A joint venture (JV) between developer Chancerygate and real estate investor Mitiska REIM has secured ‘architectural approval’ to speculatively develop its first site in Portugal.
The JV will deliver a 14,700 m2 Grade A multi-let light industrial and urban logistics park on a 2.7-hectare site within the municipality of Sintra, near Lisbon.
Architectural approval is official confirmation from the local municipal council that it approves the project ahead of granting a full building permit.
Called Campo Raso Business Park, the high specification, sustainable scheme is located 20 minutes’ drive northwest of Lisbon. It will comprise 15 leasehold units ranging from 600 m2 to 2,200 m2 and has a projected gross development value of around €25m.
Construction works are expected to commence in the first half of next year and the JV anticipates that practical completion will be achieved in the first half of 2027.
The site is situated close to the N9 and N250-1 access roads and the A37 and A16 motorways connecting Lisbon to Sintra, providing convenient access to both the Lisbon city centre and Lisbon’s Airport.
The development will target BREEAM Excellent certification and an EPC A+ rating as a minimum. It will feature electric vehicle (EV) charging points along with solar cells which provide green energy on an affordable basis to occupiers.
In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions.
Chancerygate Mitiska development director for Portugal, Sebastião Madeira, said: “We believe Campo Raso Business Park will be the first multi-let light industrial and urban logistics development built in Portugal that specifically meets the requirements of both occupiers and institutional investors.
“It will provide best-in-class sustainable accommodation, in a strategic location. We are committed to delivering an asset which will deliver long term economic benefit to the area creating up to 100 direct and indirect jobs.”
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