Leading industrial developer, Chancerygate, has forward sold projects in Sidcup and Coventry to M&G Real Estate for £30.1m.
M&G has paid £21.9m for Chancerygate’s 104,722 sq ft warehouse scheme next to the former Klinger Factory in Sidcup. The development will create 12 units with two already pre–let to Sally’s Hair & Beauty. The adjacent former Klinger factory building has been sold for £3.22m to Titan Storage Solutions for its own occupation.
In Coventry, the C75 project is being built on a seven-acre site close to Coventry airport. M&G paid £8.275m for the scheme which will create a single 75,530 sq ft logistics warehouse unit. The unit will have 12m clear eaves heights, a 50m yard, eight dock levellers with four level loading doors plus 4,000 sq ft of offices. It will be built to a BREEAM specification of ‘Very Good’.
Chancerygate Managing Director, Eddie Cook, commented: “Our strategy for these projects was, as usual, fund them using the strength of our own balance sheet. However, such was the depth of institutional appetite for the product we are creating, these forward sales represented an exceptional opportunity to recycle capital into our 2.2m sq ft development programme and further site acquisitions”.
David Crowley, Head of the Logistics & Industrial team at M&G Real Estate, said: “There remains an acute lack of supply of Grade A warehouses of this size, in these core regions. These investments once built, will provide us with access to prime, well-specified assets and supports our continued strategy to build our exposure to the sector, in core locations across the UK”.
Bromwich Hardy acted for Chancerygate at Coventry while it was advised by DTRE and Colliers International in Sidcup. Aspect Property Consultants acted for M&G Real Estate at Sidcup.