Chancerygate has achieved practical completion for its 94,000 sq ft Furlong Business Park scheme in Bishops Cleeve near Cheltenham, with almost a third of the development’s available units already sold.
Furlong Business Park is a £10.2m development providing a total of 11 high-quality industrial and warehousing units ranging from 3,988 sq ft to 25,714 sq ft. Units are available on both a freehold and leasehold basis.
Having pre-sold a 3,075 sq ft unit to Chipping Norton-based printing company KopyRite Printers last November, Chancerygate pre-sold a further 4,590 sq ft unit before the scheme’s completion, which was purchased by building specialists, D&G Contracting.
A further unit totalling 4,865 sq ft was bought by creative agency Still Moving Media within days of the development’s completion, while a 3,988 sq ft unit is currently under offer.
Situated within Cleeve Business Park on the outskirts of Cheltenham, Furlong Business Park is approximately one mile north of Cheltenham racecourse and four miles from Junction 10 of the M5. Nearby occupiers on Cleeve Business Park include GE Aviation, Zurich Insurance and Capita Life & Pensions.
Chancerygate is also in the process of developing a second industrial scheme in Cheltenham, which is expected to be available for occupation next autumn. Called Festival Trade Park, the development will offer 14 trade counter, industrial and warehousing units ranging from 3,487 to 34,981 sq ft and is part of a joint venture with international real estate firm Hines.
Commenting on the site’s practical completion, Chancerygate development director George Dickens, said: “We’re very pleased to have achieved practical completion at Furlong Business Park with a third of the scheme’s units now sold and the remaining seven units attracting plenty of interest.
“Prior to our two active sites in Cheltenham, there had not been a speculative development in the area for more than a decade. Our recent investment in the region shows our commitment to giving prospective occupiers high-quality industrial space to grow their businesses in Gloucestershire.”
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.
BNP Paribas Real Estates and Colliers International are joint sales agents for Furlong Business Park.