A joint venture (JV) between industrial developer and asset manager Chancerygate and international real estate firm Hines continues to gain momentum with the acquisition of two further sites with a combined gross development value (GDV) of around £50m.
Totalling 14.9 acres, the sites are located in Bournemouth, Dorset, and Beeston, Nottinghamshire. Together, they will deliver 348,155 sq ft of multi-unit industrial and trade counter buildings.
This latest announcement follows soon after the JV’s first two site acquisitions in February which were in Tonbridge, Kent, and Cheltenham, Gloucestershire. Comprising 202,000 sq ft, and with a combined gross GDV of £36m, the two initial sites will also deliver multi-unit industrial and trade counter buildings.
In Bournemouth, Chancerygate and Hines has acquired an 8.5-acre site at Ferndown Park, Ferndown. The proposed scheme will provide 24 freehold and leasehold units totalling 192,887 sq ft, ranging from 3,000 sq ft to 33,000 sq ft. The development is scheduled for occupation in 2020.
The JV purchased a 6.4-acre site in Beeston at Trent Gateway, which is within Beeston Business Park. It will feature 16 freehold and leasehold units totalling 155,268 sq ft. These will range in size from 2,300 sq ft to 49,811 sq ft and are scheduled for occupation later this year.
Commenting on the site acquisitions, Chancerygate managing director, Richard Bains, said: “These are excellent acquisitions for our joint venture. They further demonstrate our intent and ability to find and secure locations throughout the UK which have untapped potential.
“In such areas, there is always high demand for the excellent standard of our product and high level of service we deliver.”
Hines senior managing director and UK head, Ross Blair, added: “These are two very promising acquisitions for the joint venture that will deliver much sought-after quality industrial schemes. Our partnership combines Chancerygate’s significant industrial market expertise with Hines’ investment, development and asset management capabilities.
“We are very encouraged by the joint venture’s progress and we are actively looking at further opportunities in this growing sector.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. This year, the business will triple its completed developments compared with the previous year, delivering more than one million sq ft across 13 schemes compared to 340,000 sq ft in 2018.
The developer’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 businesses announced an equal JV partnership in September 2018.
DTRE and Cowling & West have been appointed as sales and lettings agents in Bournemouth, whilst FHP and Innes England will fulfil the same role for Beeston.