Chancerygate has acquired two adjacent sites totalling 4.6 acres in Leatherhead, Surrey, to speculatively build 82,400 ft of Grade A industrial and warehousing space.
The sites are located off Cleeve Road in Leatherhead Business Park approximately one mile north of the town centre and one mile east of junction 9 of the M25.
Chancerygate intends to develop 13 leasehold units ranging from 3,000 sq ft to 19,000 sq ft on the land. Once complete, the scheme will have a gross development value of around £32m.
Chancerygate first acquired a 3.6-acre site from a private family investor then an adjacent one-acre site from an international corporation. Both sites currently comprise office and warehouse accommodation which will be demolished for the new development. All values relating to the acquisitions are undisclosed.
Neighbouring occupiers to the proposed development include Unilever and engineering consultancies KBR and RINA Tech UK.
Commenting on the acquisition, Chancerygate head of development Alastair King, said: “We’re very pleased to have secured this opportunity to develop in a prime industrial area of the South M25 quadrant.
“Leatherhead’s proximity to excellent transport connections and an affluent, skilled workforce has resulted in a thriving business community, including an array of established, blue chip multi-national companies.
“Our proposed development of high specification, sustainable industrial accommodation will complement the local and regional economy and stimulate further investment and job creation.”
Chancerygate will submit its plans for the development to Mole Valley District Council towards the end of the year.
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, Bristol and Milton Keynes. It currently has more than 3.5m sq ft of industrial space under construction or ready for development across 32 sites ranging from Bournemouth to Edinburgh
Chartered surveyors Aston Rose advised Chancerygate on the site acquisition of 3.6-acre site , whilst JS Land & Capital advised the vendor. The one-acre site was bought directly by the developer.
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