Chancerygate and Hines JV acquires first regional site

A joint venture between developer Chancerygate and investor Hines has acquired a five-acre site at Gemini8 in Warrington to develop into 100,000 sq ft of industrial and warehouse space.

The site was bought for an undisclosed sum from developer Marshall CPD.

The proposed scheme would see the construction of 20 units ranging from 3,500 to 12,000 sq ft with a planning application due to be submitted in the coming months.

The Gemini8 commercial park totals 14 acres with occupiers including Travelodge, Harvester, Starbucks, Subway and Frankie & Benny’s. This plot is the last to be sold.

It is the JV’s sixth acquisition in the UK but its first in the North West. It has already acquired sites in Birmingham, Nottingham, Tonbridge, Cheltenham and Bournemouth.

The acquisition takes the JV’s development portfolio to a total of 753,711 sq ft across all sites since the partnership was struck in September 2018.

CBRE acted for Chancerygate on the acquisition and will be retained as joint agents with Davies Harrison.

Chancerygate development director Mike Walker said: “This is undoubtedly one of the best locations in the North West and 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, specified freehold units.”

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.”