Chancerygate and Hines jv buys first sites
The joint venture formed by Chancerygate and Hines has purchased its first two sites, spanning nine acres of land and bringing forward the development of 202,000 sq ft of industrial space.
The schemes, located in Tonbridge and Cheltenham, will involve the speculative development of multi-unit industrial and trade counter schemes.
The 4.1-acre Tonbridge site is located on Vale Road, with 14 industrial units proposed across 100,000 sq ft.
The joint venture formed by Chancerygate and Hines has purchased its first two sites, spanning nine acres of land and bringing forward the development of 202,000 sq ft of industrial space.
The schemes, located in Tonbridge and Cheltenham, will involve the speculative development of multi-unit industrial and trade counter schemes.
The 4.1-acre Tonbridge site is located on Vale Road, with 14 industrial units proposed across 100,000 sq ft.
It is scheduled for occupation in 2020 and is expected to have a GDV in excess of £20m. Prelet discussions are well advanced.
In Cheltenham, the 4.9-acre site at the Kingsditch trading estate has been purchased off-market.
The jv plans to speculatively build 15 units totalling 102,000 sq ft, six of which (totalling 26,000 sq ft) will be trade counter units. The development’s GDV is around £16m.
The partnership, which formed in September, aims to develop prime, multilet industrial and logistics sites.
Richard Bains, managing director of Chancerygate, said: “Acquiring these sites is an important milestone in our partnership with Hines – and the first of many more to come. This is a trusted partnership and we are already reaping the rewards of working together.
“Tonbridge has been woefully undersupplied with good-quality developments and our scheme will be the town’s biggest for decades.
“Likewise, Kingsditch in Cheltenham is a prime destination for retailers and their customers, which fully supports our development strategy.”
Ross Blair, senior managing director and head of UK at Hines, added: “At the time of establishing our joint venture, we said we would make decisions at speed and grow a pipeline quickly.
“With these first site purchases, we have absolutely done that. Industrial developments are a vital asset class in Hines’s diversification and we are confident investors will see rewards from the joint venture.”
Bracketts acted for Chancerygate and Hines in Tonbridge; DTRE acted for the vendor.
KBW acted for the vendor in Cheltenham.
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