Work starts on £16m industrial scheme at advanced manufacturing hub
Construction work has started on a 92,813 sq ft industrial scheme at Aston’s manufacturing hub in Birmingham.
The Aston Gateway industrial scheme, located on Aston Hall Road, comprises 18 industrial and warehousing units ranging in size from 3,370 sq ft to 39,022 sq ft.
Units will be available on a leasehold basis.
The scheme has a projected gross development value of £16m and will be built by Bailey Construction after the contractor won a competitive tender for the construction contract worth £7.2m.
Practical completion is expected in March 2022.
The scheme is being brought forward through a joint venture (JV) between developer Chancerygate and global real estate firm Hines.
Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “Aston is an area that is going through significant regeneration and we’re pleased to be starting on site on an excellent scheme which will be an important part of that process.
“Currently there is a lack of multi-unit industrial schemes available in the area to support the needs of businesses, so we’re pleased that construction has begun at Aston Gateway to provide much-needed units. We’ve had a great deal of early interest already, which demonstrates the demand from occupiers for high-quality industrial and warehousing units close to Birmingham city centre.”
The JV between Chancerygate and Hines acquired the 3.75-acre site from Birmingham City Council and Homes England in December 2020 for £3.35m.
The Advanced Manufacturing Hub is a joint venture between Birmingham City Council and Homes England and is a 49-acre site designated for regional investment and can accommodate buildings ranging from 15,000 sq ft to 155,000 sq ft. The venture is aimed at the advanced manufacturing sector.
Leader of Birmingham City Council, Ian Ward said: “The Aston Gateway industrial scheme is a huge vote of confidence in Birmingham’s post-Covid recovery and will create high quality jobs and opportunities at a vital time.
“The Advanced Manufacturing Hub is already a success story and now with Chancerygate and Hines, we’re writing the next important chapter.”
Joint agents on the scheme are Colliers and Savills.
