Chancerygate and Hines have purchased a 6.4-acre development site in Redditch, Worcestershire, on which they intend to speculatively build a £35m GDV urban logistics scheme.
The joint venture partners will deliver 139,000 sq ft of space across 11 leasehold units ranging from 7,685 sq ft to 15,950 sq ft.
The site, which was acquired from a private vendor for an undisclosed price, is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to junction three of the.
Subject to planning, the JV partners anticipate commencing work on the proposed development by the end of 2025 with practical completion targeted for the end of the following year.
Rob Watts, development director at Chancerygate, said: “This site’s strategic gateway location into Redditch, within an established industrial area and proximity to transport links makes it the perfect opportunity for our JV with Hines. There is unsatisfied demand for high-specification urban logistics units across Redditch, Worcestershire and the wider West Midlands region.
“We believe our proposed development will address this through offering new, Grade A sustainable units which is fit for purpose for a range of prospective occupiers. This belief is informed by the fact we have already seen significant interest in the scheme from potential occupiers.”
Greg Cooper, managing director and head of UK industrial and logistics at Hines, added: “We are pleased to have secured another prime development opportunity, in our JV with Chancerygate, for our growing light industrial mid-box portfolio on behalf of HEREP. We continue to target established locations with favourable supply and demand dynamics and will look to develop Grade A stock with strong ESG credentials.”
Chancerygate and Hines recently announced a new strategic joint venture to develop multi-let urban logistics schemes. The joint venture is being funded by Hines European Real Estate Partners III (HEREP) and has more than £1.3bn of equity commitments.
Chancerygate and Hines were advised on the acquisition by M1 Agency. John Truslove & Co advised the vendor.
