Joint venture partners Chancerygate and Hines have submitted plans to speculatively build 133,500 sq ft of Grade A urban logistics space in Redditch.
The Aurora Park development will comprise nine leasehold units ranging from 7,685 sq ft to 22,055 sq ft and once complete it will have a gross development value of circa £35m.
The 6.4-acre site is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to junction 3 of the M42 and the wider motorway network.
The JV is funded by Hines European Real Estate Partners III (HEREP), which has more than £1.3bn of equity commitments.
Rob Watts, development manager at Chancerygate, said: “There is strong demand from occupiers in Redditch, Worcestershire and the wider West Midlands region for high quality, sustainable urban logistics accommodation. Aurora Park will help satisfy this demand, providing occupiers with Grade A space in a strategic location close to key infrastructure. We look forward to working with Redditch Borough Council to progress our planning application which will deliver employment land and a long-term economic asset for the town.”
Greg Cooper, managing director at Hines UK, added: “Our partnership with Chancerygate is now in its sixth year and our complementary experience and capabilities has enabled us to deliver a wide range of high quality, sustainable urban logistics and mid-box facilities in strategic locations across the UK.”
