Chancerygate has bought a site in Minworth, Sutton Coldfield, for £2.6m to speculatively develop a new 12-unit scheme, as the company’s Midlands expansion continues.
Located within Minworth Industrial Estate, the 3.1 acre site currently houses a 69,000 sq ft industrial building occupied by a construction materials manufacturer. Occupiers in the wider estate include Screwfix, Travis Perkins and logistics company Kuehne + Nagel.
Industrial developer and asset manager Chancerygate will seek planning for a 72,000 sq ft light industrial and warehousing scheme, with units ranging in size from 3,270 sq ft to 12,700 sq ft.
All units will be available on a freehold basis to owner occupiers, as part of Chancerygate’s strategy to become the developer of choice for freehold industrial space across the Midlands market.
Chancerygate launched its Birmingham office last year with the appointment of development director Mark Garrity. The developer is now seeking to recruit a project manager to bolster the team in Birmingham.
In May, the company purchased a 3.75-acre site at the Advanced Manufacturing Hub in Aston, Birmingham, as part of a joint venture (JV) with international real estate firm Hines. The JV will speculatively build a 19-unit scheme totalling 93,000 sq ft with a gross development value of £14m.
Commenting on the Minworth site purchase, Chancerygate’s Mark Garrity said: “We opened our Birmingham office this year as part of our strategy to capitalise on development opportunities in the West and East Midlands.
“This approach is working well and we now have a strong pipeline in the region. We are making good progress in meeting our ambition of being the leading developer of multi-let industrial space in the Midlands. We look forward to further expanding our operations throughout the region.”
Chancerygate’s Minworth site is located 7.7 miles north east of Birmingham city centre, 9.4 miles from Birmingham Airport and offers fast access to the A38, M6 and M42.
Established in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. In addition to its Birmingham office, the company has offices in London, Warrington and Milton Keynes.
This financial year, Chancerygate aims to triple its completed developments compared with the previous year, targeting 1 million sq ft across 11 schemes.
Knight Frank advised Chancerygate on the deal and Gerald Eve acted on behalf of the vendor.