Duo acquire Redditch site to develop over 130,000 sq ft of logisitics space
Developer Chancerygate and global real estate firm Hines have teamed up to acquire a 6.4-acre site in Redditch.
The joint venture will develop 139,000 sq ft of Grade A urban logistics space on the plot.
The plan is to build 11 leasehold units, ranging from 7,685 sq ft to 15,950 sq ft, with an estimated development value of £35m.
Located on Ravensbank Drive in the North Moons Moat industrial estate, the site is near junction 3 of the M42 and the motorway network.
Pending planning approval, construction is expected to begin by the end of 2025, with completion projected for late 2026.
The site was acquired from a private vendor for an undisclosed amount.
Nearby businesses include Amazon, iForce, Lear Corporation, AMCO, and various regional and local firms.
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.”
