A joint venture (JV) between industrial developer and asset manager Chancerygate and international real estate firm Hines continues to gain momentum with the acquisition of two further sites with a combined gross development value (GDV) of around £50m. Totalling 14.9 acres, the sites are located in Bournemouth, Dorset, and Beeston, Nottinghamshire. Together, they will deliver 348,155 sq ft of multi-unit industrial and trade counter buildings.
This latest announcement follows soon after the JV’s first two site acquisitions in February which were in Tonbridge, Kent, and Cheltenham, Gloucestershire. Comprising 202,000 sq ft, and with a combined gross GDV of £36m, the two initial sites will also deliver multi-unit industrial and trade counter buildings.
In Bournemouth, Chancerygate and Hines has acquired an 8.5-acre site at Ferndown Park, Ferndown. The proposed scheme will provide 24 freehold and leasehold units totalling 192,887 sq ft, ranging from 3,000 sq ft to 33,000 sq ft. The development is scheduled for occupation in 2020.
The JV purchased a 6.4-acre site in Beeston at Trent Gateway, which is within Beeston Business Park. It will feature 16 freehold and leasehold units totalling 155,268 sq ft. These will range in size from 2,300 sq ft to 49,811 sq ft and are scheduled for occupation later this year.
Commenting on the site acquisitions, Chancerygate managing director, Richard Bains, said: “These are excellent acquisitions for our joint venture.
They further demonstrate our intent and ability to find and secure locations throughout the UK which have untapped potential.
“In such areas, there is always high demand for the excellent standard of our product and high level of service we deliver.”