A joint venture between Chancerygate and Hines has purchased a site in Redditch, Worcestershire to speculatively build 139,000 ft2 (12,900 m2) of Grade A urban logistics space.
The JV intends to develop 11 leasehold units ranging from 7,685 ft2 to 15,950 ft2. Once complete, the development will have a gross development value of around £35 mln (€41 mln).
The site is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to junction 3 of the M42 and the wider motorway network.
Subject to planning, the JV anticipates work starting on the proposed development by the end of 2025 with practical completion targeted for the end of the following year. The JV acquired the site from a private vendor for an undisclosed sum.
Neighbouring occupiers to the proposed development include Amazon, iForce, Lear Corporation, AMCO and a wide variety of regional and local businesses
Commenting on the acquisition, Chancerygate development manager, Rob Watts, 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 were advised on the acquisition by M1 Agency and John Truslove & Co advised the vendor.
