A joint venture between industrial developer Chancerygate and sustainable and impact investor Bridges Fund Management has secured planning to build 254,000 sq. ft. of urban logistics space in Coventry.
Called Holbrook Business Park, the speculative development will be situated on a 12-acre plot situated off Holbrook Lane and Swallow Road. The scheme has a gross development value of £35m and will comprise 31 Grade A units ranging from 2,153 sq. ft. to 40,053 sq. ft.
Accommodation at the site, which was previously home to the Meggitt aerospace factory, will be available on a leasehold basis.
Holbrook Business Park will be located two-and-a-half miles from the centre of Coventry and provide good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.
The warehousing and industrial space will be delivered in two phases, with Chancerygate set to commence construction of phase one in August 2021. The initial phase, which will comprise 105,218 sq. ft. of industrial space across 17 units, is due to be completed in June 2022.
Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “This is a key new development for Coventry that will enable local businesses to grow and develop, particularly as we know there is strong demand for high-quality industrial space in the West Midlands.
“We are already experiencing significant interest from potential occupiers and are looking forward to turning our development plans into reality.”
Chancerygate and Bridges Fund Management have been working in partnership on projects for more than 10 years. Investments include the regeneration of Beeston Business Park, near Nottingham, and the development of ‘The Curve’, a student housing development in London SE1.
Last year the joint venture secured the Holbrook Business Park opportunity plus two others in Peterborough and Edinburgh for urban logistics development. The three sites will provide a combined total of around 619,000 sq. ft. of Grade A urban logistics space.
Guy Bowden, partner at Bridges Fund Management, said: “We are delighted to join forces with Chancerygate again for this exciting development, which will create jobs and boost the local economy in Coventry. Our previous projects have shown that there is strong occupier demand for urban logistics sites that combine accessibility with market-leading sustainability features, which help to reduce running costs and future-proof the building. We fully expect this to be case with Holbrook Business Park.”