Chancerygate has acquired two adjacent sites totalling 4.6 acres (18,600 m2) in Leatherhead, Surrey, to speculatively build 82,400 ft2 (7,655 m2) of Grade A industrial and warehousing space.
Chancerygate intends to develop 13 leasehold units ranging from 3,000-19,000 ft2 on the land. Once complete, the scheme will have a gross development value of around £32 mln (€37 mln).
Chancerygate head of development Alastair King, said: 'We’re very pleased to have secured this opportunity to develop in a prime industrial area of the South M25 quadrant.
'Leatherhead’s proximity to excellent transport connections and an affluent, skilled workforce has resulted in a thriving business community, including an array of established, blue chip multi-national companies.
'Our proposed development of high specification, sustainable industrial accommodation will complement the local and regional economy and stimulate further investment and job creation.'
The sites are located off Cleeve Road in Leatherhead Business Park approximately one mile north of the town centre and one mile east of junction 9 of the M25. They were purchased from a private family investor (the larger site) and an international corporation respectively.
Both sites currently comprise office and warehouse accommodation which will be demolished for the new development.
Neighbouring occupiers to the proposed development include Unilever and engineering consultancies KBR and RINA Tech UK.
Chancerygate will submit its plans for the development to Mole Valley District Council towards the end of the year.
Chartered surveyors Aston Rose advised Chancerygate on the site acquisition of 3.6-acre site, whilst JS Land & Capital advised the vendor. The one-acre site was bought directly by the developer.
