A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, Chancerygate and Hines has submitted plans to speculatively build a 350,000ft² business park in Bracknell, Berkshire. Called Network West, the 18.75-acre site is currently home to Hewlett Packard Enterprise UK’s headquarters. The current planning application will see 24 units ranging from 3,500ft² to 43,000ft² built on the site, with the developers also able to accommodate larger bespoke units up to 350,000ft².
The JV was set up by the three entities specifically to deliver the Network West development and its initial purchase of the land was one of the largest deals of its type within the M4/M3 corridor last year. The proposals for Network West are to provide speculative industrial, warehousing and logistics accommodation, while its comprehensive power infrastructure and fibre connectivity also make the site suitable for data centres or film production facilities. The development is being offered on both a leasehold and freehold basis.
Commenting on the development proposals, Chancerygate head of development, Alastair King said: “Our proposed development will be the largest we have built and reflects the confidence we have in the market for industrial and warehousing space, which is driven by particularly strong demand from potential occupiers in this region. The fact that so many online retailers have taken up additional warehousing space over recent months to alter their supply chains has reduced supply. As a specialist in speculative development, the combination of an appealing site and a healthy dynamic between supply and demand created the perfect opportunity for us to play to our strengths alongside our joint venture partners."
Greg Cooper, Hines UK director of industrial and logistics, added: “With excellent motorway links and the ability to serve such a large proportion of the population, Network West provides a fantastic opportunity for businesses looking to either expand or relocate their operations. The site’s wider appeal to data centre users and film production companies, a number whom have already enquired about bespoke facilities, is another avenue we are exploring.”