Joint venture acquires first Yorkshire site for new industrial scheme
A joint venture is poised to create its first Yorkshire scheme after acquiring a 11.14-acre site to speculatively develop 231,000 sq ft of industrial, trade and roadside space.
Industrial developer and asset manager Chancerygate and sustainable and impact investor Bridges Fund Management intend to deliver 23 units ranging from 4,000 sq ft to 34,000 sq ft at the Triangle 45 site on the East Leeds link road in Cross Green site.
It will be the first time Chancerygate has developed in Yorkshire since the company was founded in 1995.
The two companies acquired the site for £6m from Halifax Estates. They anticipate that, once complete, the proposed scheme will have a gross development value of around £31m.
A planning application will be submitted to Leeds City Council within the next two months.
The scheme will be aimed at the owner occupier market and will offer units for sale on a freehold basis. According to the partners, it is over a decade since a multi-unit industrial development aimed at owner occupiers was developed in the city.
Notable occupiers close to the site include Amazon, John Lewis, FedEx, Lamborghini and McLaren.
Chris Brown, Chancerygate development manager, said: “We have a clear vision for Triangle 45 and are really excited about delivering our first ever development in Yorkshire.
“The connectivity and prominence of the site is of huge appeal to a range of different occupier types. We strongly believe there is latent demand from owner occupiers in Leeds so we expect our product to be extremely well received.”
Commercial real estate consultants Lambert Smith Hampton and chartered surveyor and property consultancy Sanderson Weatherall have been appointed joint agents for the scheme.
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide with offices in London, Birmingham, Milton Keynes and Warrington. The company currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
Chancerygate also manages in excess of £255m of assets across more than five million sq ft of commercial space in more than 390 units. Earlier this year, a £100m multi-let industrial property investment fund managed by Chancerygate and property investment company JR Capital acquired the 55,700 sq ft Eagle Industrial Estate on Torre Road in Leeds for £3.8m.
Chancerygate has been working in partnership with Bridges on projects for more than 10 years.