A joint venture (JV) between industrial developer Chancerygate and specialist investor Bridges Fund Management has submitted plans to speculatively build 67,975 sq ft of Grade A urban logistics space on a 2.78-acre site at Red Lion Road Business Park in Tolworth.
Th JV intends to develop an industrial scheme comprising nine units ranging from 4,467 to 17,513 sq ft. Units will be available on a leasehold basis.
The JV acquired the site from a private vendor for an undisclosed sum and hopes to start construction in the second half of 2022.
Close to Tolworth Hospital and the A3 Kingston Bypass in the heart of Tolworth, the site is situated in a prime location offering good access to Kingston-upon-Thames and central London. It is eight miles from junction 10 and 17 miles from junction 12 of the M25, seven miles from Leatherhead and 12 miles from Croydon and Heathrow.
Chancerygate development manager, Matthew Young, said: “This is a really exciting opportunity to regenerate a site that has been under utilised for many years and allocated for industrial use by the local authority. We will bring forward a new high-specification urban logistics development with strong sustainability credentials.
“Our plans will help address a real shortage of high-quality, new build industrial space across the region. We’re confident this development will meet the needs of businesses across Tolworth and its surrounding areas by providing quality, sustainable urban logistics accommodation that provides easy access to central London.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. It has offices in London, Warrington, Birmingham, Bristol and Milton Keynes and more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
The developer’s current plans follow the successful delivery of 32,000 sq ft of industrial space across 11 units, which Chancerygate developed adjacent to the site at Red Lion Road Industrial Estate in 2009.
Guy Bowden, partner at Bridges Fund Management, said: “Our proposed development on this really well-located site will deliver high-quality logistics units that will create jobs and boost the local economy. We’re also increasingly finding that our focus on delivering buildings with strong sustainability credentials is not just better for the planet; it is also making these sites more attractive to potential occupiers.”
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 recent acquisitions of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.
Agents for the scheme are JLL and Bonsors.
