A joint venture between industrial developer Chancerygate and Bridges Fund Management has acquired a 12-acre site in Coventry to speculatively build 254,000 sq ft of industrial space.
Chancerygate will act as the development manager and deliver warehouse and industrial units in two phases with a gross development value of £35m.
The site, which was formerly used as a factory by aerospace company Meggitt, was acquired from Black Elk.
It is situated off Holbrook Lane - two-and-a-half miles north of Coventry city centre.
The site forms part of a large mixed-use commercial and residential development with plans for 515 new homes to be delivered by housebuilders Persimmon and Taylor Wimpey.
Chancerygate development manager Richard Lord said: “As part of our continued nationwide expansion, this is a strategically located site in the heart of the West Midlands where there is strong demand for high-quality industrial space.
“We are confident of creating a development that will provide owner occupiers with the best place to locate to enable them to further enhance their businesses.”
Chancerygate has already collaborated with specialist sustainable and impact investor Bridges on the 48-acre Beeston Business Park in Nottingham.
Bridges partner Guy Bowden said: “Our partnership with Chancerygate is well-established. With the acquisition of this new site in Coventry we will soon have our JV’s first location in the West Midlands, which will allow us to demonstrate the quality of our product and service and support economic growth in the region”
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide.
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The company currently has up to 2.6 million sq ft of industrial space under construction or ready for development across 24 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.
Chancerygate, which has offices in London, Warrington, Birmingham and Milton Keynes, also manages in excess of £220m of assets across more than 4.9 million sq ft of commercial space in 355 units.
Bridges Fund Management’s specialist property funds focus on growth locations and sectors that are well-placed to benefit from changing demographics and societal needs, driving value through physical and operational improvements.
