Construction & Commercial Property News

Property company secures £6m to develop Bristol industrial scheme

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Written by: Hannah Baker | Posted 05 November 2018 16:36

Property company secures £6m to develop Bristol industrial scheme

A Bristol property business has secured £6million from NatWest to speculatively develop an industrial scheme in Warmley, East Bristol.

The company is planning to develop the existing industrial site, which was previously occupied by Amcor Packaging, into a new
multi-unit industrial scheme.

This will include the creation of 14 units totalling 85,952 sq ft, and refurbishment of an existing 34,960 sq ft warehouse space.

Chancerygate originally acquired the 6.6-acre site in June 2017 and has since refurbished the existing 20,987 sq ft of office space.

The additional 3,700–12,000 sq ft units will be available on a freehold basis while Chancerygate plans to let the warehouse.

James Deane, group finance director at Chancerygate, said: “Our aim is to identify opportunities in strategic locations previously deprived of modern, high quality stock.

 

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"Our development of the site in Warmley reflects this strategy as there is a significant lack of supply of industrial space in Bristol, particularly smaller freehold units.

“The funding from NatWest will allow us to develop the remainder of the site, meeting the demands of the growing urban logistics market as we continue to reaffirm our position as one of the UK’s leading industrial developers.”

Over the last 12 months Chancerygate has invested £41million in nine new sites.

Alex Jones, associate director at NatWest Structured Real Estate Finance, added: “NatWest look for strong sponsors with a proven track record and Chancerygate’s long-term presence and success in the UK industrial market is evident as it continues to deliver around 12 schemes a year.

"We look forward to continuing to work with the team and supporting them with future projects."

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