(LONDON) – A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, industrial developer and asset manager Chancerygate and the international real estate firm Hines has acquired a six-acre site in Dagenham, East London.
The JV intends to speculatively develop a new 165,000-square-foot industrial scheme on the site with a gross development value of over $59 million. Plans will be submitted to deliver up to 20 units ranging from 3,000 sq ft to 33,000 sq ft for warehousing and trade counter use. Units will be available freehold or leasehold.
The Rainham Road site, which was previously owned by wholesale electrical distributor Rexel, currently comprises warehouse buildings with ancillary trade counters and offices.
Situated between the A12 and A13, the scheme is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300m film and TV studios.
Commenting on the acquisition, Chancerygate development manager, Tom Faulkner, said: “We are very pleased to have secured this exciting development opportunity in such a prominent London location. Our proposals for the scheme will address a shortage of high quality, new build warehousing supply in the area.”
The Dagenham scheme will be the second acquired by the JV between the three parties following the 350,000-square-foot Network West development in Bracknell, Berkshire, which is currently subject to planning approval.
Greg Cooper, Hines UK director of industrial and logistics, continued: “In developing a range of units speculatively, we aim to attract a variety of different businesses to Dagenham that are either expanding or relocating. Given the site’s proximity to what will be a world-class film studio, we also expect our development to be an attractive option for businesses serving the TV and film industry. This serves as yet another example of our creative transformation of urban environments with leading edge logistics developments.”
CBRE advised the JV on the site’s acquisition whilst Colliers acted on behalf of Rexel.
Founded 25 years ago, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide.
The company currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 22 sites ranging from Bournemouth in Dorset to Livingston, West Lothian. Chancerygate offers units to occupiers on both a freehold and leasehold basis.
The company also manages in excess of £220m of assets across more than 4.9 million sq ft of commercial space in more than 350 units.
In November 2020, Chancerygate was recognised as one of ‘1000 companies to inspire Britain’ following a report by the London Stock Exchange Group, and as one of UK property industry’s best places to work by trade publication Property Week.
In 2019, Chancerygate invested around £60m to acquire eight sites totalling 58 acres. During the same year, the business delivered more than one million sq ft of accommodation and let or sold 72 units.
Chancerygate has offices in London, Warrington, Birmingham and Milton Keynes. For more information visit www.chancerygate.com
Follow the company on Twitter @chancerygate and on LinkedIn at Chancerygate.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.