Chancerygate and Bridges Fund Management has submitted plans to speculatively build 67,975ft² of Grade A urban logistics space on a 2.78-acre site at Red Lion Road Business Park in Tolworth. The JV intends to develop an industrial scheme comprising nine units ranging from 4,467 to 17,513ft². Units will be available on a leasehold basis. The JV acquired the site from a private vendor for an undisclosed sum and hopes to start construction in the second half of 2022. The site is situated in a prime location offering good access to Kingston-upon-Thames and central London. It is eight miles from junction 10 and 17 miles from junction 12 of the M25, seven miles from Leatherhead and 12 miles from Croydon and Heathrow.
Chancerygate development manager, Matthew Young, said: “This is a really exciting opportunity to regenerate a site that has been underutilised for many years and allocated for industrial use by the local authority. We will bring forward a new high-specification urban logistics development with strong sustainability credentials. Our plans will help address a real shortage of high-quality, new build industrial space across the region. We’re confident this development will meet the needs of businesses across Tolworth and its surrounding areas by providing quality, sustainable urban logistics accommodation that provides easy access to central London.”
Guy Bowden, partner at Bridges Fund Management, said: “Our proposed development on this really well-located site will deliver high-quality logistics units that will create jobs and boost the local economy. We’re also increasingly finding that our focus on delivering buildings with strong sustainability credentials is not just better for the planet; it is also making these sites more attractive to potential occupiers.”
