Chancerygate and Hines buys spec sheds scheme

Chancerygate and Hines’ joint venture has bought the final five-acre development plot at Gemini8 in Warrington, with a GDV of £17m. The acquisition will enable the jv to build around 100,000 sq ft of industrial and warehouse space at the location, which it acquired from developer Marshall CDP. The proposed scheme will provide around 20 units ranging from 3,500 to 12,000 sq ft. A planning application will be submitted in the next few months. Gemini8 comprises 14 acres in total with prominent frontage to the M62 at junction 8. Its occupiers include health and fitness club Athelis, Travelodge, Harvester, Starbucks, Subway, Frankie & Benny’s and Marston’s The Skymaster. The deal marks the sixth acquisition for the jv, which launched in 2018. The jv’s portfolio has a combined GDV of £107m, and measures 753,000 sq ft across additional developments in Birmingham, Nottingham, Tonbridge, Cheltenham and Bournemouth. Mike Walker, development director and head of the Warrington office at Chancerygate, said: “This is undoubtedly one of the best locations in the North West and it is perfect for our product. We have wanted to acquire a prime site in Warrington for a number of years because we are confident there is huge pent-up demand for new, well-specified freehold units.” Greg Cooper, director of industrial and logistics at Hines UK, said: “The site represents another great acquisition for our growing portfolio with Chancerygate. Since its inception just over a year ago, it’s proven to be a fruitful partnership adept at identifying well-located sites across the UK and at executing quick transactions to allow us to deliver schemes at pace.” CBRE acted for Chancerygate on the acquisition and will be retained as joint sole agents with Davies Harrison, which advised Marshall CDP. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette