A five-acre development plot at one of the North West's biggest industrial and retail parks has been snapped up by a joint venture of Chancerygate and Hines.
There are hopes to build around 100,000sq ft of industrial and warehouse space at Gemini8, and the plot is sixth acquisition by the JV between nationwide industrial developer and asset manager Chancerygate, which has an office in Warrington, and the international real estate firm, Hines.
The proposed scheme, which is for the final Gemini8 site, will provide around 20 units ranging from 3,500 to 12,000 sq ft. Chancerygate and Hines will submit a planning application for the development in the forthcoming months and commence speculative development as soon as possible.
Gemini8 comprises 14 acres in total with prominent frontage to the M62 at junction 8. Its occupiers include health and fitness club Athelis, Travelodge, Harvester, Starbucks, Subway, Frankie & Benny’s and Marston's The Skymaster.
Other major occupiers in the wider Gemini area are Marks & Spencer and IKEA - which was the furniture firm's first UK store.
Speaking about the acquisition, Chancerygate development director and head of the Warrington office, Mike Walker, said: “This is undoubtedly one of the best locations in the North West and it is perfect for our product. 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.”
Acting on behalf of developer Marshall CDP, Manchester property consultancy Davies Harrison secured the disposal of the plot which was sold for an undisclosed sum.
Chancerygate and Hines launched the equal JV in September 2018.
With a gross development value totalling around £107m, the JV’s portfolio of industrial space now represents 753,711sq ft across developments in Birmingham, Nottingham, Tonbridge, Cheltenham and Bournemouth.
Greg Cooper, Hines UK director of industrial and logistics, said: “The site represents another great acquisition for our growing portfolio with Chancerygate. Since its inception just over a year ago, it’s proven to be a fruitful partnership adept at identifying well located sites across the UK and at executing quick transactions to allow us to deliver schemes at pace.”
Rick Davies, partner at Davies Harrison, added: “As one of the most prominent industrial development sites in the North West, this is an excellent acquisition for Chancerygate and Hines.
“The proposed scheme will be a real boost for the local economy as it is one of the first schemes to specifically target owner occupiers in the Warrington area in the last 10 years.”
CBRE acted for Chancerygate on the acquisition and will be retained as joint sole agents with Davies Harrison.
