PRIME NOTTINGHAM DEVELOPMENT SITE SOLD TO CHANCERY GATE

Industrial/Warehouse News

Developer Chancerygate has acquired a 6.35-acre site in Colwick to speculatively build 137,852ft² of industrial and warehousing space and create hundreds of jobs.

The site, which was formerly a major fuel distribution centre for Total Petroleum but has been unused since 2019, is located off Colwick Loop Road in Colwick Industrial Estate. It is around five miles east of the city centre.

Chancerygate acquired the site from commercial property development and investment company, City Estates. FHP Property Consultants marketed the site on behalf of the vendor with competitive bids received on the property.

The developer plans to redevelop the site to deliver a speculative scheme of 15 freehold and leasehold units ranging from 5,920ft² to 23,864ft². The scheme has a projected gross development value of around £20m.

Neighbouring occupiers to the proposed development include Jewson, Sainsbury’s, Biffa, Nottingham Steel Supplies and Tile Tec Fireplaces.

Chancerygate development director and head of its Birmingham office, Mark Garrity, said: “We’re very pleased to have secured this development opportunity in a prime industrial area of Nottingham.

“Colwick is an up-and-coming area of the city benefitting from extensive redevelopment and regeneration. The delivery of this site has the potential to create hundreds of jobs in the local area.

“We already have interest from a variety of potential occupiers and we’re looking forward to submitting plans for the development to Gedling Borough Council towards the end of the year.”

Chancerygate was advised by Gerald Eve on the site acquisition whilst FHP advised City Estates. FHP and Gerald Eve will be the retained agents on the development.

ENDS

1 November 2021