Chancerygate picks up Manchester Airport-linked estate

Columbia Threadneedle has sold the 825,000 sq ft multi-let World Freight Terminal, which has consent for further development.

The sale price was undisclosed. Chancerygate was advised by Tudor Real Estate with Bryan Cave Leighton Paisner on legals. Newmark acted for the vendor. Agents for World Freight Terminal are B8RE and Knight Frank.

Chancerygate, a national urban logistics property developer and investment manager, has an office in Warrington, and now owns the 54-acre cargo facility adjoining the airport boundary.

The asset as it stands comprises 64 units across 17 buildings, along with standing accommodation and a development plot with planning consent.

Over the past 12 months, Chancerygate has acquired multi-let investment assets throughout the UK and Ireland exceeding 3m sq ft.

World Freight Terminal is 95% occupied, with 39% of floorspace developed within the last five years and a further 13% refurbished within the last 12 months.

The deal includes a 6.7-acre development plot with planning consent for 150,000 sq ft of MLI accommodation that Chancerygate intends to bring forward.

Chancerygate head of investment management, Simon Cowley, said: “World Freight Terminal provides a diversified and complementary blend of long income logistics facilities, MLI units and future development opportunities, supported by an airport-linked occupier base.

“It benefits from exceptional tenant demand and aligns perfectly with Chancerygate’s investment strategy over the past 12 months of targeting dominant regional MLI estates.

“This sees us able to execute clear value-add initiatives, with short-term access to reversionary income and the ability to unlock longer-term development potential.”

Assets that Chancerygate has acquired over the 12-month period include the North Gate Portfolio, Dublin; Birch Business Park to the north of Manchester – a 410,000 sq ft park with expansion consent, traded for £60m – and Questor Industrial Estate, Dartford.

Other projects in this region include a 55,000 sq ft last-mile facility in Old Trafford and 105,000 sq ft of sheds close to the Salford Community Stadium in partnership with CBRE IM, now consented.

As well as expanding through Europe, Chancerygate currently has around 2.2m sq ft of urban logistics space under construction or ready for development across 15 sites on its home patch.