The developer has bought the two-acre plot at Congleton Business Park from Gladman Developments and intends to bring forward a cluster of warehouses totalling 53,000 sq ft.
Chancerygate bought the site – the last remaining undeveloped plot at the business park – from Gladman for £525,000 and expects to submit a planning application for its proposed scheme to Cheshire East Council next month.
Under the plans, the developer would speculatively develop 10 light industrial units ranging in size from 2,906 sq ft to 9,548 sq ft, to be made available on a leasehold basis.
The £7m scheme would be named Congleton Trade Park, and adjoin Congleton Business Park on Viking Way, close to the A34 and Congleton town centre. The site also joins the new £90m Congleton Link Road, which is under construction and due to complete in April.
Existing occupiers at Congleton Business Park include airbag manufacturer Airbags International, financial planning firm Franklyn Financial Management and developer Gladman’s headquarters. Congleton Retail Park, which is home to Boots, M&S and B&M, is a short walk from the site.
Agency Williams Sillitoe advised Chancerygate on the acquisition and while Harris Lamb acted for Gladman. Davies Harrison and William Sillitoe will be retained agents on the proposed scheme.
Chancerygate’s development manager Chris Brown said: “This plot at the established Congleton Business Park is in an ideal location for us to bring forward high-quality trade and light industrial space across a series of smaller units, and we’re already receiving a great deal of interest from major national trade occupiers.
“The new Congleton Link Road will connect directly into the site once it completes next month, which means that our scheme will have excellent connectivity to the M6 and the wider Cheshire market, plus fantastic retail and leisure amenity on its doorstep.”
And Romy Silvers, commercial property director at Gladman, said: “Congleton Business Park has proved to be very successful for us and is where our head office is. We have been able to work closely with Chancerygate through the transaction…and hope to be able to work with them again in the future.”
Warrington-, London- and Birmingham-based Chancerygate has around 3m sq ft of industrial space under construction or entering development across 23 sites across the UK from Bournemouth to Edinburgg, the company said.
It also manages in excess of £255m of assets across 5m sq ft of commercial space – around 390 units.