The joint venture (JV) partnership between commercial property developers Chancerygate and Hines has announced that work has begun on their latest scheme in Cheltenham.
Named Festival Trade Park, the 4.5-acre development will comprise of 14 units ranging in size from 3,487 to 34,981 sq ft.
Commenting on the trade park, Chancerygate development director, George Dickens, said: “There has been very little speculative development of industrial and trade counter units in Cheltenham over the last ten years. Festival Trade Park will provide the town and region with much needed, high-quality space in an established trading estate.
“We have already had a number of initial enquiries from interested parties. Now work is underway we will enter into more advanced discussions with potential occupiers about how we can work with them to make Festival Trade Park the best place for them to further grow their businesses.”
The JV between international real estate firm Hines and industrial developer and asset manager Chancerygate began in 2018, and currently has six schemes across the UK, with a gross development value of circa £107m.
Festival Trade Park was acquired from the clothing brand, Superdry, who occupied the site from 2015.
Demolition of the existing buildings on the site is currently underway, with the JV now seeking a main contractor for the development. All 14 units are expected to be available for occupation by Q1 2021.
Greg Cooper, Hines UK director of industrial and logistics, added: “We are pleased to have started work on this speculative development which we believe will bring much needed light industrial and warehouse space to the region. Early interest from potential occupiers has been encouraging, and we look forward to completing the development and securing our first tenants in due course.”