A joint venture between Chancerygate and Bridges Fund Management has acquired a 7.85-acre (31,700 m2) site in Adlington, Cheshire to speculatively develop 165,000 ft2 (15,300 m2) of Grade A industrial and warehousing space.
Financial details of the site transaction, struck with commercial property developer Quorum Property Group, were not disclosed.
The partners intend to deliver 18 leasehold units ranging from 7,000 ft2 to 24,500 ft2 at the site. Once complete, it will have a gross development value of around £40 mln (€46.5 mln).
The proposed development will be located off London Road, south of Poynton town centre, and will adjoin Adlington Business Park & Industrial Estate.
It will also be situated immediately adjacent to the new £53 mln Poynton Relief Road. Due to complete later this year, this will significantly improve connectivity from the site to Manchester Airport.
Chancerygate development director Chris Brown said: 'We’re very pleased to have secured this strategic development opportunity in an off-market transaction with Quorum.
'The new £53 mln Poynton Relief Road will be hugely beneficial to Avro Business Park. It will directly connect the development to the airport and the M56, providing excellent connectivity to the wider Cheshire and Manchester markets.'
Neighbouring occupiers to the proposed development include confectionary manufacturer Swizzels, tray sealing and packaging line specialist Proseal and transport company William Kirk.
Bridges partner Guy Bowden 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.'
Founded in 1995, Chancerygate is a majpr multi-unit urban logistics property developer and asset manager.
Bridges is a specialist sustainable and impact investor. It has been working in partnership with Chancerygate on projects for more than 10 years.
The partners were advised by Wilmslow-based commercial property agent Williams Sillitoe on the acquisition.
