Leading industrial developer and asset manager, Chancerygate, has acquired more than seven acres of development land at sites in Chertsey, Harlow and Cheltenham.
The sites will be developed to create 181,000 sq ft of new warehouse and industrial space.
In Chertsey, the company has bought an existing development of five industrial warehouses on Hanworth Lane. These will be replaced by 62,000 sq ft of space in 12 units ranging in size from 3,950 to 7,535 sq ft. JLL advised Chancerygate on the acquisition.
At Harlow Business Park, Chancerygate will be developing a 27,000 sq ft scheme in five units which will be available on a freehold basis. This acquisition follows the success of Chancerygate’s 97,000 sq ft East Place scheme which is 40% pre-let. DWW advised Chancerygate on the acquisition.
The company has also bought a site on Cleeve Business Park to the north of Cheltenham where planning will be submitted for a 92,000 scheme in nine units ranging from 4,500-23,500 sq ft. Colliers International advised Chancerygate on the acquisition.
Alastair King, Head of Development at Chancerygate said: “These sites are all in locations where there is sustained demand for contemporary warehouse and industrial space. Their acquisition adds further to our development pipeline and is in line with our strategy to purchase sites in undersupplied locations and develop high-spec industrial space aligned to occupier specifications and needs.”
In the past 12 months, Chancerygate has acquired more than 37 acres of development land across nine sites. It currently has more than 2m sq ft of space under construction or in the pipeline across the UK.