A joint venture between Chancerygate and Bridges Fund Management has submitted a planning application for 200,000 sq ft of trade counter, industrial and drive-through space in Peterborough, Cambridgeshire.
This prime roadside development on 8.63 acres will be branded Bourges View, and is adjacent to the city’s premier out-of-town retail destination, Maskew Retail Park, which has lain vacant for 10 years.
Chancerygate and Bridges Fund Management have already secured three drive-through brands for the development – Costa Coffee, fast food chain Taco Bell and US burger giant Wendy’s. The latter is re-entering the UK market with an aggressive growth plan to open 400 stores.
The scheme, which has a gross development value of £25m, will also include nine trade counter units ranging from 3,907 sq ft to 7,943 sq ft and eight industrial units from 3,831 sq ft to 34,368 sq ft. Units will be available on a leasehold basis.
Two of the nine trade counter units are under offer from national trade occupiers, showing the appeal of this site, which has visibility to Bourges Boulevard, with 26,000 vehicles passing daily.
In addition, a land sale has been agreed to a local car parts supplier. Self-storage provider Lok’nStore will also be opening a facility after agreeing to purchase one acre of the original site from Chancerygate.
Chancerygate development director, George Dickens, said: “This is a significant development for Peterborough which will rejuvenate dormant land adjacent to a key retail destination.
“The brands already secured, and the names we have under offer, highlight the prominence this site has to passing traffic and its accessibility to the city centre and wider transport network.
“The planning application has been validated and we’re looking forward to working with Peterborough City Council to bring forward this exciting development.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company has offices in Birmingham, London, Warrington and Milton Keynes. It currently has more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
Bridges Fund Management is a specialist sustainable and impact investor. It has been working in partnership with Chancerygate on projects for more than 10 years. Investments include the regeneration of Beeston Business Park, Nottingham; the development of ‘The Curve’, a student housing development in London SE1; and the recent acquisition of a site for industrial development in Coventry.
Agents for the Bourges View development are Savills.
