Hines and Chancerygate to build 350,000 sq ft business park

Hines and Chancerygate are to speculatively build a 350,000 sq ft business park, having acquired a 23-acre site in Bracknell, Berkshire. The firms entered into a joint venture with a fund managed by Credit Suisse Asset Management Global Real Estate to buy the site, currently home to Hewlett Packard Enterprise UK’s headquarters. The three entities set up the jv specifically for the deal. The purchase is one of the largest land deals within the M3 and M4 corridor this year. The proposed business park will be promoted for industrial, warehousing and logistics purposes, as well as bespoke data centre facilities, serving London, the western Home Counties and the South East. It will be initially offered to occupiers on a leasehold or freehold basis. A planning application is scheduled to be submitted to Bracknell Forest Council in early 2020. Chancerygate managing director Richard Bains said: “This is a significant deal which will enable us to deliver much-needed industrial space within the M3/M4 corridor. “Many larger-scale office occupiers who have traditionally favoured campus-style offices in edge-of-town locations are moving back into city centres. “This change provides clear commercial opportunities for us to implement our plans to deliver new urban-centric logistics facilities and business units to satisfy the high volume of demand we are experiencing for our product.” Hines has built-up an industrial portfolio around 2m sq ft in the UK in the past 12 months. BNP Paribas and JLL advised the joint venture on the deal; CBRE acted on behalf of the seller. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette