A joint venture (JV) between Chancerygate and Hines has been granted planning permission to speculatively develop a new 100,000 sq ft trade park in Tonbridge, Kent.
Called Tonbridge Trade Park, the industrial and trade counter scheme will comprise 15 high-quality units ranging from 4,000 sq ft to 15,000 sq ft and has a gross development value of around £20m.
Located just one mile from Tonbridge town centre, the development will provide a variety of trade, warehouse, industrial and other roadside opportunities, as well as offering easy access to the M25
The 4.11-acre site will be Tonbridge’s first new industrial scheme for over 20 years. Pre-sale and pre-let discussions with prospective occupiers are currently ongoing.
Industrial developer and asset manager Chancerygate and international real estate firm Hines launched the equal JV in September 2018 and Tonbridge was its first acquisition. With a gross development value totalling around £107m, the JV’s portfolio of industrial space now represents 758,606 sq ft across additional developments in Warrington, Birmingham, Nottingham, Cheltenham and Bournemouth.
Chancerygate development manager, Tom Faulkner, said: “We are very pleased to be granted the opportunity to rejuvenate a prominent site which has lain dormant for a number of years.
“Tonbridge Trade Park will see us provide the region with a much-needed, modern industrial and warehousing accommodation with the potential to create new jobs in rapidly growing sectors of the economy.”
Greg Cooper, Hines UK director of industrial and logistics, added: “Since acquiring the site last year we’re pleased to have made good progress with our plans, and with this planning consent we can look forward to starting work on site. We’re already having a number of positive discussions with businesses and with the scarcity of industrial space in the region, are confident of securing our first occupiers ahead of completion of the scheme.”
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company has offices in London, Warrington, Birmingham and Milton Keynes and currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 22 sites.
The UK Hines team is currently active in the office, retail, student housing and logistics sectors, managing a combined UK property portfolio worth more than £2bn and located in London and key regional cities.
Joint agents on the scheme are Bracketts and DTRE.