Leading industrial developer, Chancerygate, has contracted to acquire from the Haynes Group a 3.3-acre development site in Cuxton Road, Maidstone on the popular Parkwood Industrial Estate.
A planning application is being made for a new 75,000 sq ft industrial development that will create units for either the freehold or leasehold occupational markets. The transaction has been structured to enable the developer to work in collaboration with Haynes Group who will be relocating from the property in the second half of next year. In the meantime Chancerygate will be progressing the planning application to enable development to start as soon as the site becomes vacant.
Chancerygate’s Development Manager for the project, Adam Courtenay, commented: “This is a prominent site located on an established industrial estate and in a location where we have been keen to develop. Local occupiers on the estate already include Mercedes, Infiniti, Screwfix, Toolstation, Travis Perkins and Royal Mail. Given the undersupply of good quality business space in the area, we expect the new units to attract further businesses from these sectors.”
Waddams advised Chancerygate on the site purchase. Montagu Evans acted for the vendor, Haynes Group.