Commercial People has been made aware that industrial developer Chancerygate and long-term partner and property investor Bridges Fund Management have formed a joint venture (JV) to develop circa 68,000 sq ft of Grade A logistics space in Greater London.
The JV acquired the site from a private vendor for an undisclosed sum and intends to develop an industrial scheme comprising of nine units ranging from 4,467 to 17,513 sq ft.
Located at Red Lion Road Business Park in Tolworth, the development will provide 67,975 sq ft of Grade A urban logistics space on a 2.78-acre site. Construction of the space is anticipated to start in the second half of 2022, with all units within the development to be available on a leasehold basis.
Commenting on the project, Chancerygate Development Manager, Matthew Young, said: “This is a really exciting opportunity to regenerate a site that has been underutilised for many years and allocated for industrial use by the local authority. We will bring forward a new high-specification urban logistics development with strong sustainability credentials.
“Our plans will help address a real shortage of high-quality, new build industrial space across the region. We’re confident this development will meet the needs of businesses across Tolworth and its surrounding areas by providing quality, sustainable urban logistics accommodation that provides easy access to central London.”
The new development (pictured above) will reside close to Tolworth Hospital and the A3 Kingston Bypass in the heart of the Surbiton district.
Marketed as being in a “prime location”, the site lies 12 miles from Heathrow but has easy access to Kingston-upon-Thames and central London.
Guy Bowden, Partner at Bridges Fund Management, adds: “Our proposed development on this really well-located site will deliver high-quality logistics units that will create jobs and boost the local economy. We’re also increasingly finding that our focus on delivering buildings with strong sustainability credentials is not just better for the planet; it is also making these sites more attractive to potential occupiers.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. Along with offices in London, Birmingham, Bristol and Milton Keynes, the developer also has an office in Warrington which recently announced a trio of key appointments.
The established developer who has more than three million sq ft of industrial space under construction or ready for development recently welcomed a series of new managers to their North West team.
Joining from Cowiesburn Asset Management, Stuart McGill (pictured right) is a Chartered Surveyor and joins Chancerygate as an Asset Manager. Stuart will be responsible for the asset management of the Northern properties in Chancerygate’s industrial portfolio.
Fellow new recruit Andy Farrer (left) joins Chancerygate as a Development Manager from Peel L&P. Andy previously held roles at CBRE and Lambert Smith Hampton, and will deal with some of Chancerygate’s existing portfolio of industrial developments in the North as well as sourcing new development opportunities.
The third new appointment is Joe Johnson (right), who joins as a Project Manager following stints at Lambert Smith Hampton and Deloitte Real Estate. Joe will work with both the development and asset management teams to advise on technical and construction activities on Chancerygate projects in the region.
Discussing their appointments, Mike Walker, Development Director at Chancerygate and Head of the Warrington office, said: “These are three great additions to the business as we continue to grow across both asset management and development.
“We are delighted to welcome Stuart, Andy and Joe to Chancerygate. They bring a wealth of experience and proven success with large firms, as well as a strong understanding of the industrial property market in the North.
“We have grown our asset management portfolio and development pipeline significantly in the North West in the past 12 months. Their appointments will be key in ensuring that we achieve our ambitions to continue with our rate of growth and maintain our position as a leading developer and asset manager in the region.”