Chancerygate and Hines JV has started work on a 14-unit trade counter and industrial and warehousing development located one-and-a-half miles to the north-west of Cheltenham town centre in Gloucestershire. Called Festival Trade Park, the 4.5-acre development will comprise 14 units ranging in size from 3,487 to 34,981ft². Nine of the units will be trade counter with the remainder for industrial or warehouse use.
The JV acquired the site from clothing brand Superdry. Prior to Superdry occupying the site in 2015 it was home to food packaging company Vibixa. Festival Trade Park is located within the established Kingsditch Trade and Industrial Estate. The development provides access to major road links, including the A40, A4019 and the M5. Demolition of the existing buildings on the site is currently underway and Chancerygate and Hines are now tendering the main contractor for the build element of the development. All 14 units are expected to be available for occupation in the first quarter of 2021.
Commenting on Festival Trade Park, Chancerygate development director, George Dickens, said: “There has been very little speculative development of industrial and trade counter units in Cheltenham over the last ten years. Festival Trade Park will provide the town and region with much needed, high-quality space in an established trading estate. We have already had a number of initial enquiries from interested parties. Now work is underway we will enter into more advanced discussions with potential occupiers about how we can work with them to make Festival Trade Park the best place for them to further grow their businesses.”
Greg Cooper, Hines UK director of industrial and logistics, added: “We are pleased to have started work on this speculative development which we believe will bring much needed light industrial and warehouse space to the region. Early interest from potential occupiers has been encouraging and we look forward to completing the development and securing our first tenants in due course.”
