Industrial developer Chancerygate has purchased a former Total Petroleum fuel distribution centre in Colwick, Nottingham, for a new £19m development.
The developer aims to speculatively build 15 freehold and leasehold industrial and warehousing facilities totalling 137,852 sq ft. These will range from 5,920 sq ft to 23,864 sq ft.
The 6.35-acre site, located off Colwick Loop Road at Colwick Industrial Estate, has been unused since 2019. Chancerygate acquired the site from developer and investor City Estates.
Neighbouring occupiers to the proposed development include Jewson, Sainsbury’s, Biffa, Nottingham Steel Supplies and Tile Tec Fireplaces.
Chancerygate is aiming to submit plans for the development to Gedling Borough Council towards the end of the year
Mark Garrity, development director and head of Birmingham at Chancerygate, cited interest from “a variety of potential occupiers”. He added: “Colwick is an up-and-coming area of the city benefitting from extensive redevelopment and regeneration. The delivery of this site has the potential to create hundreds of jobs in the local area.”
Gerald Eve advised Chancerygate on the deal; FHP acted for City Estates. FHP and Gerald Eve have been retained as the agents for the development.
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