Hines, Chancerygate acquire site to build industrial space in Warrington, UK
January 23, 2020 – US-based real estate firm Hines along with its partner Chancerygate has acquired a five-acre plot at Warrington’s Gemini8 in the UK for the construction of 100,000ft² of industrial space.
The purchase of the site claimed to be the sixth acquisition made by the joint venture (JV) between Chancerygate and Hines.
On behalf of the project developer Marshall CDP, Manchester-based property consultancy Davies Harrison has secured the disposal of the sit for an undisclosed amount.
The project will provide approximately 20 units ranging in size from 3,500ft² to 12,000ft².
Both the companies are set to submit a planning application for the development in the upcoming months and start development as soon as possible.
The Gemini8 is a14-acre site with frontage to the M62 at junction 8. Occupiers of the site include Athelis, Travelodge, Harvester, Starbucks, Subway, Frankie & Benny’s and Marston’s The Skymaster.
Other major occupiers on the area include Marks & Spencer and IKEA.
Chancerygate Warrington office director and head Mike Walker said: “We have wanted to acquire a prime site in Warrington for a number of years because we are confident there is huge pent up demand for new, well-specified freehold units.
“We are now looking forward to being able to deliver this scheme and will submit our detailed planning application in due course.”
The real estate firm has entered into a joint venture partnership with the industrial developer and asset manager Chancerygate in September 2018.
Hines said that JV’s portfolio of industrial space currently represents 753,711ft² across additional developments in Birmingham, Nottingham, Tonbridge, Cheltenham and Bournemouth.
Currently, Chancerygate has up to 2.6 million ft² of industrial spaces which are under construction or ready for development across 24 sites ranging from Bournemouth in Dorset to Livingston, West Lothian.
The company manages more than £220m of assets across over 4.9 million ft² of commercial space in 355 units. It has offices in Warrington, London, Birmingham and Milton Keynes.