Developers buy Redditch urban warehouse site
Developer Chancerygate and investor Hines have formed a joint venture to buy a plot in Redditch, Worcestershire as an urban logistics site.
By Liza Helps Property Editor Logistics Matters
THE JOINT venture will speculatively build 139,000 ft2 of Grade A urban logistics space on the 6.4 acre site.
Once complete, the 11 unit development will have a gross development value of around £35m
The site is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to Junction 3 of the M42 motorway. The units will range from 7,685 ft2 to 15,950 ft2.
Subject to planning, the JV anticipates work starting on the proposed development by the end of 2025 with practical completion targeted for the end of the following year. The JV acquired the site from a private vendor for an undisclosed sum.
Commenting on the acquisition, Chancerygate development manager, Rob Watts, said: “There is unsatisfied demand for high-specification urban logistics units across Redditch, Worcestershire and the wider West Midlands region.
Chancerygate and Hines recently announced a new strategic joint venture (JV) to develop multi-let urban logistics schemes. The JV is being funded by Hines European Real Estate Partners III (HEREP) and has more than £1.3bn of equity commitments.
Chancerygate and Hines were advised on the acquisition by M1 Agency and John Truslove & Co advised the vendor.
