UK industrial developer Chancerygate has teamed up with specialist impact investor Bridges Fund Management to acquire a site in Birmingham for an £85m (€99m) project.
The joint venture intends to develop 300,000sqft of prime logistics and industrial space across 26 leasehold units ranging from 5,000sqft to 60,000sqft.
The proposed development will be located in Chester Road in Erdington, on the outskirts of Birmingham city centre, close to the M6 motorway. Neighbouring occupiers include Jaguar Land Rover and Volvo.
Chancerygate development manager Rob Watts 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.”
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