Industrial developer and asset manager Chancerygate has awarded a £10.5m contract to Caddick Construction for development of phase one of Novus business park in Knutsford, Cheshire.
Caddick’s appointment represents the largest construction contract that Chancerygate has awarded in its near 25-year history. At 244,000 sq ft in total, Novus is currently the developer’s biggest scheme and is being led by the company’s Warrington office.
Once complete, Novus will provide high-specification industrial and warehouse space across 16 acres. The scheme has a gross development value of around £33m and is expected to create up to 700 jobs.
Phase one will see the speculative development of nine industrial and warehouse units totalling 132,000 sq ft, ranging in size from 4,100 sq ft to 25,000 sq ft. The units are available freehold or leasehold. Chancerygate is also funding and building significant highway improvements including a new roundabout. Construction is set to start immediately, with phase one scheduled to complete in September 2020.
One of the units totalling 30,000 sq ft will be occupied by prestige auto retailer Sytner Group on a long-term lease for pre-delivery inspection and vehicle servicing for clients such as McLaren, Bentley, Rolls Royce and Land Rover. Another unit in phase one is formally under offer.
Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “Novus is our flagship development in the North West and working alongside Caddick we start construction with real momentum.
“The recent deal with Sytner demonstrates our ability to secure strategic locations and deliver an excellent standard of product. There is also significant interest in the remaining units from several potential occupiers.
“We are also committed to investing in the highways around the development to the benefit of all local businesses and residents. This combined with the potential 700 jobs we expect Novus to create means it will bring a significant boost to the local economy.”
Novus is located at the eastern end of the established Parkgate Industrial Estate in Knutsford, close to Manchester, Manchester Airport and the M6.
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 Warrington office, the company has offices in London, Birmingham 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.
Gerald Eve and Williams Sillitoe are joint agents for Novus.
