A joint venture (JV) between Chancerygate and Bridges Fund Management has acquired an 8.63-acre site in Peterborough to speculatively develop up to 200,000 sq ft of industrial, roadside and trade space.
Located on Maskew Avenue, the site has lain vacant for a decade and is around two miles north of Peterborough town centre.
It is also immediately adjacent to the established Maskew Retail Park which includes B&Q, Matalan, Aldi and Argos as occupiers. The vacant site’s vendor was Wren Kitchens and the value of the sale is undisclosed.
The JV intends to submit plans to the local authority within the next four months which, if approved, will provide the opportunity for a mix of industrial, warehouse, trade counter, self-storage and roadside accommodation.
Subject to planning, Chancerygate and Bridges Fund Management have already agreed the sale of one acre of the site to self-storage company Lok’nStore. In addition, the JV is also in advanced negotiations with drive-through food and beverage retailers.
Commenting on the acquisition, Chancerygate development director, George Dickens, said: “We are very pleased to have secured this prominent development opportunity and bring back to life a site that has lain dormant for 10 years.
“We specialise in speculative development and believe that the Maskew Avenue site is ideally placed for us to do what we do best by creating a mix of industrial, roadside and trade units which will attract investment and jobs to the area. This is already evident by our agreement with Lok’nStore and the positive ongoing negotiations with drive through operators.
“We are looking forward to delivering much-needed, high quality accommodation for a wide variety of businesses.”
Chancerygate and Bridges Fund Management have been working in partnership on projects for more than 10 years. Investments include the development of ‘The Curve’, a student housing development in London SE1; the regeneration of Beeston Business Park, Nottingham; and the recent acquisition of a site for industrial development in Coventry.
Bridges Fund Management partner, Guy Bowden, added: “Our Maskew Avenue site will allow us to regenerate and revitalise a sizeable area of land by creating a new place for both business and the wider Peterborough community. We are looking forward to having the opportunity to deliver another successful project with Chancerygate.”
Chancerygate and Bridges Fund Management have appointed property consultancy Savills as agents for the Maskew Avenue site.
