SGN jv plots £25m Croydon industrial development
A joint venture between gas distribution company SGN’s property development arm and developer Chancerygate has exchanged contracts to buy a four-acre site in Croydon for a new £25m warehousing scheme.
The deal marks the first jv between the partners. It plans to speculatively develop 95,000 sq ft of grade-A industrial and warehousing space at the site, located at Factory Lane on the outskirts of the town centre.
Subject to planning approval, the scheme will comprise 14 units ranging from 1,000 sq ft to 17,000 sq ft. All units will be available on a freehold and leasehold basis.
A joint venture between gas distribution company SGN’s property development arm and developer Chancerygate has exchanged contracts to buy a four-acre site in Croydon for a new £25m warehousing scheme.
The deal marks the first jv between the partners. It plans to speculatively develop 95,000 sq ft of grade-A industrial and warehousing space at the site, located at Factory Lane on the outskirts of the town centre.
Subject to planning approval, the scheme will comprise 14 units ranging from 1,000 sq ft to 17,000 sq ft. All units will be available on a freehold and leasehold basis.
SGN originally acquired the site from National Grid Transco and has now unlocked the land for development as part of a rationalisation of its portfolio.
Jonathan Lee, Chancerygate development director, said: “As far as we are aware, there has been no speculative development of freehold multi-unit industrial sites in Croydon for more than 10 years. There is, therefore, very high demand from many different types of business operating in and around the area wanting to own high-quality, new-build industrial space.
“We are confident our development will be best placed to satisfy that demand and become a thriving part of Croydon’s commercial infrastructure, especially as we expect it to create more than 100 jobs.”
Scott Lewis, SGN Place operations and land quality manager, said: “This is a great opportunity to redevelop unused brownfield land and turn what was a redundant gas holder site into a first-class industrial scheme which will greatly benefit the local area.”
Cushman & Wakefield advised SGN Place on the site acquisition. Cushman & Wakefield and Stiles Harold Williams will be the retained agents on the development.
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