A joint venture has lodged plans for a grade A urban logistics development in the West Midlands. Neighbouring occupiers to the site include Amazon, iForce, Lear Corporation and AMCO.
Named Aurora Park, the proposed development is a joint venture between property developer Chancerygate and global real estate investor, developer and manager Hines. The JV is funded by Hines European Real Estate Partners III (HEREP) which has more than £1.3bn of equity commitments.
Chancerygate and Hines intend to develop a scheme in Redditch comprising nine leasehold units ranging from 7,685 sq ft to 22,055 sq ft. Once complete, Aurora Park will have a gross development value of about £35m.
The 6.4-acre site, located on Ravensbank Drive on North Moons Moat industrial estate, is within close proximity to junction 3 of the M42 and the wider motorway network.
Chancerygate development manager, Rob Watts, who is based in the company’s Birmingham office, said: “There is strong demand from occupiers in Redditch, Worcestershire and the wider West Midlands region for high quality, sustainable urban logistics accommodation.
“Aurora Park will help satisfy this demand, providing occupiers with grade A space in a strategic location close to key infrastructure.
“We look forward to working with Redditch Borough Council to progress our planning application which will deliver employment land and a long term economic asset for the town.”
Chancerygate has about 1.41 million sq ft of urban logistics space under construction or ready for development across 11 sites ranging from Edinburgh to Croydon.
Hines manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million sq ft of projects acquired, completed or in the pipeline.
Greg Cooper, managing director at Hines UK, said: “Our partnership with Chancerygate is now in its sixth year and our complementary experience and capabilities has enabled us to deliver a wide range of high quality, sustainable urban logistics and mid-box facilities in strategic locations across the UK.”