Joint venture partners Chancerygate and Bridges Fund Management have bought a 12-acre site in Erdington, Birmingham, with a view to speculatively developing a 300,000 sq ft of Grade A urban logistics and industrial space with a GDV of £85m.
The partners plan to deliver 26 leasehold units ranging from 5,000 sq ft to 60,000 sq ft on a site that previously housed a supplier to the automotive sector.
The proposed development is located on Chester Road in Erdington, on the outskirts of Birmingham city centre.
Rob Watts, development manager at Chancerygate said: “Acquiring what is regarded as one of the most prominent sites in Birmingham is a huge statement of intent for our partnership with Bridges and underlines our strong belief in the urban logistics sector. There is unsatisfied demand for high-specification units in prime locations within the city. We aim to address this through the regeneration of a redundant building into new Grade A sustainable accommodation which is fit for purpose for a range of prospective occupiers.”
Guy Bowden, partner at Bridges, added: “Across the Bridges platform, we’re developing some of the UK’s most sustainable logistics buildings. We’re delighted to secure this excellent site in Erdington, and we’re confident that given its prime location, there will be strong occupier demand for these high-quality, highly sustainable logistics units.”
Chancerygate and Bridges were advised on the site acquisition by NRC Associates and Gerald Eve. Knight Frank advised the vendor.
