Land deal paves way for Aston development

A new £14 million industrial and warehouse scheme is set to be built in Birmingham following a land deal.

Developers have purchased a 3.75-acre site at the Advanced Manufacturing Hub, in Aston, to speculatively build 19 new units.

The site is the fifth acquisition for a joint venture between industrial developer and asset manager Chancerygate, which opened an office in Birmingham city centre last November, and international real estate firm Hines which manages city centre estate Brindleyplace.

Totalling 93,000 sq ft, the proposed scheme will provide units ranging from 2,500 to 9,000 sq ft.

Chancerygate and Hines said they planned to submit proposals for the development in the forthcoming months with completion scheduled for autumn 2020.

The Advanced Manufacturing is a joint initiative between Birmingham City Council and Homes England and is already home to manufacturers Guhring, HydraForce and Salts Healthcare.

Chancerygate's managing director Richard Bains said: "This was a very attractive site for our joint venture to acquire as it is already a well-established regional hub for advanced manufacturing.

"We will be building high-quality, smaller industrial and warehouse units which will complement those already on site.

"Chancerygate opened its Birmingham office last year as part of our strategy to capitalise on development opportunities in the West and East Midlands.

"This approach is working well and we look forward to further expanding our operations throughout the region."

Greg Cooper, Hines UK's director of industrial and logistics, added: "This site represents another exceptional acquisition for the joint venture, extending our track record of moving at pace to identify and secure the most sought-after locations where we can speculatively develop high quality industrial facilities in markets where demand is significantly outstripping supply."

Colliers International and Savills have been appointed as sales and lettings agents.