Developer Chancerygate and US investor Hines are to develop a 93,000 sq ft warehouse scheme at Birmingham’s Advanced Manufacturing Hub.
The pair have purchased a 3.75-acre site at the Advanced Manufacturing Hub in Birmingham to speculatively build a new 19-unit industrial and warehouse scheme with a gross development value of around £14m.
The site is the fifth acquisition for the joint venture (JV) between industrial developer and asset manager Chancerygate, which opened an office in Birmingham city centre last November, and international real estate firm Hines.
Chancerygate and Hines will submit planning proposals for the development in the forthcoming months with completion scheduled for autumn 2020.
The site is next to junction 6 of the M6 and only two miles north of the city centre.
Greg Cooper, Hines UK director of industrial and logistics, said: “This site represents another exceptional acquisition for the joint venture, extending our track record of moving at pace to identify and secure the most sought-after locations where we can speculatively develop high quality industrial facilities in markets where demand is significantly outstripping supply.”
Hines manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million square feet of projects acquired, completed or in the pipeline.
Colliers and Savills have been appointed as sales and lettings agents.