A joint venture (JV) between developer Chancerygate and international real estate firm Hines has achieved practical completion on its £20m, 100,000 sq ft Tonbridge Trade Park scheme.
Situated on Vale Road, the scheme comprises 15 high specification Grade A units. Four of the properties, which total 31,750 sq ft, have been pre-let ahead of practical completion.
Occupiers include multinational chemical production company Tunap and car service and maintenance group Formula One Autocentres.
A further unit totalling 5,000 sq ft is currently under offer, which means more than 36 per cent of space at the development is now let or under offer. The 10 remaining units total 63,250 sq ft and are available on a leasehold basis.
Located a mile from Tonbridge town centre, the scheme provides easy access to transport links including the A21 and A26, as well as to the M25.
The JV pre-sold Tonbridge Trade Park to real estate private equity firm Northwood Investors at the end of last year.
Chancerygate development director, Jonathan Lee, said: “Tonbridge Trade Park is the first new build, Grade A multi-unit trade park and urban logistics development in the area for more than 20 years.
“The scheme will help meet the significant demand for much-needed high specification, sustainable commercial accommodation in Tonbridge and surrounding areas.
“With its strategic location, the scheme is best placed to serve businesses across Tonbridge and the wider region. This is evidenced by the pre-lets we have already seen and we anticipate this interest will only grow now practical completion has been achieved.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit urban logistics property 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.
Bracketts and DTRE are joint sales agents for Tonbridge Trade Park.
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