A third of units sold at speculatively built £10 million industrial development in Cheltenham

Photo shows: Furlong Business Park Cheltenham
Furlough Business Park

Industrial developer and asset manager, Chancerygate has achieved practical completion for its 94,000 sq ft, £10.2 million Furlong Business Park scheme at Bishops Cleeve near Cheltenham, with almost a third of the development’s available units already sold.

Furlong Business Park, off Hyde Lane, has 11 industrial and warehousing units ranging from 3,988 sq ft to 25,714 sq ft.

Nearby occupiers on Cleeve Business Park include GE Aviation, Zurich Insurance and Capita Life & Pensions.

Having pre-sold a 3,075 sq ft unit to Chipping Norton-based printing company KopyRite Printers last November, Chancerygate pre-sold a further 4,590 sq ft unit before the scheme’s completion to Cheltenham-based, D&G Contracting.

A further unit totalling 4,865 sq ft was bought by Cheltenham creative agency Still Moving Media within days of the development’s completion, while a 3,988 sq ft unit is currently under offer.

Chancerygate is also in the process of developing a second industrial scheme in Cheltenham on the corner of Wymans Lane and Runnings Road, just one mile from Furlong Business Park.

Called Festival Trade Park, the development sits within the Kingsditch Trade and Industrial Estate and will offer 14 trade counter, industrial and warehousing units ranging from 3,487 to 34,981 sq ft. The scheme is part of a joint venture with international real estate firm, Hines, and is expected to be available for occupation next autumn.

Chancerygate development director George Dickens, said: “Prior to our two active sites in Cheltenham, there had not been a speculative development in the area for more than a decade. Our recent investment in the region shows our commitment to giving prospective occupiers high-quality industrial space to grow their businesses in Gloucestershire.”

Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 22 sites.

BNP Paribas Real Estate and Colliers International are joint sales agents for Furlong Business Park.