Chancerygate and Hines’s partnership specializing in UK logistics real estate has purchased a plot of land in Redditch, Worcestershire with plans to construct around 12,948m2 of urban logistics space valued at c. €41m. The collaboration has acquired a 2.59-ha site aimed at developing 11 leasehold units spanning from 714m2 to 1,479m2.
The site was procured from a private seller at an undisclosed cost. Pending planning approval, the joint venture (JV) anticipates commencing construction by the conclusion of 2025 and wrapping up the project by the end of 2026.
Rob Watts, development manager at Chancerygate, said: “This site’s strategic gateway location into Redditch, within an established industrial area and proximity to transport links, makes it the perfect opportunity for our JV with Hines. There is unsatisfied demand for high-specification urban logistics units across Redditch, Worcestershire and the wider West Midlands region. We believe our proposed development will address this through offering new, Grade A sustainable units which are fit for purpose for a range of prospective occupiers. This belief is informed by the fact we have already seen significant interest in the scheme from potential occupiers.”
Greg Cooper, managing director and head of UK industrial and logistics at Hines, said: “We are pleased to have secured another prime development opportunity, in our JV with Chancerygate, for our growing light industrial mid-box portfolio on behalf of HEREP. We continue to target established locations with favourable supply-and-demand dynamics and will look to develop Grade A stock with strong ESG credentials.”
Image Credit: Chancerygate.
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