Developer Chancerygate and real estate private equity firm Northwood Investors have acquired a £50m site in Essex with an eye to developing a speculative logistics estate.
The joint venture has bought the 35-acre Titan Industrial Estate on Hogg Lane in Grays and has plans for 430,000 sq ft of grade-A urban logistics and industrial space across 28 leasehold units ranging from 5,000 sq ft to 130,000 sq ft.
The site was sold by chemical manufacturer and distributor Industrial Chemicals Group, which currently has a manufacturing facility there which will be closed over the coming year and demolished.
Chancerygate head of development Alastair King said: “This site presents an excellent opportunity for us to speculatively build a state-of-the art, sustainable business park. It will provide much-needed smaller urban logistics and industrial units in a local and regional market dominated in recent years by big and mid box development.”
Industrial Chemicals Group was advised by Land 3.0 and Montagu Evans, while Chancerygate and Northwood Investors were advised by DTRE.
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