Industrial property developer Chancerygate has acquired two adjacent sites in Leatherhead, Surrey as part of plans to build 82,400sq ft of Grade A industrial and warehousing space.
The sites, which total 4.6 acres, are located off Cleeve Road in Leatherhead Business Park close to the town centre and one mile east of junction 9 of the M25.
Chancerygate plans to speculatively develop 13 leasehold units ranging from 3,000sq ft to 19,000sq ft on the land.
The company estimates that, once complete, the scheme will have a gross development value of around £32m.
The site is made up of 3.6 acres acquired from a private family investor, and an adjacent one-acre site, which Chancerygate said it bought from an international corporation.
Office and warehouse accommodation currently on both sites will be demolished for the new development.
Neighbouring occupiers to the proposed development include Unilever and engineering consultancies KBR and RINA Tech UK.
Chancerygate head of development, Alastair King, said: “We’re very pleased to have secured this opportunity to develop in a prime industrial area of the South M25 quadrant.
“Leatherhead’s proximity to excellent transport connections and an affluent, skilled workforce has resulted in a thriving business community, including an array of established, blue chip multi-national companies.
“Our proposed development of high specification, sustainable industrial accommodation will complement the local and regional economy and stimulate further investment and job creation.”
Chancerygate will submit its plans for the development to Mole Valley District Council towards the end of the year.
The company currently has more than 3.5msq ft of industrial space under construction or ready for development on 32 sites across the UK.
Chartered surveyors Aston Rose advised Chancerygate on the site acquisition of 3.6-acre site , whilst JS Land & Capital advised the vendor. The one-acre site was bought directly by the developer.
