Joint venture to develop urban warehousing

By Liza Helps, Property Editor Logistics Matters

THE JOINT venture will deliver modern urban logistics assets to high sustainability and operational standards and target BREEAM Excellent certification or better.

CBRE IM Portfolio Manager Toby Creamer, said: “The secured schemes will meet strong occupier demand in their respective markets where supply remains constrained. We believe that industrial and logistics assets will outperform the wider property market over the next five to ten years and we look forward to working with Chancerygate to bring these new high-specification logistics assets to the market.”

Chancerygate Managing Director Richard Bains, added: “Our partnership with CBRE IM will boost our UK expansion strategy and deliver for them a nationwide portfolio of high-quality assets. Having access to a substantial amount of capital will allow us to act quickly and decisively to secure the best strategically located urban logistics sites.

“We have a number of sites under offer which we are very excited to report further on in due course.”

In recent weeks Chancerygate has secured sites in Manchester and West Sussex and while these may or may not be part of the CBRE IM/Chancerygate joint venture, they give an indication of the kind of sites and developments that could be forthcoming.

In Manchester Chancerygate secured the 2.3 acre former Walkers of Manchester printing facility off Crabtree Lane in Clayton, which will be redeveloped into a 60,000 ft2 urban logistics scheme of nine units ranging from 4,000 to 14,000 ft2 with a gross development value (GDV) of £15 million. A planning application is due later this year. Collier and WT Gunson are joint agents.

Meanwhile in West Sussex, Chancerygate secured the 4.59 acre former Sony manufacturing hub at Southwater Business Park near Horsham and has submitted plans to speculatively build 105,000 ft2 of urban logistics space in seven units ranging from 8,325 to 33,940 ft2 with a GDV of £27 million.

Both CBRE IM and Chancerygate have  partnered with other developers/funds to bring forward industrial and logistics schemes in the past. This is the first time the two have worked together.

Chancerygate currently has around 2.65 million ft2 of urban logistics space under construction or ready for development across 19 sites ranging from Edinburgh to Chichester.