Industrial developer Chancerygate has reached key planning and construction milestones for two developments which will bring 36 new units totalling 259,000 sq ft to Norwich and Ipswich.
In Norwich, planning permission has been granted for the 116,500 sq ft Diamond Point industrial development, while in Ipswich construction has started on site at the 143,000 sq ft Cranes Business Centre.
Located on the former Allied Bakeries site on Vulcan Road Industrial Estate, Diamond Point will offer 17 new industrial and warehouse units ranging in size from 3,050 sq ft to 53,000 sq ft. Units are available on both a freehold and leasehold basis.
Chancerygate purchased the 4.5-acre site in January 2019 and planning was submitted in June. With planning granted, construction is scheduled to start in January 2020 with the scheme ready for occupation from September.
In Ipswich, Cranes Business Centre comprises 19 warehouse and industrial units, ranging in size from 2,000 sq ft to 51,000 sq ft. Units are available on a freehold and leasehold basis. The contractor, Morbank, is now on site.
The development is located on a 5.7-acre site within Futura Park and Ransomes Europark, Ipswich’s largest industrial area. Chancerygate purchased the site in April and the first units will be available in summer 2020.
Chancerygate development director, George Dickens, said: “These two developments will bring high-quality new industrial and warehouse units to areas with strong latent demand and real undersupply. We are encouraged by the very positive discussions we are having with interested occupiers.
“Norwich City Council and Ipswich Borough Council have been very supportive and see the potential for creating significant business and employment opportunities, in attractive business locations within established industrial areas. We look forward to announcing the first occupiers soon.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager, and the only one operating nationwide. The company has offices in London, Warrington, Birmingham and Milton Keynes.
This financial year, Chancerygate aims to triple its completed developments compared with the previous year, targeting one million sq ft across 11 schemes. The company’s current development pipeline is 2.6 million square feet across 20 sites spread throughout the UK.
