A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, Chancerygate and Hines has submitted plans to speculatively build a 350,000 sq ft business park in Bracknell, Berkshire.
Called Network West, the 18.75-acre site is currently home to Hewlett Packard Enterprise UK’s headquarters. The current planning application will see 24 units ranging from 3,500 sq ft to 43,000 sq ft built on the site, with the developers also able to accommodate larger bespoke units up to 350,000 sq ft.
The JV was set up by the three entities specifically to deliver the Network West development and its initial purchase of the land was one of the largest deals of its type within the M4/M3 corridor last year.
The proposals for Network West are to provide speculative industrial, warehousing and logistics accommodation, while its comprehensive power infrastructure and fibre connectivity also makes the site suitable for data centres or film production facilities.
The development is being offered on both a leasehold and freehold basis.
Commenting on the development proposals, Chancerygate head of development, Alastair King said: “Our proposed development will be the largest we have built and reflects the confidence we have in the market for industrial and warehousing space, which is driven by particularly strong demand from potential occupiers in this region.
“The fact that so many online retailers have taken up additional warehousing space over recent months to alter their supply chains has reduced supply. As a specialist in speculative development, the combination of an appealing site and a healthy dynamic between supply and demand created the perfect opportunity for us to play to our strengths alongside our joint venture partners.
The new business park will reinforce Bracknell’s status as one of the UK’s emerging trading centres, which has seen it become home to headquarter offices for major businesses including Vodafone, Fujitsu, Honda and Waitrose.
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.
Greg Cooper, Hines UK director of industrial and logistics, added: “With excellent motorway links and the ability to serve such a large proportion of the population, Network West provides a fantastic opportunity for businesses looking to either expand or relocate their operations.
“The site’s wider appeal to data centre users and film production companies, a number whom have already enquired about bespoke facilities, is another avenue we are exploring.”
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 BNP Paribas and JLL.