A joint venture between Chancerygate and Hines has secured a 6.4-acre site in Redditch, Worcestershire. The speculative urban logistics development, valued at £35 million, will create 139,000ft2 of Grade A space.
The proposed development, situated on Ravensbank Drive within the North Moons Moat industrial estate, aims to deliver 11 leasehold units ranging from 7,685 to 15,950ft2. The location is positioned near junction 3 of the M42, providing connectivity to the wider motorway network.
Rob Watts, Chancerygate’s development manager, highlighted the site’s strategic significance: “This site’s gateway location into Redditch, coupled with its proximity to transport links, makes it an ideal choice for our joint venture with Hines. The region has a growing demand for high-specification urban logistics units, and our development will meet this need by offering sustainable, Grade A units designed to cater to a diverse range of businesses.”
The development is expected to attract interest from a wide range of occupiers, particularly given the strong presence of major companies like Amazon, iForce and Lear Corporation in the neighbouring area.
Greg Cooper, managing director and head of UK industrial and logistics at Hines, expressed his enthusiasm for the project: “We are pleased to have secured another prime development opportunity in partnership with Chancerygate. We continue to target established locations with favourable supply and demand dynamics and will look to develop Grade A stock with strong ESG credentials.”
Construction on the site is expected to commence by the end of 2025, pending planning approval, with completion targeted for the following year.
The acquisition was facilitated by M1 Agency on behalf of Chancerygate and Hines, with John Truslove & Co advising the vendor.
