A joint venture (JV) between Chancerygate and Hines has acquired a 6,4-acre site in Redditch, Worcestershire, with plans to develop 139,000 sq ft of Grade A urban logistics space.
The speculative development will comprise 11 leasehold units ranging from 7,685 sq ft to 15,950 sq ft, with an estimated gross development value of £35m upon completion.
The site is strategically located on Ravensbank Drive within the North Moons Moat industrial estate, offering proximity to ju
nction 3 of the M42 and the wider motorway network.
Neighbouring occupiers include Amazon, iForce, Lear Corporation, and AMCO, among other regional and local businesses.
Subject to planning approval, the JV aims to commence work on the proposed development by the end of 2025, targeting practical completion by the end of 2026.
The site was acquired from a private vendor for an undisclosed sum.
Commenting on the acquisition, Chancerygate development manager, Rob Watts, said: "This site's strategic gateway location into Redditch, within an established industrial area and proximity to transport links makes it the perfect opportunity for our JV with Hines.
"There is unsatisfied demand for high-specification urban logistics units across Redditch, Worcestershire and the wider West Midlands region.
"We believe our proposed development will address this through offering new, Grade A sustainable units which is fit for purpose for a range of prospective occupiers. This belief is informed by the fact we have already seen significant interest in the scheme from potential occupiers."
Greg Cooper, managing director and head of UK industrial and logistics at Hines, added: "We are pleased to have secured another prime development opportunity, in our JV with Chancerygate, for our growing light industrial mid-box portfolio on behalf of HEREP.
"We continue to target established locations with favourable supply and demand dynamics and will look to develop Grade A stock with strong ESG credentials."
The development aims to meet the growing demand for high-quality urban logistics space in the region, while also prioritising sustainability and ESG considerations.