ossett, West Yorkshire.

JR Capital managing director, John Collier-Wright, said: “We have deployed cautiously over the past nine months since launching the fund and are very well placed to take advantage of current market conditions. The industrial and logistics sector has been one of the best performing asset classes during the lockdown and despite the short-term uncertainty, we are bullish on the outlook.”

The fund has a further £75m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.

Chancerygate head of asset management, Rory Finnan, added: “Our fund’s latest investment marks a significant expansion of our portfolio and highlights the resilience of the industrial sector. The growth of online retail, particularly amid the coronavirus lockdown, has boost demand for varying types of warehousing and industrial units.

“These latest acquisitions further strengthen our presence in Northamptonshire after the fund’s acquisition in Wellingborough. The fact that every unit is occupied signifies the strength of demand in what is one of the most sought-after locations in the country.”

Mark Millar, head of UK investment at Edmond de Rothschild REIM, continued: “This is a well-located spread of light industrial assets in Northampton, where we successfully implemented an asset management strategy which reduced the level of voids, increased rents and delivered longer lease lengths ahead of realisation.”

Gerald Eve acted on behalf of the Chancerygate and JR Capital, while legal advice was provided by real estate law firm, Maples Teesdale. Knight Frank acted for Edmond de Rothschild REIM.

 

Chancerygate and Hines JV submits planning for new 115,000 sq ft industrial development in Warrington, Cheshire

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and Hines has submitted plans to speculatively build 115,000 sq ft of industrial and warehousing space on the final five-acre plot at Gemini8 in Warrington, Cheshire.

Situated within the North West’s most prominent business park, the proposed scheme will provide around 18 units ranging between ranging from 3,900 sq ft to 16,500 sq ft.

Comprising 5.1 acres in total, Gemini8 is strategically located with direct access to the M62 motorway. Occupiers surrounding the proposed scheme include Ikea, Starbucks, Travelodge and Marks & Spencer.

Commenting on the development proposals, Chancerygate development director and head of its Warrington office, Mike Walker, said: “The site at Gemini8 is without doubt one of the most prominent in the North West and is the ideal location for a range of high-profile commercial operators.

“We believe the location is perfect for the introduction of modern, high specification industrial and warehousing units aimed at the vitally important SME sector. The development will assist local and national businesses with expansion plans to fulfil their ambitions.”

Greg Cooper, Hines UK director of industrial and logistics, added: “Submitting a planning application so soon after we acquired the site is testimony to our confidence in the opportunity to deliver a high quality industrial and trade counter scheme in an excellent location, where we believe there will be significant occupier demand.”

Joint agents on the scheme are CBRE and Davies Harrison Real Estate.

Chancerygate and Hines JV secures planning for 100,000 sq ft industrial development in Tonbridge, Kent

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and Hines has been granted planning permission to speculatively develop a new 100,000 sq ft trade park in Tonbridge, Kent.

Called Tonbridge Trade Park, the industrial and trade counter scheme will comprise 15 high-quality units ranging from 4,000 sq ft to 15,000 sq ft and has a gross development value of around £20m.

Located just one mile from Tonbridge town centre, the development will provide a variety of trade, warehouse, industrial and other roadside opportunities, as well as offering easy access to the M25

The 4.11-acre site will be Tonbridge’s first new industrial scheme for over 20 years. Pre-sale and pre-let discussions with prospective occupiers are currently ongoing.

Chancerygate and Hines launched the equal JV in September 2018 and Tonbridge was its first acquisition. With a gross development value totalling around £107m, the JV’s portfolio of industrial space now represents 758,606 sq ft across additional developments in Warrington, Birmingham, Nottingham, Cheltenham and Bournemouth.

Chancerygate development manager, Tom Faulkner, said: “We are very pleased to be granted the opportunity to rejuvenate a prominent site which has lain dormant for a number of years.

“Tonbridge Trade Park will see us provide the region with a much-needed, modern industrial and warehousing accommodation with the potential to create new jobs in rapidly growing sectors of the economy.”

Greg Cooper, Hines UK director of industrial and logistics, added: “Since acquiring the site last year we’re pleased to have made good progress with our plans, and with this planning consent we can look forward to starting work on site.  We’re already having a number of positive discussions with businesses and with the scarcity of industrial space in the region, are confident of securing our first occupiers ahead of completion of the scheme.”

Joint agents on the scheme are Bracketts and DTRE.

Chancerygate secures planning for 140,000 sq ft industrial development in Oldham, Greater Manchester

By Ada Ioannidis,

Chancerygate has secured planning to speculatively build 140,000 sq ft of industrial space with a gross development value (GDV) of approximately £16.5m in Oldham, Greater Manchester.

The development represents the second phase of our Satellite Park scheme and will comprise 14 units ranging from 3,900 sq ft to 35,000 sq ft.

Set to create more than 250 jobs, the development is located within one mile of Junction 21 of the M60 and construction is anticipated to begin later this year.

Satellite Park’s first phase saw us deliver a new 60,000 sq ft parcel distribution hub for logistics provider DPD. In addition, an existing 17,000 sq ft unit was refurbished and let to plumbing supplies business, Williams & Co.

We have redesigned the original planning application for phase two to address the limited supply of high quality small to medium-sized industrial units in North Manchester.

Commenting on the successful planning application, Chancerygate development director and head of our Warrington office, Mike Walker, said: “We are very pleased to secure consent for this scheme, which will address the lack of supply of modern high quality units in North Manchester and will meet the demand from occupiers looking to serve Manchester city centre and the northern areas of the M60.”

“Parcel delivery companies, online retailers and a number of manufacturers are extremely busy in the current climate, and we anticipate this trend will extend into the long term. We will therefore monitor the market to assess when is the correct time to commence development, which we hope will be later this year.”

Joint agents on the scheme are B8 and CBRE.

Chancerygate sells 87,300 sq ft Welwyn Garden City industrial estate

By Ada Ioannidis,

Chancerygate has sold the freehold of its 87,287 sq ft industrial estate in Welwyn Garden City, Hertfordshire.

Called Tewin Court, the 20-unit industrial estate has been acquired by real estate funds managed by Blackstone for an undisclosed sum.

We have managed Tewin Court since 2013 and the estate is fully let with a passing rent of approximately £700,000 per annum. Tenants occupying the site include precision engineering specialist Unicut; electrical distributor Amerco; and industrial fixings and fasteners wholesaler Metro Fixings.

Commenting on the sale, Chancerygate asset manager, George Jerram, said: “We’re pleased to have successfully managed Tewin Court for the last 7 years, during which time we have raised the income significantly.

“It was the right time for us to sell the estate and we are pleased to have secured such a reputable buyer at this time, despite the current challenges posed by the market.”

Chancerygate was advised on the sale by commercial property investment advisor Stonehill Partners.

Industry-first partnership sees Chancerygate install defibrillators on all developments

By Ada Ioannidis,

Chancerygate has announced an industry first partnership with the Henry Angell-James Memorial Trust (HAJMT) which will see the company install defibrillators at all its under construction and future developments.

Founded in March 2019, the trust was established in memory of Henry Angell-James who was a director of Birmingham-based industrial developer Graftongate Developments. Henry died aged 54 in October 2017 following a cardiac arrest.

Chancerygate is the first industrial developer and asset manager in the UK to commit to installing automated external defibrillators (AEDs) at its developments in conjunction with HAJMT. The first AED has been installed at Chancerygate’s Beeston Business Park scheme in Nottingham and the developer will fit further AEDs on its current and future projects.

Chancerygate’s AEDs will be registered with The Circuit, the national defibrillator network, which is connected to every ambulance service in the UK and allows them to direct bystanders to the nearest defibrillator to help save lives.

Commenting on the partnership, the trust’s founder and Henry’s wife, Sally Angell-James, said: “Chancerygate’s commitment to installing AEDs at all its under construction and future developments is an amazing boost to the trust, and will further raise its profile nationwide.”

Heart disease is the biggest killer in the UK, with around 95 per cent of cardiac arrests that happen outside hospitals proving fatal. By placing AEDs in more locations with public access, our objective is to reduce that number and save lives.

“This is further enabled by the fact that the devices being installed at Chancerygate’s developments are semi-automated, which makes them straightforward to use.”

Chancerygate managing director, Richard Bains, added: “We are proud to be the first industrial developer and asset manager to support the trust in this way.

“Sally is an inspiration to us all, having turned a personal tragedy into a force for positive change that will benefit people and undoubtedly save lives. We look forward to continuing to support the trust and raise awareness of Sally’s work throughout the UK.”

In memory of Henry, the Angell-James Family is on a mission to help save the lives of others by raising money to buy Free Public Access Defribillators. To get involved, donate or partner with the trust, please visit their website for more information.

Chancerygate insights: The mid-box market

By Ada Ioannidis,

Chancerygate’s Head of Development, Alastair King has provided Logistics Manager with his insights into the strength of the mid-box market in the current climate and the impact it has had on the disposal rate of Chancerygate’s product. Read the article  here.

Five minutes with Richard Bains

By Ada Ioannidis,

Chancerygate’s Managing Director, Richard Bains recently discussed work and life with Property Week.

Gain an insight into Richard’s thoughts on the property industry, his dream job, and some of his inspirational heroes. Read the article here.

Chancerygate and Hines JV pre-sells 25% of 157,000 sq ft Nottingham industrial scheme

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and Hines has pre-sold almost a quarter of its 18 unit, 156,812 sq ft Trent Gateway industrial and warehouse development in Beeston, near Nottingham.

In addition to selling a 4,877 sq ft unit to Midlands-based Eden Tyres & Servicing, the JV has sold three units totalling 25,099 sq ft to private investors. One of the units, consisting of 13,003 sq ft, will be occupied by gym equipment companies, Indoor Sport Services and Again Faster.

Trent Gateway forms part of the former Siemens Communications site and offers freehold and leasehold units ranging from 2,644 sq ft to 36,339 sq ft. Construction is scheduled to complete by the end of May.

The development offers excellent access to junction 25 of the M1, Beeston Railway Station and East Midlands International Airport.

Commenting on the early success of the site, Chancerygate development director, Mark Garrity, said: “The level of interest in Trent Gateway has been consistently high since even before work started on the site. These pre-sales are testament to the high quality of the accommodation and its excellent location.

“Interest in the remaining units is high and we look forward to continuing discussions with potential occupiers looking to take advantage of such an attractive opportunity.”

Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide with offices in London, Birmingham, Warrington and Milton Keynes.

In 2019, Chancerygate invested around £60m to acquire eight sites totalling 58 acres. During the same year, the business delivered more than one million sq ft of accommodation and let or sold 72 units.

Greg Cooper, Hines UK director of industrial and logistics, added: “Our joint venture with Chancerygate goes from strength to strength, with our portfolio of prime industrial space representing around one million square feet. Our leasing success at our developments across the UK demonstrates the growing demand for high quality, well-located industrial and logistics space.”

FHP and Innes England are joint letting agents for Trent Gateway. FHP advised Chancerygate on all four of the pre-sales and all values relating to the sales are undisclosed.

Chancerygate and Bridges Fund Management fully let 220,275 sq ft Nottingham Business Park following 34,500 sq ft office space deal

By Ada Ioannidis,

A joint venture (JV) between Chancerygate and Bridges Fund Management has fully-let its 220,274 sq ft Beeston Business Park in Nottingham.

The park comprises Waterfront House, a 91,895 sq ft multi-let Grade A office building, three industrial units totalling 128,379 sq ft and a 0.71-acre development plot.

Following an extensive refurbishment, and the letting of 26,800 sq ft to web giant Go Daddy last summer, all the remaining 34,500 sq ft of vacant space at Waterfront House has been let to housing association Metropolitan Thames Valley Housing on a 20-year lease in a deal agreed earlier this year.

Beeston Business Park’s industrial buildings are occupied by accident and repair manufacturer AW Repair Group and electronics manufacturer SMS.

Located four miles south west of Nottingham city centre, the development provides fast access to both the M1 and A52. It is also adjacent to Beeston train station, which offers a direct connection to London St Pancras International.

Chancerygate’s head of asset management, Rory Finnan, said: “Metropolitan Thames Valley Housing’s letting at Waterfront House is one of the largest in Nottingham over the past three years which is testament to the quality of both the office space and the advantages the location offers.

“We are very proud of what has been achieved at Beeston Business Park, and this is reflected by the high calibre of occupiers we have attracted and retained on the site.

“The transformation of Beeston Business Park from a tired and empty place into a thriving mixed-use site ably demonstrates the asset, development and project management skills of the Chancerygate team and the vision of our joint venture partner, Bridges Fund Management.”

Simon Ringer, head of property funds at Bridges, added: “Beeston Business Park has been a great success for our JV and an important regeneration project within the Nottingham Enterprise Zone. All our occupiers recognise the excellence of the development as an inspiring space to work and ultimately create further employment opportunities.”

Beeston Business Park is adjacent to a new 18-unit industrial and trade counter development called Trent Gateway, owned by a joint venture between Chancerygate and international real estate firm Hines. The site totals 155,268 sq ft and comprises units to let and for sale ranging in size from 2,644 sq ft to 36,339 sq ft.

Innes England and FHP are joint letting agents for both Beeston Business Park and Trent Gateway.

 

Chancerygate completes disposal of 101,000 sq ft industrial development in Chorley, Lancashire

By Ada Ioannidis,

Industrial developer and asset manager Chancerygate has completed the disposal of its 101,000 sq ft Eaton Point scheme in Chorley, Lancashire, following the sale of the development’s final unit.

The sale of the final 3,358 sq ft unit was made to property investment company WS Properties earlier this year. Since then the unit has been let to print and design business Chorley Print.

Located within the existing Matrix Park development, Chancerygate’s Grade A scheme comprises 14 warehouse and industrial units ranging from 3,305 sq ft to 47,478 sq ft.

The development is strategically located just one mile from Junction 28 of M6 and three miles from Junction 8 of M61, providing excellent connectivity to Manchester, Liverpool and the wider national motorway network.

Commenting on the completion of disposals at Eaton Point, Chancerygate development manager Chris Brown, who is based in the company’s Warrington office, said: “Demand at Eaton Point has been consistently high, even before its practical completion, and it is very satisfying to see the site now fully sold and occupied.

“The development is a great example of our ability to identify opportunities to create much needed high quality industrial space for the SME sector, especially for those businesses that want to buy their own premises. This is underlined by the range and calibre of businesses which have chosen to take up the units on offer.”

Chancerygate sold its 47,500 sq ft ‘Unit One’ at Eaton Point to real estate investment trust Warehouse REIT for £3.6m in October 2018 following the letting of the warehouse building on a five-year lease to Tilemaster Adhesives.

Other occupiers at Eaton Point include engine alternator manufacturer, C.E. Niehoff; energy-saving systems manufacturer, EnergyAce; and national electrical trade and wholesaler, Eyre & Elliston.

Property agents Savills and Robert Pinkus & Co. acted for Chancerygate on the sale of the unit to WS Properties.

Chancerygate: Covid-19 update

By Ada Ioannidis,

At Chancerygate, the health and safety of our employees, suppliers, occupiers, partners and the communities in which we develop and asset manage properties is paramount.

In response to the current circumstances relating to Covid-19, we have implemented our business continuity plan and introduced several measures which allow us to stay operational nationwide.

We remain open for business and aim to maintain an uninterrupted service for prospective and existing occupiers.

Viewings at each of our developments have been temporarily postponed but our agents will provide further information and arrange viewings when it is possible to do so.
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Please see our current projects page, where, for each of our schemes, you will be able to find the relevant agents’ contact details.

Chancerygate wins refit/refurbishment of the year award for The Klinger Building at the Insider South East Property Awards

By Ada Ioannidis,

Chancerygate has won the accolade of refit/refurbishment of the year for the Klinger Building at Klinger Industrial Park, Sidcup, at the inaugural Insider South East Property Awards.

As part of the 6.67-acre Klinger Industrial Park, which also incorporates a 105,100 sq ft new-build multi-unit industrial estate, the Klinger Building is a refurbished Grade II listed building of 61,560 sq ft.

When we first acquired the rare brownfield site, the Klinger Building was registered as a risk on both English Heritage and Historic England’s risk registers. Our task was to redevelop the building whilst maintaining its key architectural features.

Through our work, we’ve brought a listed building of local significance back into use, and the Klinger Building is no longer on any risk registers. It is currently occupied by Titan Storage Solutions.

In a competitive field, we beat three other projects located in the South East in the refit/refurbishment of the year category. Klinger Industrial Park was also shortlisted in the commercial development of the year category.

The Insider South East Property Awards, which took place at the Sofitel Gatwick Airport Hotel on February 27, celebrated the major deals and developments from the region, as well as its leading consultants, lawyers, agents and architects.

Commenting on the award win, development director, Jonathan Lee, said: “The success of the Klinger Building is testament to our entrepreneurial approach in identifying strategic sites to redevelop and refurbish.

“This was an extremely complex project which required Chancerygate to assemble a specialist professional team beyond our typical stable of advisors, so we’re very pleased to win this accolade.”

Our win at the Insider South East Property Awards follows our success at the South West edition of the awards, where Warmley Business Park, Bristol, was named industrial development of the year.

Work starts on 14-unit, 102,510 sq ft trade and industrial development in Cheltenham

By Ada Ioannidis,

Work has started on a 14-unit trade counter and industrial and warehousing development located one-and-a-half miles to the north west of Cheltenham town centre.

Called Festival Trade Park, the 4.5-acre development is on the corner of Wymans Lane and Runnings Road. The 14 units will range in size from 3,487 to 34,981 sq ft with nine being trade counter and the remainder industrial or warehouse units.

Festival Trade Park is being developed by a joint venture (JV) between industrial developer and asset manager Chancerygate and international real estate firm Hines. The JV acquired the site from clothing brand Superdry. Prior to Superdry occupying the site in 2015 it was home to food packaging company Vibixa.

Festival Trade Park is located within the established Kingsditch Trade and Industrial Estate. The development provides access to major road links, including the A40, A4019 and the M5.

Demolition of the existing buildings on the site is currently underway and Chancerygate and Hines are in now tendering the main contractor for the build element of the development. All 14 units are expected to be available for occupation in in the first quarter of 2021.

Commenting on Festival Trade Park, Chancerygate development director, George Dickens, said: “There has been very little speculative development of industrial and trade counter units in Cheltenham over the last ten years. Festival Trade Park will provide the town and region with much needed, high quality space in an established trading estate.

“We have already had a number of initial enquiries from interested parties. Now work is underway we will enter into more advanced discussions with potential occupiers about how we can work with them to make Festival Trade Park the best place for them to further grow their businesses.”

Chancerygate and Hines launched their JV in September 2018. It currently has six schemes with a gross development value totalling around £107m, comprising 753,711 sq ft across Cheltenham and further developments in Birmingham, Warrington, Nottingham, Tonbridge and Bournemouth.

Greg Cooper, Hines UK director of industrial and logistics, added: “We are pleased to have started work on this speculative development which we believe will bring much needed light industrial and warehouse space to the region. Early interest from potential occupiers has been encouraging and we look forward to completing the development and securing our first tenants in due course.”

Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 25 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.

Chancerygate also manages in excess of £220m of assets across more than 4.9 million sq ft of commercial space in 355 units. The company has offices in London, Warrington, Birmingham and Milton Keynes.

The developer and asset manager’s JV partner, Hines, manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million sq ft of projects acquired, completed or in the pipeline.

The site selling agent was Richard Knightley and Festival Trade Park’s marketing agents are Colliers, KBW and Alder King.

Chancerygate’s nationwide expansion powers ahead with Birmingham office’s first project manager appointment

By Ada Ioannidis,

Industrial developer and asset manager Chancerygate has appointed its first project manager at its Birmingham office as the company further expands its development pipeline throughout the Midlands.

Dan Powers joins after nine-and-a-half years at the Birmingham office of property consultancy JLL where he was a director of project management.

Chancerygate launched its Birmingham office in November 2018 with the hire of development director Mark Garrity from Kier Group. Dan’s appointment is an important element of Chancerygate’s overall nationwide growth plan with the Birmingham office currently running four high-profile industrial developments in the Midlands.

Most recently, Chancerygate announced its acquisition of a 12-acre site in Coventry in a joint venture with Bridges Fund Management to build 254,000 sq ft of industrial and warehouse space. The site will have a gross development value of £35m.

The Birmingham office is also managing a 19-unit scheme in Aston, the 18-unit Trent Gateway development in Beeston, Nottingham (both as part of a joint venture with international real estate firm Hines) and a 12-unit development within Minworth Industrial Estate in Sutton Coldfield.

Commenting on his new role, Dan said: “Chancerygate has a clear growth strategy for the Midlands and I am looking forward to working with Mark and the wider team to help make it happen.

“It was an easy decision for me to join a business which has a growing reputation in the region for acting decisively on deals and building excellent product in strategic locations. Those are solid foundations on which to further scale our activity in the Midlands and grow the office.”

Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager. The company currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 25 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.

Welcoming Dan to company, Chancerygate development director and head of the Birmingham office, Mark Garrity, said: “We have ambitious growth plans for the Midlands. We can only achieve them if the people who join us are highly capable, able to think and act entrepreneurially and share our vision of being the best at all we do.

“Dan has all those qualities in abundance, so he will enable us to significantly increase our activity in the Midlands throughout 2020 and beyond.”

As well as Birmingham, Chancerygate also has offices in London, Warrington and Milton Keynes.

Chancerygate and Bridges Fund Management JV acquires 12-acre site in Coventry for a £35m industrial and warehouse scheme

By Ada Ioannidis,

A joint venture (JV) between industrial developer Chancerygate and Bridges Fund Management has purchased a 12-acre site in Coventry to speculatively build 254,000 sq ft of industrial space.

Acting as the development manager, Chancerygate will deliver warehouse and industrial units in two phases with a gross development value (GDV) of £35m. The vendor for the site was Black Elk.

Previously used as a factory by aerospace company Meggitt, the site is situated off Holbrook Lane and is two-and-a-half miles north of the city centre with good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development with plans for 515 new homes to be delivered by housebuilders Persimmon and Taylor Wimpey.

Commenting on the acquisition, Chancerygate development manager, Richard Lord, said: “As part of our continued nationwide expansion, this is a strategically located site in the heart of the West Midlands where there is strong demand for high-quality industrial space.

“We are confident of creating a development that will provide owner occupiers with the best place to locate to enable them to further enhance their businesses.”

The JV between Chancerygate and specialist sustainable and impact investor Bridges has previously collaborated on the 48-acre Beeston Business Park, Nottingham.

Bridges partner Guy Bowden added: “Our partnership with Chancerygate is well-established. With the acquisition of this new site in Coventry we will soon have our JV’s first location in the West Midlands, which will allow us to demonstrate the quality of our product and service and support economic growth in the region”

Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to 2.6 million sq ft of industrial space under construction or ready for development across 24 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.

Chancerygate also manages in excess of £220m of assets across more than 4.9 million sq ft of commercial space in 355 units. The company has offices in London, Warrington, Birmingham and Milton Keynes.

Bridges Fund Management invests in the transition to a more inclusive and sustainable economy. Its specialist property funds focus on growth locations and sectors that are well-placed to benefit from changing demographics and societal needs, driving value through physical and operational improvements. Bridges is also a market-leader in implementing sustainability features that reduce costs, improve valuations and future-proof property assets.

Historic Bootle blade maker Hardy UK cuts a deal for 22,000 sq ft facility at Merseyreach Logistics Park, Aintree

By Ada Ioannidis,

Historic Bootle-based precision blade manufacturer Hardy UK has agreed a fifteen year lease with developer Chancerygate on a new 22,066 sq ft facility at MerseyReach logistics park in Aintree.

Founded in 1854, Hardy UK designs and manufactures precision blades for the global leather industry, with 95 per cent of sales being exports. In 2015, Hardy UK was acquired by renowned Sheffield knife maker, Arkote.

Currently located on Fernhill Road in Bootle, the company’s employees are scheduled to relocate to MerseyReach by August 2020. Hardy UK estimates the new facility will ultimately increase production capacity and open employment opportunities in both production and administration positions.

Phase one of MerseyReach comprises four units totalling 112,500 sq ft and the second phase totals 90,000 sq ft. Once finished, the site on Dunnings Bridge Road will create up to 350 jobs and is estimated to have a £5.5m positive impact on the area.

Following a £7.85m contract awarded to the Warrington office of Caddick Construction, work on the first phase started in December last year. The development is scheduled to complete this August.

Another of the four units in phase one has already been pre-let to builders merchants Selco Builders Warehouse. The remaining two units are 12,035 sq ft and 42,518 sq ft. A two-acre plot on the site will also be developed into a fuel station, drive-through Starbucks and Spar retail store by Blackburn-based Euro Garages.

Situated on a 13.5-acre site, the logistics park is strategically located on a prominent gateway route into the new Liverpool SuperPort, with fast access to the M57 and M58.

Commenting on the lease, Hardy UK managing director, Peter Oxspring, said: “During the 2015 takeover the board identified early on that, in order to sustain and then grow Hardy UK as the largest blade manufacturer in the leather industry, a relocation of premises would be essential.

“Having considered many options with the help of the team at Mathews & Goodman, both within the area and further afield, Chancerygate made a compelling offer and we were ultimately convinced that MerseyReach would be the right place to call home for the next phase of the development of Hardy UK.”

MerseyReach is being developed by the Warrington office of industrial developer and asset manager Chancerygate. The company operates nationwide and currently has up to 2.6 million sq ft of industrial space under construction or ready for development across 24 sites ranging from Bournemouth in Dorset to Livingston, West Lothian. Chancerygate also has offices in London, Birmingham and Milton Keynes.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, added: “It is excellent to welcome a long-established local business such as Hardy UK to MerseyReach. This is North Liverpool’s first new, multi-unit logistics park to be built for years. We are pleased to work closely with Sefton Council and other stakeholders to bring more business, jobs and other opportunities to the area.”

MerseyReach and Hardy UK are supported by Sefton Council’s business growth team, InvestSefton, and employment and training opportunities will be given to nearby residents through the Sefton@Work programme.

Councillor Marion Atkinson, Sefton Council cabinet member for regeneration and skills, said: “We are delighted with the training and employment opportunities the new MerseyReach development will bring our residents. It is an exciting time for the borough, with new developments and investment that will benefit everyone across Sefton.”

The development is also supported by Liverpool City Region Combined Authority and The Chrysalis Fund, which finances property, regeneration and sustainability projects throughout the region.

Peter Dowd, MP for Bootle, added: “The MerseyReach development represents great news for the area and we are delighted that Chancerygate has recognised the potential of the location. Thanks to the close partnership working between Chancerygate and Sefton Council, MerseyReach will create new job and training opportunities for local residents, including people who are looking for work.”

Hardy UK was advised on the transaction by commercial property consultants Matthews & Goodman. CBRE and B8 Real Estate are joint agents for MerseyReach.