A joint venture (JV) between Chancerygate and specialist investor Bridges Fund Management has forward sold Holbrook Park in Coventry to Westbrook Partners.
The JV first purchased the 12-acre site in February 2020 and will deliver the development in two phases. The scheme comprises 31 urban logistics, industrial and warehouse units, ranging in size from 2,150 sq ft to 24,650 sq ft and providing in total in excess of 250,000 sq ft.
The first phase of Holbrook Park, which will comprise approximately 105,000 sq ft of accommodation across 17 units, is due to reach practical completion in September 2022. The second phase of around 150,000 sq ft across 14 units will commence later this year and practically complete at the end of 2023. The development will become part of Westbrooks Partners’ Northburn Logistics platform.
In March, Westbrook Partners agreed to forward-purchase two BREAAM ‘Very Good’ urban logistics portfolios for £172.5m from the JV.
The first portfolio, called City Gateway, comprised three multi-unit developments in Edinburgh, Leeds and Peterborough. The second portfolio, called Urban Portal and which was wholly-owned by Chancerygate, comprised three multi-unit logistics developments located in Aston Clinton, Brackley and Leicester.
The seven developments will total 1,088,500 sq ft across 137 units.
The JV was advised on the forward sale of Holbrook Park to Westbrook Partners by the real estate team at law firm Freeths.
You can learn more about Chancerygate’s live developments here.