Industrial developer and asset manager Chancerygate has achieved practical completion on four new schemes totalling 282,400 sq ft. Two of the schemes have been forward sold to M&G Real Estate.
The developments have a combined gross development value of £48.5m and are located in Sidcup, Hemel Hempstead, Poole and Rochester.
Klinger Industrial Park in Sidcup is a £21.5m development on a 6.7-acre site which features 117,000 sq ft of multi-unit industrial and warehousing space.
The scheme encompasses the former Klinger factory, a Grade-II listed building which was pre-sold to Titan Storage Solutions prior to the commencement of a £2m refurbishment project.
The development also provides 14 new industrial and warehouse units across 117,000 sq ft that were forward sold to M&G Real Estate prior to construction. Occupiers which have already committed to the new-build units include Halfords and hair and beauty product retailer Sally Beauty.
Spring Park in Hemel Hempstead is a 2.2-acre, £8m development comprising six units totalling 40,500 sq ft. This scheme was also forward sold to M&G Real Estate during the construction phase.
Now 55 per cent under offer or pre-sold, the £12m Horizon Park development in Poole is a 3.7-acre scheme offering 11 warehouse and industrial units totalling 86,000 sq ft. Occupiers include Titan Storage Solutions, decorative tin company The Silver Crane Co. and independent book retailer Bookends.
M2M Park in Rochester provides 11 warehouse and industrial units totalling 38,900 sq ft. The £7m development is more than 50 per cent occupied. Businesses now located there include trade kitchen supplier Howdens, Pyramid Engineering Services and water pump distributor Pumps UK.
Chancerygate managing director, Richard Bains, said: “We are very pleased to have achieved practical completion of a further four schemes providing much needed Grade A accommodation into under supplied markets.
“The early occupational success is testament to our team’s ability to spot latent opportunities and be entrepreneurial in our investment decisions. We are currently on site to construct another 10 developments across the country and have a further 16 schemes at various stages in the planning process. This is all part of our ongoing strategic growth strategy as we continue to expand our development portfolio throughout UK.”
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. Chancerygate also currently manages £220m of assets across more than 4.9m sq ft of commercial space in 355 units.