Industrial property developer and asset management company Chancerygate has acquired two sites in East Anglia for a total of £4.7m to speculatively develop 36 grade-A units totalling 259,000 sq ft.
Located in Ipswich and Norwich, the sites comprise 10.2 acres and have been bought as part of Chancerygate’s ongoing nationwide expansion strategy.
In Ipswich, Chancerygate has acquired a 5.7-acre site at Futura Park. The proposed scheme will comprise 19 grade-A freehold and leasehold units across 143,000 sq ft, ranging from 2,000 sq ft to 10,350 sq ft.
In Norwich, the developer has purchased a 4.5-acre site at Northern Industrial Estates from Allied Bakeries. Chancerygate intends to build 17 grade-A units at the site which will total 116,000 sq ft. Proposals for the development will be submitted to Norwich City Council in May.
Both sites are situated in close proximity to major transport hubs, providing access across the region and to London.
Chancerygate head of development, Alastair King, said: “We identified these two sites in East Anglia as part of our ongoing expansion into well-connected, strategic regional locations across the UK.
“Our developments will provide grade-A units in areas where there is significant underlying demand for them. We are already in discussions with a number of interested occupiers at located in and around Ipswich and Norwich.”
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.