Developer Chancerygate has started construction work on a 13-unit, 120,000 sq ft urban logistics scheme in Sidcup.
Named Sidcup Logistics Park, the scheme is located on Edgington Way and will comprise speculatively built Grade A units ranging in size from 4,000 sq ft to 35,750 sq ft. The scheme will have a gross development value of £30m.
The development is being built by Howard Russell, which won a competitive tender for the £11m construction contract. Practical completion at the scheme is scheduled for March 2022.
A 19,500 sq ft unit and 35,750 sq ft unit at the scheme have already been pre-sold to investor IM Properties, with the remaining units available on a freehold basis.
Sidcup Logistics Park is located less than two miles from Sidcup town centre and within close proximity to the A20, providing easy access to the Central London, the M25 and the M20. Development at the 5.4-acre site, which Chancerygate acquired from Tesco in 2018, follows the business’s successful redevelopment of the adjacent former Klinger Factory site in 2019.
Chancerygate development director, Jonathan Lee, said: “We’re pleased to have work underway at Sidcup Logistics Park to deliver a high-quality urban logistics scheme that will offer much sought after freehold industrial space to businesses across the region.
“We have already pre-sold two of our units to IM Properties and are seeing a great deal of interest in the scheme’s 11 remaining units. After our successful redevelopment project at Klinger Business Park, it’s great to be moving forward with another excellent scheme just next door.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide.
The company currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. In addition to London, Chancerygate has offices in Milton Keynes, Birmingham and Warrington.
Altus Group, DTRE and Savills are the retained property agents for Sidcup Logistics Park.