A new 254,000sqft industrial development worth £35m will be created on a 12-acre site in Coventry after a new joint venture was agreed.
Industrial developer Chancerygate and Bridges Fund Management have bought the site to carry out the speculative development of warehouse and industrial units in two phases.
Previously used as a factory by aerospace company Meggitt, the site is situated off Holbrook Lane and is two-and-a-half miles north of the city centre with good access to junction 3 of the M6.
It 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 and specialist sustainable and impact investor Bridges have previously collaborated on the 48-acre Beeston Business Park, 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.
The company currently has up to 2.6 million square feet of industrial space under construction or ready for development across 24 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.
Chancerygate also manages in excess of £220m of assets across more than 4.9 million square feet of commercial space in 355 units. The company has offices in London, Warrington, Birmingham and Milton Keynes.
Bridges Fund Management invests in the transition to a more inclusive and sustainable economy.
Its 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.
Bridges is also a market-leader in implementing sustainability features that reduce costs, improve valuations and future-proof property assets.