A joint venture between the UK’s largest multi-unit industrial developer, Chancerygate, and investment firm Bridges Fund Management has announced the acquisition of a multi-million-pound industrial site in Coventry.
Boasting a gross development value of £35m; the joint venture aims to utilise the 12-acre site to build 254,000 sq ft of industrial space.
Commenting on the acquisition, 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.”
Located two-and-a-half miles north of Coventry’s city centre, the site was previously used by aerospace company Meggitt, and forms part of a large mixed-use development that also includes a planned 515 new homes from housebuilders Perm and Taylor Wimpey.
Chancerygate and Bridges have previously collaborated on the 48-acre Beeston Business Park in Nottingham.
Bridges partner Guy Bowden added: “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.”