A joint venture (JV) between Chancerygate and Hines has submitted plans to speculatively build 115,000 sq ft of industrial and warehousing space on the final five-acre plot at Gemini8 in Warrington, Cheshire.
Situated within the North West’s most prominent business park, the proposed scheme will provide around 18 units ranging between ranging from 3,900 sq ft to 16,500 sq ft.
Industrial developer and asset manager Chancerygate and international real estate firm Hines launched the equal JV in September 2018. Gemini8 became its sixth acquisition when the site was purchased earlier this year.
Comprising 5.1 acres in total, Gemini8 is strategically located with direct access to the M62 motorway. Occupiers surrounding the proposed scheme include Ikea, Starbucks, Travelodge and Marks & Spencer.
Commenting on the development proposals, Chancerygate development director and head of its Warrington office, Mike Walker, said: “The site at Gemini8 is without doubt one of the most prominent in the North West and is the ideal location for a range of high-profile commercial operators.
“We believe the location is perfect for the introduction of modern, high specification industrial and warehousing units aimed at the vitally important SME sector. The development will assist local and national businesses with expansion plans to fulfil their ambitions.”
Greg Cooper, Hines UK director of industrial and logistics, added: “Submitting a planning application so soon after we acquired the site is testimony to our confidence in the opportunity to deliver a high quality industrial and trade counter scheme in an excellent location, where we believe there will be significant occupier demand.”
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.
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 Birmingham, Nottingham, Cheltenham, Tonbridge and Bournemouth.
Joint agents on the scheme are CBRE and Davies Harrison Real Estate.