Credit Suisse-Chancerygate-Hines JV submits plans for GBP50m Dagenham industrial development
A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, industrial developer Chancerygate and international real estate firm Hines has submitted plans to speculatively build a 172,169 sq ft industrial, warehousing and trade counter development comprising 15 Grade A units in Dagenham.
The six-acre site, which was previously owned by wholesale electrical distributor Rexel UK, currently comprises warehouse buildings with ancillary trade counters and offices.
The proposed scheme has a gross development value of £50m, with units available ranging from 5,490 sq ft to 34,671 sq ft, on both a leasehold and freehold basis.
Situated on Rainham Road between the A12 and A13, the site is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed £300m film and TV studios. Demolition work is scheduled to begin on site within the next two months, with a decision on the proposed plans expected before the end of the year.
Chancerygate development manager, Tom Faulkner, says: “We are excited to have submitted plans for an ambitious industrial development in a truly prime location. Our proposals to bring 172,169 sq ft of Grade A industrial, warehousing and trade counter space to Dagenham will meet the needs of local businesses and we are confident the development will be a great asset for the area.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company has offices in London, Warrington, Birmingham and Milton Keynes and currently has more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
Greg Cooper, Hines managing director, industrial and logistics, says: “We believe the site and our development plans has enormous potential to attract a variety of different businesses to Dagenham that are either expanding or relocating. This is an excellent example of our creative transformation of urban environments with leading edge logistics developments.”
Agents for the development are Colliers International, CBRE and Glenny.