Chancerygate and Northwood Investors’ joint venture (JV) has been granted planning permission to develop 130,340 sq ft (12,100 m2) of Grade A last-mile urban logistics space at Trafford Park in Manchester.
Called Bridgewater Point, the scheme will be developed speculatively and will comprise 16 units ranging from 5,000 sq ft to 13,000 sq ft. Construction work is scheduled to start in January 2023.
Bridgewater Point is Chancerygate and Northwood Investors’ debut development since launching the JV last September. The JV plans to target speculative urban logistics development opportunities in key cities throughout the UK over the next 18 months.
Chancerygate development director and head of its Warrington office, Mike Walker, said: ‘This is an excellent first development for our JV with Northwood. It will showcase exactly the type of high specification, sustainable urban logistics accommodation we will deliver together.’
Agents for the proposed scheme are JLL and Davies Harrison.
Founded in 1995, Chancerygate is a UK multi-unit industrial developer and asset manager.
The company currently has more than 3.5million sq ft of industrial space under construction or ready for development across 32 sites ranging from Bournemouth to Edinburgh. In addition to Warrington, Chancerygate has offices in London, Birmingham, Bristol and Milton Keynes.
Northwood Investors is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $9 bn of investor capital with its Manchester office headed by executive director Richard Pellatt.