A joint venture (JV) between Chancerygate and real estate private equity firm Northwood Investors has submitted plans to build 131,000 sq ft of Grade A urban logistics space at Trafford Park, Manchester.
The planning submission is developer Chancerygate’s and Northwood Investors’ first joint application since launching the JV in September 2021. The JV plans to target speculative urban logistics development opportunities in key cities throughout the UK over the next 18 months.
The speculative development will comprise 16 leasehold units ranging from 5,000 sq ft to 13,000 sq ft and has a projected gross development value of around £30m.
Subject to planning approval from Trafford Council, work on the proposed development will commence in early 2023.
Located on Barton Dock Road, the seven-acre development site benefits from excellent access to Manchester city centre and is one mile from junction 9 of the M60. Neighbouring occupiers include Kellogg’s, Amazon, L’Oréal and Adidas.
Chancerygate development director and head of its Warrington office, Mike Walker, said: “We’re very pleased to have submitted our first joint planning application as part of our JV with Northwood Investors.
“Trafford Park is widely regarded as the prime industrial and logistics location in Manchester. This is a hugely exciting opportunity to deliver the first multi-unit development on the park for more than 14 years and provide the area with high specification, sustainable urban logistics and industrial accommodation.”
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 more than 3.5m sq ft of industrial space under construction or ready for development across 32 sites ranging from Bournemouth to Edinburgh. In addition to Warrington, Chancerygate has offices in London, Birmingham, Bristol and Milton Keynes.
Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $9bn of investor capital with its Manchester office headed by executive director Richard Pellatt.
Agents for the proposed scheme are JLL and Davies Harrison.