Tuesday, April 23, 2024

Land acquired in Colwick, Nottingham to deliver £19m, 137,852 sq ft industrial development and create hundreds of jobs

Industrial developer Chancerygate has acquired a 6.35-acre site in Colwick to speculatively build 137,852 sq ft of industrial and warehousing space and create hundreds of jobs.

The site, which was formerly a major fuel distribution centre for Total Petroleum but has been unused since 2019, is located off Colwick Loop Road in Colwick Industrial Estate. It is approximately five miles east of the city centre.

Chancerygate acquired the site from commercial property development and investment company, City Estates.

The developer plans to redevelop the site to deliver a speculative scheme of 15 freehold and leasehold units ranging from 5,920 sq ft to 23,864 sq ft. The scheme has a projected gross development value of around £20m.

Neighbouring occupiers to the proposed development include Jewson, Sainsbury’s, Biffa, Nottingham Steel Supplies and Tile Tec Fireplaces.

Commenting on the acquisition, Chancerygate development director and head of its Birmingham office, Mark Garrity, said: “We’re very pleased to have secured this development opportunity in a prime industrial area of Nottingham.

“Colwick is an up-and-coming area of the city benefitting from extensive redevelopment and regeneration. The delivery of  this site has the potential to create hundreds of jobs in the local area.

“We already have interest from a variety of potential occupiers and we’re looking forward to submitting plans for the development to Gedling Borough Council towards the end of the year.”

Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. It currently has more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Livingston to Bournemouth.

In addition to Birmingham, Chancerygate has offices in London, Warrington, Bristol and Milton Keynes.

Chancerygate was advised by Gerald Eve on the site acquisition whilst FHP advised City Estates. FHP and Gerald Eve will be the retained agents on the development.

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