A joint venture between Chancerygate and Bridges Fund Management has acquired a 7.85-acre site in Adlington, Cheshire to speculatively develop 165,000 sq ft of Grade A industrial and warehousing space that could create up to 250 jobs.
The partners intend to deliver 18 leasehold units ranging from 7,000 sq ft to 24,500 sq ft at the site. Once complete, it will have a gross development value of around £40m.
The proposed development will be located off London Road, south of Poynton town centre, and will adjoin Adlington Business Park & Industrial Estate.
It will also be situated immediately adjacent to the new £53m Poynton Relief Road. Due to complete later this year, this will significantly improve connectivity from the site to Manchester Airport.
The JV partners acquired the site from commercial property developer Quorum Property Group for an undisclosed sum.
Neighbouring occupiers to the proposed development include confectionary manufacturer Swizzels, tray sealing and packaging line specialist Proseal and transport company William Kirk.
Commenting on the acquisition, Chancerygate development director, Chris Brown, who is based in the company’s Warrington office, said: “We’re very pleased to have secured this strategic development opportunity in an off-market transaction with Quorum.
“The new £53m Poynton Relief Road will be hugely beneficial to Avro Business Park. It will directly connect the development to the airport and the M56, providing excellent connectivity to the wider Cheshire and Manchester markets.
“We know there is strong demand for multi-unit industrial space from a wide array of occupiers across south Manchester and the wider region. Avro Business Park will help to satisfy and facilitate this demand while enabling up to 250 jobs for the local area. We look forward to submitting plans for the site to Cheshire East Council soon.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit urban logistics property developer and asset manager and the only one operating nationwide.
In addition to Warrington, the company has offices in London, Birmingham, Bristol and Milton Keynes. It 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.
Bridges is a specialist sustainable and impact investor. It has been working in partnership with Chancerygate on projects for more than 10 years.
Investments include acquisitions sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.
Bridges partner, Guy Bowden, said: “Bridges and Chancerygate have shown on multiple occasions that there is strong demand from progressive local employers for high specification sustainable industrial developments – which ultimately helps to create jobs and support the growth of the local economy.”
The partners were advised by Wilmslow-based commercial property agent Williams Sillitoe on the acquisition.
