A special joint venture between Credit Suisse Asset Management Global Real Estate, industrial property developer Chancerygate and global real estate firm Hines, has resulted in the purchase of the 23-acre headquarters of Hewlett Packard Enterprise (HP) in Bracknell, Berkshire.
In news announced last week, the purchase is one of the largest deals of the year and will see HP relocate to a new facility in early 2021.
Chancerygate Managing Director, Richard Bains, added: “This is a significant deal which will enable us to deliver much-needed industrial space within the M3/M4 corridor.
“Many larger-scale office occupiers who have traditionally favoured campus-style offices in the edge of town locations are moving back into city centres.
“This change provides clear commercial opportunities for us to implement our plans to deliver new urban-centric logistics facilities and business units to satisfy the high volume of demand we are experiencing for our product. We look forward to delivering this outstanding project with our joint venture partners.”
The UK’s largest multi-unit industrial developer also announced that work has begun on a 112,500 sq ft four-unit logistics park in Aintree, Liverpool.
Named Mersey Reach, the large-scale logistics park will come in two phases, with the second phase totalling 90,000 sq ft of additional space. Chancery gate claim that the new industrial park can potentially create up to 350 jobs.
Underlining why this site is significant, Chancerygate Development Director and head of the company’s Warrington office, Mike Walker, said: “Mersey Reach is the first development of its kind in North Liverpool for many years, so it’s great that construction is underway and we can begin to meet latent demand for high-specification urban logistics units in the area.
“This is a prime example of what Chancerygate does best, providing attractive property in strategic locations.”
Situated on a 13.5-acre site on Dunnings Bridge Road, the site will benefit gateway route into the new Liverpool SuperPort.
Construction of Mersey Reach is being undertaken by Caddick Construction in a contract worth £7.85m; this is the second time Chancerygate has appointed Caddick, having previously awarded the firm a £10.7m contract in September to build phase one of the 132,000 sq ft Novus business park in Knutsford.
Established in Warrington in 2015, Caddick’s remarkable growth has seen the constructor secure 14 contracts totalling £56m within its first three years.
Managing Director of Caddick Construction’s North West division, Ian Threadgold, added: “This is a very exciting project for Caddick Construction to be involved in. It’s always great for the team to be working on a scheme that’s going to have such a positive impact on the local economy by attracting new businesses and creating job opportunities.
“We are delighted that Chancerygate chose Caddick as its preferred developer for Mersey Reach, and we look forward to being part of this important project.”
Featured Image: Mersey Reach Phase One