US-based real estate firm Hines and its partner Chancerygate have secured planning consent for two projects at Warrington and Sutton Coldfield sites totalling 191,680ft2 of industrial space in the UK.
The joint venture (JV) between Chancerygate and Hines has acquired the site at Gemini8 in Warrington in January this year.
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As part of the JV with Hines, the industrial developer and asset manager Chancerygate will develop a 119,675ft2 industrial and warehousing space at Gemini8 site.
The facility will include 18 freehold and leasehold units ranging from 3,900ft2 to 16,500ft2 and will have direct access to the M62.
At Forge Industrial Park in Sutton Coldfield, Chancerygate will develop a 72,007ft2 freehold light industrial and warehousing facility. It will comprise 11 units ranging from 4,467ft2 to 24,003ft2.
The company acquired an approximately 3.1-acre site in August last year and the work to demolish the existing 69,000ft2 industrial building on the site is set to commence in this month.
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By GlobalDataThe Forge Industrial Park is located beside Minworth Trade Park and is about 3.5km away from the junction 5 of the M6, 4.8km from junction 9 of the M42 and 11.3km northeast of Birmingham city centre.
Chancerygate development head Alastair King said: “We are seeing growing demand for high-quality industrial developments across the UK. This is being driven in part by increasing demand from retailers and institutional investors, both of which regard strategically located industrial space as a key asset.
“Historically, there has been a shortage of warehousing space in Warrington and there has not been a multi-unit development in the area for more than a decade.”
The commercial real estate companies CBRE and Davies Harrison are the joint agents on the Gemini8 scheme while Knight Frank and Gerald Eve are joint agents on the Forge Park Industrial scheme.
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Top location-Chancerygate and Hines have acquired the remaining five-acre plot (shown in green) at Gemini8, Warrington. (Credit: Hines.)
