Chancerygate has acquired a 1.9-acre site in Chichester to speculatively build 41,200 ft of Grade A urban logistics and industrial space.
The site is located off Terminus Road, approximately two miles south of the town centre and adjacent to the main A27 arterial route.
Chancerygate intends to develop four leasehold units ranging from 6,200 sq ft to 12,300 sq ft on the land. Once complete, the scheme will have a gross development value of around £12m.
Chancerygate acquired the site from gas distribution company SGN for an undisclosed sum. Currently, the land is a brownfield site which previously housed above ground high pressure gas storage tanks.
Neighbouring occupiers to the proposed development include builders’ merchants Jewson and trade kitchen supplier Howdens, as well as Ford, Jaguar and Volkswagen car dealerships.
Commenting on the acquisition, Chancerygate development director Jonathan Lee, said: “This site offers a fantastic opportunity to develop in one of the prime urban logistics and industrial property locations in the South East.
“Chichester’s proximity to excellent transport connections means our proposed development will be best placed to serve West Sussex and the wider south east of England.
“The scheme will provide much-needed high specification, sustainable urban logistics and industrial accommodation. This will help stimulate further investment and job creation, and support growth within the local and regional economy.”
Chancerygate will submit its plans for the development to Chichester District Council towards the end of the year.
Chancerygate was advised on the site acquisition by Cushman and Wakefield, while Cater Jonas advised SGN. Carter Jonas and Vail Williams are retained as letting agents for the development.
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