A joint venture between industrial developer and asset manager Chancerygate and the property development arm of gas distribution company SGN Place has exchanged contracts to acquire a four-acre site on Croydon’s Factory Lane to deliver 95,000 sq ft of Grade A industrial and warehousing space and create more than 100 jobs. This is the first joint venture between the businesses.
Subject to planning approval, the scheme will comprise 14 units ranging from 1,000 sq ft to 17,000 sq ft. All units will be available on a freehold and leasehold basis and the new site has a projected gross development value of £25 million.
Located on the outskirts of Croydon town centre, the Factory Lane site is 10 miles south of central London and provides access to the A23, A232 and M25. SGN had originally acquired the site from National Grid Transco and has now unlocked the land for development as part of a rationalisation of its portfolio.
Chancerygate Development Director, Jonathan Lee, said: "As far as we are aware, there has been no speculative development of freehold multiunit industrial sites in Croydon for more than 10 years. There is, therefore, very high demand from many different types of business operating in and around the area wanting to own high-quality, new buildt industrial space."
SGN Place Operations and Land Quality Manager, Scott Lewis, said: "This is a great opportunity to redevelop unused brownfield land and turn what was a redundant gas holder site into a first-class industrial scheme which will greatly benefit the local area."
Property agents Cushman & Wakefield advised SGN Place on the site acquisition. Cushman & Wakefield and Stiles Harold Williams will be the retained agents on the development.
Founded in 1995, Chancerygate is a UK multiunit industrial developer and asset manager and the only one operating nationwide. The company currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. In addition to London, Chancerygate has offices in Milton Keynes, Birmingham, and Warrington.
The company also manages in excess of £255 million of assets across more than five million sq ft of commercial space in more than 390 units.
About SGN Place
SGN Place is a property development subsidiary of SGN, focused on regenerating brownfield land like gasholders and former industrial sites into prosperous, sustainable residential and commercial developments.
It aims to deliver 3000 homes on empty sites by 2030, bringing disused land back into use for the community and delivering economic and social benefit.
About Cushman & Wakefield
In 2003 Cushman & Wakefield became the first global real estate services firm to open an office in the Thames Valley. The Thames Valley team provides office and industrial agency services to property investors, developers and occupiers.
About Stiles Harold Williams
SHW is the trading name of Stiles Harold Williams Partnership LLP, a firm of national independent property advisors based the South East of England and in London.
The firm has almost 200 staff across eight offices.
Pictured: New development: Croydon's Factory Lane is set to become home to a 95,000 sq ft industrial scheme (site shaded in green).