A joint venture (JV) between developer Chancerygate and international real estate firm Hines has started construction work on a new build, 18 unit industrial and warehousing development in Warrington.
Totalling 119,588 sq. ft, the scheme is situated on the final plot at Gemini8 Business Park and will have a gross development value of £19m. Once complete, it will comprise 18 units ranging from 4,295 sq. ft to 16,754 sq. ft available on a freehold or leasehold basis.
Gemini8 is being built by Caddick Construction which won a competitive tender for the construction contract.
Both Chancerygate and Caddick Construction have offices in Warrington and will deliver the project from those locations. Practical completion of the development is scheduled for March 2022.
Gemini8 is strategically located adjacent to junction 8 of the M62 motorway and approximately four miles from the M6. Occupiers surrounding the new business park include Ikea, Starbucks, Travelodge, Marks & Spencer and Athelis Club & Spa.
Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “Gemini8 provides an optimum location for commercial occupiers as it is ideally placed within the North West’s most prominent business park midway between the major Manchester and Liverpool conurbations.
“It is also the first new build, multi-unit industrial and warehousing development of this type in the Warrington area for more than 10 years so we are very pleased to have started on site.
“We have already had a great deal of interest in the available units, which reflects the strength and resilience of both the industrial and warehousing sector in the North West and the region’s economy.
“We are also very pleased to be working with Caddick Construction again, a company which we have a longstanding relationship with, and which recently built our highly successful schemes in Knutsford, Liverpool and Carlisle.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide.
The company currently has up to three million sq. ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. In addition to Warrington, Chancerygate has offices in London, Birmingham and Milton Keynes.
North west managing director for Caddick Construction, Ian Threadgold, said: “We are delighted to be once again working with Chancerygate on another high-profile scheme that will bring employment and investment opportunities to Warrington.
“Its superb location will undoubtedly attract quality tenants to an area that is proving increasingly popular with the logistics market and, we are extremely pleased to be associated with the development.”
Joint agents on Gemini8 are CBRE and Davies Harrison.
