A joint venture between Chancerygate and SGN Place has exchanged contracts to acquire a four-acre site in Croydon. The deal marks the first JV between the partners, who plan to speculatively develop 8,825m² (95,000ft²) of Grade A industrial and warehousing space with a gross development value of €29.3m (£25m). Subject to planning approval, the scheme will comprise 14 units ranging from 92m² (1,000ft²) to 1,579m² (17,000ft²). All units will be available on a freehold and leasehold basis.
Located on the outskirts of Croydon town centre, the Factory Lane site is 10 miles south of central London and provides good access to the A23, A232 and M25. SGN had originally acquired the site from National Grid Transco and has now unlocked the land for development as part of a rationalisation of its portfolio.
Chancerygate development director, Jonathan Lee, said: “We’re very pleased to have entered into this JV with SGN Place on the Factory Lane site. We are excited to bring forward our plans for a first-class industrial scheme in an excellent location. As far as we are aware, there has been no speculative development of freehold multi-unit industrial sites in Croydon for more than 10 years. There is, therefore, very high demand from many different types of business operating in and around the area wanting to own high-quality, new build industrial space. We’re confident our development will be best placed to satisfy that demand and become a thriving part of Croydon’s commercial infrastructure, especially as we expect it to create more than 100 jobs.”
SGN Place operations and land quality manager, Scott Lewis, said: “This is a great opportunity to redevelop unused brownfield land and turn what was a redundant gas holder site into a first-class industrial scheme which will greatly benefit the local area. Working with our partner Chancerygate, we look forward to bringing this scheme forward, helping the local community through the creation of jobs and revitalising this site.”
