A joint venture (JV) between Chancerygate and global real estate investor, developer and manager Hines have submitted plans to speculatively build 133,500 sq ft of Grade A urban logistics space in Redditch.
The JV is funded by Hines European Real Estate Partners III (HEREP) which has more than £1.3bn of equity commitments.
Called Aurora Park, the proposed scheme will comprise nine leasehold units ranging from 7,685 sq ft to 22,055 sq ft. Once complete, it will have a gross development value of around £35m.
The 6.4-acre site, located on Ravensbank Drive on North Moons Moat industrial estate, is within close proximity to junction 3 of the M42 and the wider motorway network, offering easy access to Birmingham.
Neighbouring occupiers to the proposed development include Amazon, iForce, Lear Corporation, AMCO and a wide variety of regional and local businesses.
All properties at Aurora Park will feature electric vehicle charging points along with solar cells which provide green energy on an affordable basis to occupiers.
In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Excellent rating.
Chancerygate development manager, Rob Watts, who is based in the company’s Birmingham office, said: “There is strong demand from occupiers in Redditch, Worcestershire and the wider West Midlands region for high quality, sustainable urban logistics accommodation.
“Aurora Park will help satisfy this demand, providing occupiers with Grade A space in a strategic location close to key infrastructure
“We look forward to working with Redditch Borough Council to progress our planning application which will deliver employment land and a long-term economic asset for the town.”
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and investment asset manager and the only one operating nationwide.
The company has around 1.41m sq ft of urban logistics space under construction or ready for development across 11 sites ranging from Edinburgh to Croydon.
In addition to Birmingham, Chancerygate has offices in London, Warrington and Bristol. The business is dedicated to creating high quality, sustainable spaces and is expanding throughout Europe with offices established in Dublin, Madrid, Lisbon and Paris to further enable its growth plans.
Greg Cooper, managing director at Hines UK, said: “Our partnership with Chancerygate is now in its sixth year and our complementary experience and capabilities has enabled us to deliver a wide range of high quality, sustainable urban logistics and mid-box facilities in strategic locations across the UK.”
Hines manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million sq ft of projects acquired, completed or in the pipeline.
