(WARRINGTON, UK) – Hines, the international real estate firm, and Chancerygate, the industrial property developer and asset manager, announced they have secured planning for two multi-unit schemes at Gemini8 in Warrington and Forge Industrial Park in Sutton Coldfield.
The development at Gemini8 will see Chancerygate speculatively develop 119,675 square feet of industrial and warehousing space as part of a joint venture (JV) with Hines.
Comprising 5.1 acres in total, the scheme will provide 18 freehold and leasehold units ranging from 3,900 square feet to 16,500 square feet and is strategically located with direct access to the M62. Planning consent comes after Chancerygate and Hines acquired the site in January this year.
The development at Forge Industrial Park in Sutton Coldfield will see Chancerygate deliver a 72,007-square-foot freehold light industrial and warehousing scheme featuring 11 units ranging from 4,467 square feet to 24,003 square feet.
Chancerygate purchased the 3.1-acre site last August and worked to demolish an existing 69,000-square-foot industrial building on the site is due to begin in November.
Located next to Minworth Trade Park, Forge Industrial Park is located 2.2 miles from junction 5 of the M6, three miles from junction 9 of the M42 and seven miles northeast of Birmingham city centre.
Alastair King, head of development at Chancerygate, said: “We are seeing growing demand for high-quality industrial developments across the UK. This is being driven in part by increasing demand from retailers and institutional investors, both of which regard strategically located industrial space as a key asset. Our scheme at Gemini8 is a great example of this. Historically, there has been a shortage of warehousing space in Warrington and there has not been a multi-unit development in the area for more than a decade. Now, we are seeing demand rise significantly and that is why we are best placed to invest in the area to speculatively develop 119,675 square feet of industrial and warehousing space. Rising demand is also a key driver behind our development at Forge Industrial Park. It is a well-established industrial area and is ideally located for retailers and funds looking to invest in warehousing and logistics to meet growing consumer demand for e-commerce and home delivery models.”
Greg Cooper, Hines UK director of industrial and logistics, said: “This is an important next step in continuing to grow our portfolio with Chancerygate and deliver high-quality industrial schemes across the UK. The partnership to date has been highly successful at identifying modern industrial and logistics space in strategic locations across the UK and we welcome the momentum behind these quick transactions that allow us to deliver schemes at pace.”
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company has offices in London, Warrington, Birmingham and Milton Keynes and currently has up to 2.9 million square feet of industrial space under construction or ready for development across 24 sites.
Joint agents on the Gemini8 scheme are CBRE and Davies Harrison. Joint agents on the Forge Park Industrial scheme are Knight Frank and Gerald Eve.
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 22 sites ranging from Bournemouth in Dorset to Livingston, West Lothian. Chancerygate offers units to occupiers on both a freehold and leasehold basis. The company also manages in excess of £220m of assets across more than 4.9 million sq ft of commercial space in more than 350 units. In 2019, Chancerygate invested around £60m to acquire eight sites totalling 58 acres. During the same year, the business delivered more than one million sq ft of accommodation and let or sold 72 units. Chancerygate has offices in London, Warrington, Birmingham and Milton Keynes. For more information visit www.chancerygate.com
Follow the company on Twitter @chancerygate and on LinkedIn at Chancerygate.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as an investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totalling 43 million square metres. The firm’s current property and asset management portfolio includes 576 properties, representing over 22 million square metres. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property management services in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.