A joint venture (JV) between developer Chancerygate and global real estate firm Hines has started construction on a new 15-unit, 100,000 sq ft trade park on Vale Road in Tonbridge, Kent.
Called Tonbridge Trade Park, the industrial and trade counter scheme will comprise high-quality units ranging from 4,000 sq ft to 15,000 sq ft. The scheme has a gross development value of £20m, with units available on a leasehold basis.
The £7.6m contract to build the development has been awarded to logistics and industrial construction specialist Glencar Construction after the contractor won a competitive tendering process. The 4.11-acre site will be Tonbridge’s first new industrial scheme in more than 20 years, with practical completion of the development scheduled for November this year.
Located just one mile from Tonbridge town centre, the scheme will provide a variety of trade, warehouse, industrial and other roadside opportunities, as well as offering easy access to the M25.
Chancerygate development manager, Tom Faulkner, said: “We’re really pleased to see our Tonbridge Trade Park development start on site. It’s the first new industrial scheme to be built in Tonbridge in more than 20 years and will bring much-needed high-quality warehousing space to the area.
“We’re already receiving a great deal of interest from prospective occupiers and look forward to delivering a scheme that will serve the needs of businesses in the region for years to come.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide, with offices in London, Birmingham, Milton Keynes and Warrington.
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.
Glencar Construction director, Tony Cornwell, said: “We are extremely happy to have been appointed by Chancerygate and Hines after a rigorous tendering process. Tonbridge Trade Park is a high-profile development and we are looking forward to working with the full project team and getting started.”
Joint agents on the scheme are Bracketts and DTRE.