Chancerygate buys Chadderton site for £16m industrial scheme
The developer wants to speculatively build 108,662 sq ft of grade A industrial space on the 6.58-acre site at Broadway Green.
Chancerygate purchased the land for £3.8m from FO Developments, a consortium made up of Grasscroft Property, Seddon Developments and Oldham Council. FO Developments has already committed to a £100m, 121-acre mixed-use scheme at Broadway Green. When complete it will offer 700,000 sq ft of employment space and up to 500 homes.
The Chancerygate project, however, is solely focused on industrial and logistics. The £16m scheme will include two terraces of units ranging from one 7,000 sq ft to 15,000 sq ft, as well as a single unit of 25,618 sq ft.
The development’s proximity to the M60 – just 1.5 miles from junction 20 – is a huge draw to prospective buyers according to Mike Walker, development director and head of Chancerygate’s office in Warrington.
“Access to the M60 is excellent, so we believe it will be of interest to a wide variety of occupiers in the manufacturing and urban logistics sectors,” Walker said. “One of the critical factors is that the site is oven-ready and we should be providing new units during the course of 2022.”
Property consultancy Davies Harrison advised Chancerygate on the deal, while FO Developments was represented by JLL, Avison Young and BC Real Estate.
Chancerygate already has reserved matters approval to build three units on the land. The company will be submitting a new application to Oldham Council to get approval for its modified design.