CBRE Investment Management (CBRE IM) and Chancerygate have completed work on a new 93,400 sq ft Grade A urban logistics development on a former gas works in Croydon.
Called The Works, the development comprises 15 units aimed at small and medium-sized businesses. Units range from 2,420 sq ft to 16,240 sq ft and can be combined to provide up to 42,050 sq ft.
The Works has been built on a remediated brownfield site that first housed gas holders in 1895 and was previously known as the Croydon Gas Works.
The scheme was delivered by property developer Chancerygate and global real assets investment manager CBRE Investment Management (CBRE IM) on behalf of a fund sponsored by the firm.
Located on the outskirts of Croydon town centre, The Works is 10 miles south of central London, less than a mile from the A23 and nine miles from junction 7 of the M25. West Croydon rail station and Wandle Park tram stop are also both within half a mile.
Neighbouring occupiers include a Tesco distribution centre, Sainsbury’s, Royal Mail and Decathlon.
To mark the site’s heritage, Chancerygate worked with local artist group A Collective to design and produce a large-scale public artwork, which is now on display at the scheme’s Factory Lane entrance.
Chancerygate development director, Tom Faulkner, said: “The Works is Croydon’s first new multi-unit urban logistics scheme to complete in a decade and has brought a brownfield site that sat unused for years back into productive use.
“We deliberately focused on delivering small and mid-sized units because that’s where the shortage of good quality space is most acute for SMEs in Croydon and South London.
“We’re also thrilled with the artwork A Collective has produced for the entrance. The site has more than a century of industrial history behind it, so it is only right that our new scheme recognises that.”
All units at The Works have fitted first-floor offices and electric vehicle charging points, while the scheme provides secure parking for 76 bicycles and an outdoor seating area for people working on site.
The units are built from high-performance materials that reduce CO2 emissions and have solar panels, which provide green energy to occupiers on an affordable basis. The development has achieved a BREEAM rating of Excellent, with all units certified EPC A+.
To support biodiversity, the landscaping includes 61 new semi-mature trees, along with bird and bat boxes. The scheme also has an urban garden featuring dedicated landscaped amenity space with outdoor seating.
Charlotte Coleman, UK Industrial at CBRE IM, added: “The Works reflects the type of high-quality, sustainable urban logistics asset that we believe is well positioned to see strong occupier demand over the long term.
“The scheme’s strategic location, flexible unit sizes and strong sustainability credentials align closely with the requirements of modern businesses, while supporting the creation of a resilient, income-producing asset capable of delivering attractive risk-adjusted returns for investors.”
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and investment manager.
In August this year, Chancerygate was acquired by Dream, the Toronto-headquartered global real estate asset manager.
Units at The Works are available to let now through agents Cushman & Wakefield, Stiles Harold Williams and DTRE.
