Chancerygate has purchased a 2.48-acre site in Newmarket with the aim of speculatively building 51,000 sq ft of Grade A urban logistics space there.
The developer plans to deliver 10 units at the site, ranging from 3,595 sq ft to 6,685 sq ft, which will be available on a freehold and leasehold basis. Once complete, the scheme, which is located on Exning Road, two miles south of the A14, will have a gross development value of approximately £11.5m.
George Dickens, senior development director at Chancerygate, said: “This site presents a great opportunity to open up a former manufacturing location to new employment uses. We continue to see strong demand for flexibly sized, high-quality and sustainable urban logistics accommodation in strategic regional locations.
“Our proposed development will help satisfy this demand and provide a long-term economic asset for the locality and the wider Cambridgeshire, Suffolk and Norfolk regions. Chancerygate look forward to working with West Suffolk District Council to deliver planning consent for this exciting new development.”
Chancerygate was advised on the acquisition by Cheffins.
