M&G Real Estate is to forward fund Chancerygate’s £8m Spring Park trade scheme at Maylands Avenue in Hemel Hempstead.
Chancerygate Development Director, Jonathan Lee, reports: “Construction of the six-unit scheme has started with practical completion targeted for Q1 2019. The space will be available on a leasehold basis, and we’ve already had substantial interest from a number of national trade operators”.
The 40,800 sq ft project is the third Chancerygate development to be forward funded by M&G in the last 12 months following C75 in Coventry and Klinger Industrial Park in Sidcup.
Chris Jeffs, Director, Investment Management at M&G Real Estate comments: “Spring Park fits perfectly with our current strategy to invest in locations where the lack of supply of good quality industrial space is most acute.
“Partnering with experts in their field, such as Chancerygate, provides a cost-efficient entry point in an increasingly competitive investment market. Our existing track record of success in delivering key sites across the UK highlights both our expertise in the sector and underlines the ongoing demand amongst occupiers for Grade A space.”
Alastair King, Head of Development at Chancerygate commented: “We’re delighted to progress a further scheme with M&G.
“We now have more than two million square feet of space under construction or in the pipeline across the UK, and are looking for additional development opportunities.’’