Chancerygate and Hines have purchased the final five-acre development plot at Gemini8 in Warrington to speculatively build around 100,000 sq ft of industrial and warehouse space.
The site is the sixth acquisition for the joint venture (JV) between nationwide industrial developer and asset manager Chancerygate, which has an office in Warrington, and the international real estate firm, Hines.
Acting on behalf of developer Marshall CDP, Manchester property consultancy Davies Harrison, secured the disposal of the plot which was sold for an undisclosed sum.
The proposed scheme will provide around 20 units ranging from 3,500 to 12,000 sq ft. Chancerygate and Hines will submit a planning application for the development in the forthcoming months and commence speculative development as soon as possible.
Gemini8 comprises 14 acres in total with prominent frontage to the M62 at junction 8. Its occupiers include health and fitness club Athelis, Travelodge, Harvester, Starbucks, Subway, Frankie & Benny’s and Marston’s The Skymaster. Other major occupiers on the wider Gemini area are Marks & Spencer and IKEA.
Commenting on the acquisition, Chancerygate development director and head of the Warrington office, Mike Walker, said: “This is undoubtedly one of the best locations in the North West and it is perfect for our product. We have wanted to acquire a prime site in Warrington for a number of years because we are confident there is huge pent up demand for new, well-specified freehold units.
“We are now looking forward to being able to deliver this scheme and will submit our detailed planning application in due course.”
Chancerygate and Hines launched the equal JV in September 2018. With a gross development value totalling around £107m, the JV’s portfolio of industrial space now represents 753,711 sq ft across additional developments in Birmingham, Nottingham, Tonbridge, Cheltenham and Bournemouth.
Greg Cooper, Hines UK director of industrial and logistics, said: “The site represents another great acquisition for our growing portfolio with Chancerygate. Since its inception just over a year ago, it’s proven to be a fruitful partnership adept at identifying well located sites across the UK and at executing quick transactions to allow us to deliver schemes at pace.”
Rick Davies, partner at Davies Harrison, said: “As one of the most prominent industrial development sites in the North West, this is an excellent acquisition for Chancerygate and Hines.
“The proposed scheme will be a real boost for the local economy as it is one of the first schemes to specifically target owner occupiers in the Warrington area in the last 10 years.”
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to 2.6 million sq ft of industrial space under construction or ready for development across 24 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.
Chancerygate also manages in excess of £220m of assets across more than 4.9 million sq ft of commercial space in 355 units. As well as Warrington, the company has offices in London, Birmingham and Milton Keynes.
The developer and asset manager’s JV partner, Hines, manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million sq ft of projects acquired, completed or in the pipeline.
CBRE acted for Chancerygate on the acquisition and will be retained as joint sole agents with Davies Harrison.