UK multi-unit industrial property developer Chancerygate and specialist impact investor Bridges Fund Management have acquired a site in Cheshire for a £40m (€47m) development project.

The pair have invested an undisclosed sum to buy the 7.85-acre site in Adlington from Quorum Property.

The joint venture intends to speculatively develop Avro Business Park, a 165,000sqft Grade A industrial and warehousing space.

The development will be situated immediately adjacent to the new Poynton Relief Road, a standard single-carriageway road due to complete later this year.

Chancerygate development director, Chris Brown, said the new £53m Poynton Relief Road will be hugely beneficial to Avro Business Park, adding that the road will directly connect the development to the airport and the M56, ”providing excellent connectivity to the wider Cheshire and Manchester markets.”

“We know there is strong demand for multi-unit industrial space from a wide array of occupiers across south Manchester and the wider region.

“Avro Business Park will help to satisfy and facilitate this demand while enabling up to 250 jobs for the local area. We look forward to submitting plans for the site to Cheshire East Council soon,” said Brown.

Guy Bowden, a partner at Bridges Fund Management, said: “Bridges and Chancerygate have shown on multiple occasions that there is strong demand from progressive local employers for high specification sustainable industrial developments – which ultimately helps to create jobs and support the growth of the local economy.”

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics