Developer Chancerygate has acquired a former 2 Sisters Food Group site in Witham, Essex, to speculatively build around 58,000 sq ft of Grade A industrial and warehousing space.
Subject to planning, the 2.49-acre development will comprise ten freehold units ranging from 4,166 sq ft to 7,427 sq ft and will have a gross development value of in excess of £10.5 m.
Chancerygate acquired the site from a private vendor for an undisclosed sum and expects to submit a planning application for the site to Braintree District Council by the end of the year.
Witham is located approximately eight miles to the north east of Chelmsford and 13 miles south west of Colchester. The Ports of Felixstowe and Harwich are 41 and 33 miles away respectively whilst Stansted airport is around 24 miles from the site.
Located on the established Freebournes Road Industrial Estate, the proposed development will provide excellent road connectivity to junction 28 of the M25 and Ipswich via the A12.
Chancerygate development manager, Matthew Young, said: “The site provides us with an excellent location to build our highly specified Grade A industrial and warehousing units. Our intention is to deliver a development that will support job creation and provide Witham much needed new units.
“With a limited supply of new build freehold units within Essex, and along the A12 corridor, we are confident there will be strong demand for our units from both local and regional businesses. We look forward to submitting our proposals to Braintree District Council in due course.”
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. Chancerygate has offices in London, Milton Keynes, Birmingham and Warrington.
The developer was advised on the acquisition by Joe Reubin at property consultancy Lambert Smith Hampton whilst Paul Fitch of commercial property agents Coke Gearing acted for the vendor.