Industrial property developer and asset manager Chancerygate has secured planning for two multi-unit schemes at Gemini8 in Warrington and Forge Industrial Park in Sutton Coldfield.
The development at Gemini8 will see Chancerygate speculatively develop 119,675 sq ft of industrial and warehousing space as part of a joint venture (JV) with Hines, the international real estate firm.
Comprising 5.1 acres in total, the scheme will provide 18 freehold and leasehold units ranging from 3,900 sq ft to 16,500 sq ft and is strategically located with direct access to the M62. Planning consent comes after Chancerygate and Hines acquired the site in January this year.
The development at Forge Industrial Park in Sutton Coldfield will see Chancerygate deliver a 72,007 sq ft freehold light industrial and warehousing scheme featuring 11 units ranging from 4,467 sq ft to 24,003 sq ft.
Chancerygate purchased the 3.1-acre site last August and work to demolish an existing 69,000 sq ft industrial building on the site is due to begin in November.
Located next to Minworth Trade Park, Forge Industrial Park is located 2.2 miles from junction 5 of the M6, three miles from junction 9 of the M42 and seven miles north east of Birmingham city centre.
Alastair King, head of development at Chancerygate, said: “We are seeing growing demand for high-quality industrial developments across the UK. This is being driven in part by increasing demand from retailers and institutional investors, both of which regard strategically located industrial space as a key asset.
“Our scheme at Gemini8 is a great example of this. Historically, there has been a shortage of warehousing space in Warrington and there has not been a multi-unit development in the area for more than a decade. Now, we are seeing demand rise significantly and that is why we are best placed to invest in the area to speculatively develop 119,675 sq ft of industrial and warehousing space.
“Rising demand is also a key driver behind our development at Forge Industrial Park. It is a well-established industrial area and is ideally located for retailers and funds looking to invest in warehousing and logistics to meet growing consumer demand for ecommerce and home delivery models.”
Commenting on the scheme at Gemini8 in Warrington, Greg Cooper, Hines UK director of industrial and logistics, said: “This is an important next step in continuing to grow our portfolio with Chancerygate and deliver high-quality industrial schemes across the UK. The partnership to date has been highly successful at identifying modern industrial and logistics space in strategic locations across the UK and we welcome the momentum behind these quick transactions that allow us to deliver schemes at pace.”
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company has offices in London, Warrington, Birmingham and Milton Keynes and currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 24 sites.
Joint agents on the Gemini8 scheme are CBRE and Davies Harrison. Joint agents on the Forge Park Industrial scheme are Knight Frank and Gerald Eve.
