Chancerygate has secured two, 22-month senior development loans, totalling £28.7m, to support the construction of two industrial schemes, from Investec Real Estate.
In Peterborough, Chancerygate will deliver 123,000 sq ft of industrial, roadside and trade space, on an 8.63-acre site in a joint venture with Bridges Fund Management. The scheme, which is 15% pre-let to established businesses including Costa and Wendys, is targeting a BREEAM Very Good certification and is due to complete in Q1 2023.
The second scheme, in Aston Clinton, outside Aylesbury, will comprise 165,000 sq ft of industrial space across 16 units. The first units will be available in Q1 2023.
Jonathan Long, head of corporate real estate, at Investec, said: “The industrial sector remains a key conviction call, specifically sustainable, well-connected small and mid-box units, where there is a breadth of occupier demand underpinning an acute supply-demand imbalance. This transaction further strengthens our relationship with Chancerygate, for whom we have delivered on similar transactions with ease and efficiency in the past, while this is our first loan with Bridges, whom we hope to work with again.”
James Deane, finance director at Chancerygate, added: “It is very pleasing to have concluded two more development facilities with Investec. Their knowledge of our business and understanding of modern industrial and logistics development is especially important. It makes the funding process both quicker and more efficient, giving us greater confidence and certainty.”
