Leading industrial development and asset manager, Chancerygate, has secured £6million of funding from NatWest to speculatively develop an industrial scheme in Warmley, East Bristol.
The 60 per cent loan-to-cost (LTC) speculative development facility will allow the company to develop the existing industrial site, previously occupied by Amcor Packaging UK Ltd, into a new multi-unit industrial scheme. This will include the creation of 14 units totalling 85,952 sq ft, and refurbishment of an existing 34,960 sq ft warehouse space.
Chancerygate originally acquired the 6.6 acre site in June 2017 and has since refurbished the existing 20,987 sq ft of office space.
The additional 3,700–12,000 sq ft units will be available on a freehold basis whilst Chancerygate plans to let the warehouse.
With more than 20 years’ experience in the commercial property sector, Chancerygate has delivered more than 8.5 million sq ft across the UK. Over the last 12 months alone, the developer has acquired nine new sites, which represent an investment of £41million.
James Deane, Group Finance Director at Chancerygate, said: “Our aim is to identify opportunities in strategic locations previously deprived of modern, high quality stock. Our development of the site in Warmley reflects this strategy as there is a significant lack of supply of industrial space in Bristol, particularly smaller freehold units.
“The funding from NatWest will allow us to develop the remainder of the site, meeting the demands of the growing urban logistics market as we continue to reaffirm our position as one of the UK’s leading industrial developers.”
Alex Jones, Associate Director at NatWest Structured Real Estate Finance, said: “NatWest look for strong sponsors with a proven track record and Chancerygate’s long-term presence and success in the UK industrial market is evident as it continues to deliver around 12 schemes a year. We look forward to continuing to work with the team and supporting them with future projects.”