Urban logistics property developer and investment asset manager Chancerygate has started construction on its first development in continental Europe near Valencia, Spain.
Called L’Alter Business Park, the development, which is located outside the city’s flood risk area, will comprise 225,000 sq ft of Grade A sustainable multi-let light industrial and urban logistics space.
Situated around 13 miles south of Valencia city centre, the 7.5-acre business park will feature nine units ranging from 8,100 sq ft to 35,500 sq ft. It has a gross development value of around €25m and is scheduled to complete in the second quarter of 2027.
The site is adjacent to the V-31 motorway, providing fast access to the city and the Port of Valencia, as well as the AP-7 for connections to motorways linking Madrid, Barcelona and Alicante.
All units are being built using high-performance materials to reduce CO2 emissions and will also benefit from electric vehicle charging points and solar panels.
The development is targeting EPC A and BREEAM Excellent ratings as a minimum and will also be fully compliant with Spain’s updated RSCIEI fire regulations.
As part of the scheme’s commitment to sustainability, concrete waste from an existing building on the site has been recycled for reuse during construction.
Chancerygate Spain Development Director, Felipe Lainez, who is based in the company’s Madrid office, said: “Starting on site at L’Alter Business Park is a major milestone as it marks the first time we have broken ground anywhere in continental Europe.
“Valencia presents a great opportunity due to low vacancy rates and high demand from logistics companies using the city’s expanding cargo port.
“We are well positioned to capitalise on this by delivering Grade A, high-specification, sustainable accommodation suitable for a wide range of occupiers and uses.”
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and investment manager and the only one operating nationwide.
The business is dedicated to creating high quality, sustainable spaces and is expanding throughout Europe with offices established in Dublin, Madrid, Lisbon and Berlin to further enable its growth plans.
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