Industrial property developer and asset manager Chancerygate has started work on its first ever speculative development in Scotland as the company continues to implement its growth strategy.
Livingston Trade Park will comprise eight leasehold units totalling 40,000 sq ft and is scheduled for practical completion in October.
The trade counter, warehouse and light industrial units will range from 3,512 sq ft to 10,010 sq ft. Inverkeithing-based contractor Muir Construction is building the units having been awarded the construction contract following a competitive tendering process.
Located on Houstoun Industrial Estate in a prime trade counter area which is home to Screwfix, Hire Station, Toolstation and Tile Giant, the site has fast access to both the M8 and A71.
Chancerygate has arranged development funding through the Scottish Partnership for Regeneration in Urban Centres (SPRUCE).
Commenting on the company’s first speculative scheme in Scotland, Chancerygate development director, Mike Walker, said: “We have an established reputation for seeking out and realising untapped potential when it comes to industrial developments.
“Our investment in creating Livingston Trade Park is a great example of this approach and it is driving our continued success and ongoing growth strategy.
“We are developing speculatively in Livingston because we are confident there will be strong demand for our units, particularly as there have been no new build industrial property opportunities in the area for years.”
Founded in 1995, Chancerygate has offices in London, Birmingham, Warrington and Milton Keynes. The company’s development team has more than two million sq ft of industrial space under construction or ready for development. Its asset management team manages £220m of assets across more than 4.9m sq ft of commercial space in 355 units.
This year, the business will triple its completed developments compared with the previous year, delivering more than one million sq ft across 13 schemes compared to 340,000 sq ft in 2018.
JLL and Colliers International have been appointed as letting agents for Livingston Trade Park.