Chancerygate and Hines team up for spec urban logistics site
A joint venture between Chancerygate and Hines has purchased a site in Redditch, Worcestershire, to speculatively build 139,000 sq ft of grade-A urban logistics space.
The jv has bought a 6.4 acre site where it intends to develop 11 leasehold units ranging from 7,685 sq ft to 15,950 sq ft. Once complete, the development will have a gross development value of around £35m.
The site is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to junction 3 of the M42 and the wider motorway network.
A joint venture between Chancerygate and Hines has purchased a site in Redditch, Worcestershire, to speculatively build 139,000 sq ft of grade-A urban logistics space.
The jv has bought a 6.4 acre site where it intends to develop 11 leasehold units ranging from 7,685 sq ft to 15,950 sq ft. Once complete, the development will have a gross development value of around £35m.
The site is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to junction 3 of the M42 and the wider motorway network.
Subject to planning, the pair anticipate work starting on the proposed development by the end of 2025 with practical completion targeted for the end of the following year.
Neighbouring occupiers to the proposed development include Amazon, iForce, Lear Corporation, AMCO and a wide variety of regional and local businesses
Chancerygate development manager, Rob Watts, said: “This site’s strategic gateway location into Redditch, within an established industrial area and proximity to transport links makes it the perfect opportunity for our jv with Hines. There is unsatisfied demand for high-specification urban logistics units across Redditch, Worcestershire and the wider West Midlands region. We believe our proposed development will address this through offering new, grade-A sustainable units which are fit for purpose for a range of prospective occupiers. This belief is informed by the fact we have already seen significant interest in the scheme from potential occupiers.”
Chancerygate and Hines’s multi-let urban logistics jv is funded by Hines European Real Estate Partners III and has more than £1.3bn of equity commitments.
Chancerygate and Hines were advised M1 Agency; John Truslove & Co advised the private vendor.
