Chancerygate has kicked off its expansion into developing larger scale logistics and distribution schemes with a strategic site acquisition in Coventry, West Midlands.
The London-based firm has made its Midlands debut with the acquisition of the seven-acre C75 Coventry site, located close to the city’s airport, and is planning to speculatively build a 75,530 sq ft logistics warehouse unit.
The development is the first larger scale and higher value project Chancerygate has become involved in since industrial heavyweight Tim Johnson joined the firm as development director to spearhead the mandate last year.
Chancerygate has traditionally focused on units of 30,000-50,000 sq ft around major population hubs.
The £10m single unit warehouse will have a 50m yard plus 4,000 sq ft of offices.
The site is the final plot at the Pilot Business Park and is one of the strongest locations in the UK for logistics facilities. Situated at the Toll Bar End junction of the A45/A46 trunk roads which link directly with the M6, M69, M45, M40, M42 and M1 motorways, it is also close to Jaguar Land Rover’s engineering centre at Whitley.
Johnson said: “We are increasingly bringing forward logistics projects of greater scale, and we believe the impeccable credentials of this project and its superb location will generate strong demand in the market”.
Chancerygate announced a £100m development programme, shifting its focus away from its South East heartland towards the North in 2014. To date, activity outside London and the South East has focused on the North West, with smaller schemes in Stockport, Oldham and Chorley.
The unit will be available to buy or rent in late summer 2017 via sole agent Bromwich Hardy.
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