Chancerygate and Hines embark on £39m Oldham JV
The developer and global real estate investor have acquired a site on Broadway Green as they continue to bring forward multi-let urban logistics schemes.
A speculative 166,500 sq ft of Grade A sustainable urban logistics space is planned for the 7.5-acre site, the last commercial plot available at Broadway Green, off the Lydia Becker Way spine road in Oldham.
This will be Chancerygate`s second project there, having completed a 108,000 sq ft development, Broadway Central, in March this year, of which 35% is let or currently under offer.
Subject to securing planning permission, 18 leasehold units ranging from 4,700 sq ft to 20,500 sq ft will be built, targeting a minimum EPC rating of A and a BREEAM Excellent rating.
The scheme is expected to have a gross development value of around £39m once completed.
FO Developments, a consortium comprising Oldham Council, Grasscroft Property, and Seddon Developments, has sold the site for an undisclosed sum.
Davies Harrison advised Chancerygate and Hines on the purchase. FO Developments was advised on the sale by JLL. Both Davies Harrison and JLL have been appointed as lettings agents for the proposed development.
Chancerygate managing director, Richard Bains, said: “Our first joint venture partnership with Hines was extremely successful in delivering strategically located multi-let urban logistics schemes across the UK.
“We forged a highly effective working relationship during that time, so we are excited to once again partner with Hines to deliver Grade A, sustainable accommodation where it is most needed.”
Greg Cooper, managing director and head of UK industrial and logistics at Hines, added: “We are pleased to be extending our partnership with Chancerygate through this venture as we continue to scale our multi-let urban logistics platform throughout the UK.
“The partnership will be well placed to meet HEREP III’s objective to execute the development of modern sustainable multi-let urban logistics product in strategic urban distribution nodes.”
Chancerygate and Hines have worked together across the last six years since their JV equal partnership was founded.
