Developers have announced plans to speculatively build a new 15-unit industrial and trade counter scheme at Cheltenham’s premier industrial estate, Kingsditch.
Unconditional contracts have been exchanged to purchase the 4.91-acre site off-market by a joint venture between multi-let industrial property developer and asset manager Chancerygate and the international real estate firm Hines. Property agents KBW acted for the vendor.
Totalling 102,000 sq ft, the proposed scheme will include six trade counter units covering 26,000 sq ft of space. The scheme’s gross development value is circa £16m.
This is first site purchased by the Chancerygate and Hines joint venture, just four months after the partnership was established with the strategy of developing prime, multi-let industrial and logistics sites.
Kingsditch Trading Estate is Cheltenham’s prime industrial, trade counter and retail destination, with existing occupiers including Screwfix, Halfords, Homebase, M&S and Argos.
Chancerygate development manager, George Dickens, said: “Kingsditch is a prime trade counter, car showroom, road side and industrial destination, which fully supports our development strategy. We have a strong track record in identifying well connected, strategic locations, often in areas that have seen a shortage of new supply. I’d encourage potential occupiers to inquire now about pre-let opportunities.
“Chancerygate understands and delivers what occupiers want, and with Hines’ investment capabilities we have a very attractive offer. We look forward to revealing more details about the scheme in future.”
Established in 1995, Chancerygate employs 37 people from offices in London, Birmingham, Warrington and Milton Keynes. Its development team has more than 2m sq ft of industrial space under construction or ready for development.
Hines senior managing director and UK head, Ross Blair, added: “At the time of establishing our joint venture, we said we would make decisions at speed and grow a pipeline quickly. With this first deal, we’ve absolutely done that. Industrial developments are a vital asset class in Hines’ diversification and we’re confident investors will see rewards from the joint venture.”