Commercial People has learned that a joint venture between Chancerygate and Bridges Fund Management has resulted in the acquisition of an 11.14-acre industrial site in Leeds.
Valued at £31m, the ‘Triangle 45’ scheme will see the speculative development of 231,000 sq ft of sustainable industrial, trade and roadside space.
Chancerygate and Bridges plan to deliver 23 units at Triangle 45, ranging from 4,000 sq ft to 34,000 sq ft. The developers state that the scheme will be aimed at the owner-occupier market and will offer units for sale on a freehold basis.
According to the two companies, it is over a decade since a multi-unit industrial development aimed at owner-occupiers was developed in the city of Leeds.
Triangle 45 also marks a landmark occasion for Chancerygate as it will be the first time the firm has developed in Yorkshire since the company was founded in 1995.
Triangle 45 was acquired for £6m from Halifax Estates. Chancerygate and Bridges anticipate that once complete, the proposed scheme will have a gross development value of around £31m.
Commenting on the acquisition, Chancerygate Development Manager, Chris Brown, said: “We have a clear vision for Triangle 45 and, from a Chancerygate perspective, we are excited about delivering our first ever development in Yorkshire.
“The connectivity and prominence of Triangle 45 is of huge appeal. We strongly believe there is latent demand from a range of owner-occupiers in and around Leeds, so we expect our product to be extremely well received.”
The joint venture expects to submit a planning application to Leeds City Council for Triangle 45 within the next two months.
Bridges Fund Management Partner Guy Bowden added: “We are delighted to partner with Chancerygate again for this exciting development in Leeds.
“The growth of e-commerce is driving strong demand for industrial units like these, and our experience of similar developments across the country has shown us that tenants are increasingly seeking out sustainability features that minimise emissions and reduce operating costs.
“We think this will make Triangle 45 an attractive proposition for owner-occupiers, which in turn will enable it to become an engine of job creation and economic growth for the local area.”