Industrial developer and asset manager Chancerygate has achieved practical completion on five new schemes with a value in excess of £70m, as it continues to implement its development expansion strategy.
Located in Southall, Bristol, Harlow and Maidstone, the developments total 362,670 sq ft and bring Chancerygate’s total practical completions for the first half of 2019 to over 650,000 sq ft.
In Southall, Chancerygate has acted as development manager for USS - the principal pension scheme for universities and other higher education institutions in the UK, in delivering a new bus depot for Abellio.
The scheme involved the redevelopment of a former food production unit totalling 53,000 sq ft into a bespoke 14,000 sq ft bus depot and yard. Bus operator Abellio West London has signed a 30-year lease to store and maintain up to 135 of its Transport for London contracted fleet at the development.
Now 57 per cent sold or let, Warmley Business Park in Bristol is a 6.6-acre site comprising 15 units totalling 85,952 sq ft, occupiers include Oak Flooring Supplies and meat-slicer manufacturer Graselli.
Also in Bristol, Vertex Park is a 4.8-acre site which features 11 units totalling 106,866 sq ft. Occupiers include Screwfix, Toolstation and professional fulfilment company Huboo.
Chancerygate’s East Place development in Harlow was 92 per cent pre-let before practical completion. The 4.5 acre development has nine units totalling 61,556 sq ft. Only one unit remains to be let. Occupiers include Travis Perkins, Dulux, William Trade Supplies, MacFarlane Packaging and trade kitchen supplier Howdens.
Maidstone Exchange in Kent provides seven units and one car showroom totalling 55,296 sq ft. The three-acre development is 60 per cent let. Peugeot will occupy the car showroom, whilst other occupiers include Tyremark and caravan company Coachman.
Chancerygate head of development, Alastair King, said: “The success of these five developments, which have extremely high pre-let and pre-sold rates is testament to our entrepreneurial approach in identifying strategic locations where high-quality industrial property is in short supply and high demand. We are confident we will continue to provide occupiers with the best places and buildings to further develop their businesses.”
This financial year, Chancerygate is aiming to triple its completed developments compared with the previous year, targeting 1 million sq ft across 11 schemes.
Head of project management, Anthony Hynes, added: “Our integrated in-house development, asset management and project management teams enable us to act decisively and operate with agility and speed. This gives us a clear competitive advantage which drives our continued success. These latest practical completions are no exception.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. Established in 1995, the company has offices in London, Birmingham, Warrington and Milton Keynes.