Developer Chancerygate has acquired a 4.59 acre site in Southwater near Horsham, West Sussex, to speculatively build 105,000 sq ft of Grade A urban logistics and industrial space.
The site, which was formerly a manufacturing and logistics hub for global electronics manufacturers, Sony, is located at Southwater Business Park approximately four miles south of Horsham. It is strategically positioned adjacent to the A24 between Crawley and Worthing, which provides access to the wider south coast.
Chancerygate plans to develop seven freehold units ranging from 9,775 sq ft to 33,350 sq ft. Once complete, the scheme will have a gross development value of approximately £27m.
All properties will benefit from cycle storage, electric vehicle charging points and solar cells which provide green energy on an affordable basis to occupiers.
In addition, the units will have enhanced roof lighting to increase levels of natural daylight and be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC B and BREEAM Very Good rating as a minimum.
Commenting on the acquisition, Chancerygate development manager, Matthew Young said: “This site presents a fantastic opportunity to develop in a market which has seen a shortage of new-build industrial warehouse accommodation, Grade A or otherwise.
“There is pent-up demand for freehold urban logistics and industrial space across the region and we have previously seen occupiers become more footloose to secure freehold properties.
“Our proposed scheme will generate a catchment area of interest from locations such as Brighton, Worthing, Crawley, Reigate and Redhill. This will help stimulate further investment and job creation, and support growth within the local and regional economy.”
Chancerygate will submit its planning proposal to Horsham District Council in September with an aim to secure approval in early 2024.
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.
The company has offices in London, Warrington, Birmingham, Bristol and Milton Keynes. It currently has more than 3.2m sq ft of industrial space under construction or ready for development across 24 sites ranging from Bournemouth to Edinburgh.
Chancerygate was advised on the site acquisition by Graves Jenkins, while JLL advised Sony.
