BROMWICH HARDY ADVISED IN RESPECT OF MAJOR DEVELOPMENT DISPOSAL BY CHANCERYGATE
Bromwich Hardy has advised in respect of a major development disposal in Coventry by Chancerygate, involving land and buildings now under construction.
The transaction is a forward funding of a development by Chancerygate, which has been acquired by M&G Real Estate for £8.275m.
The 7 acre site, known as Coventry 75, Pilot Business Park, is close to Coventry airport and the A45/A46 Toll Bar Island junction, where construction is now underway to develop a single 75,350 sq ft grade A logistics warehouse unit which will include 4,000 sq ft of offices.
Bromwich Hardy has been retained by M&G Real Estate, with joint agents Savills, to let the property.
David Penn of Bromwich Hardy reports very healthy interest:
“Our industry is very aware of a chronic shortage of land for sheds nationally and particularly in this local region, where take-up is very strong and the market is experiencing value growth. Coventry 75 is a built to a top-end specification, including 12m eaves, 12 loading doors including 8 at dock level and has a 50m yard. Practical completion is expected for early October and we will be very surprised if it is not let before then”.