Chancerygate is continuing its acquisition drive with the purchase of a 7.85-acre site in Adlington, Cheshire, in a joint venture with investment firm Bridges Fund Management.
The site will be speculatively developed to provide 165,000sq ft of Grade A industrial and warehousing space.
This latest acquisition closely follows the announcement last month of Chancerygate’s purchase of a 430,000sq ft site at the Titan Industrial Estate in Gray, Essex in partnership with real estate private equity firm Northwood Investors.
Chancerygate and Bridges Fund Management said this week that the Adlington development will include 18 leasehold units ranging from 7,000sq ft to 24,500sq ft and could create up to 250 jobs.
The joint venture estimates that once it is developed the site will have a gross development value of around £40m.
The proposed development will be located off London Road, south of Poynton town centre and will adjoin Adlington Business Park & Industrial Estate.
It will also be situated immediately adjacent to the new £53m Poynton Relief Road which links to Manchester Airport.
The joint venture partners acquired the site from commercial property developer Quorum Property Group for an undisclosed sum.
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Neighbouring occupiers to the proposed development include haulier William Kirk, confectionery manufacturer Swizzels, and tray sealing and packaging line specialist Proseal.
Commenting on the acquisition, Chancerygate development director, Chris Brown, said: “We’re very pleased to have secured this strategic development opportunity in an off-market transaction with Quorum.
“The new £53m Poynton Relief Road will be hugely beneficial to Avro Business Park. It will directly connect the development to the airport and the M56, providing excellent connectivity to the wider Cheshire and Manchester markets.
“We know there is strong demand for multi-unit industrial space from a wide array of occupiers across south Manchester and the wider region.
“Avro Business Park will help to satisfy and facilitate this demand while enabling up to 250 jobs for the local area. We look forward to submitting plans for the site to Cheshire East Council soon.”
Bridges partner, Guy Bowden, said: “Bridges and Chancerygate have shown on multiple occasions that there is strong demand from progressive local employers for high specification sustainable industrial developments – which ultimately helps to create jobs and support the growth of the local economy.”
The partners were advised by Wilmslow-based commercial property agent Williams Sillitoe on the acquisition.