Multimillion-pound contract awarded to build first phase of 700-job business park

Warrington-based industrial developer and asset manager Chancerygate has awarded a £10.7m contract to Caddick Construction to build phase one of its Novus business park in Knutsford.

The appointment represents the largest construction contract that Chancerygate has awarded in its near 25-year history and is the first time the two businesses have worked together.

At 244,000 sq ft in total, Novus has a gross development value of around £33m. It is currently the developer’s biggest scheme and is expected to create up to 700 jobs.

Once complete, Novus will provide high-specification industrial and warehouse space across 16 acres.

The development is located at the eastern end of the established Parkgate Industrial Estate in Knutsford, close to Manchester, Manchester Airport and the M6.

Caddick Construction, which also has an office in Warrington, is expected to start construction immediately. Phase one is scheduled to complete in September 2020.

Comprising the speculative development of nine industrial and warehouse units, phase one will total 132,000 sq ft.

Individual units range in size from 4,100 sq ft to 25,000 sq ft and are available freehold or leasehold. Chancerygate is also funding and building significant highway improvements including a new roundabout.

One unit totalling 30,000 sq ft has already been pre-let to prestige auto retailer Sytner Group on a long-term lease for pre-delivery inspection and vehicle servicing for clients such as McLaren, Bentley, Rolls Royce and Land Rover. Another unit in phase one is formally under offer.

Chancerygate development director and head of the company’s Warrington office, Mike Walker, said: “Novus is our flagship development in the North West and working alongside Caddick we start construction with real momentum.

“They have an excellent track record of successfully delivering projects of this type and scale, and we are very pleased to be working with them for the first time.

“Our recent Sytner deal at Novus demonstrates Chancerygate’s ability to secure strategic locations and deliver an excellent standard of product.

“We are also committed to investing in the highways around the development to the benefit of all local businesses and residents. This, combined with the potential 700 jobs we expect Novus to create, means it will bring a significant boost to the local economy.”

Caddick Construction’s North West office was established in Warrington in 2015, as part of a strategic growth plan to expand into the regional market. Within its first three years the office secured 14 contracts totalling £56m.

Caddick Construction North West managing director, Ian Threadgold, said: “We hope this is the start of a successful long-term relationship between our two companies. We are enjoying an excellent year of new project wins and look forward to delivering an exceptional business park for Chancerygate.”

Established in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. In addition to its Warrington location, the company has offices in London, Birmingham and Milton Keynes.

This financial year, Chancerygate aims to triple its completed developments compared with the previous year, targeting one million sq ft across 11 schemes.

Established in 1979 and headquartered in Knottingley, West Yorkshire, Caddick Construction has its North West regional office in Warrington. The business is part of Caddick Group which employs more than 500 people nationwide.

Gerald Eve and Williams Sillitoe are joint agents for Novus.