Chancerygate and Bridges Fund Management JV acquires 12-acre U.K. site

A joint venture between industrial developer Chancerygate and Bridges Fund Management has purchased a 12-acre site in Coventry, England, to speculatively build 254,000-square-foot of industrial space.

Acting as the development manager, Chancerygate will deliver warehouse and industrial units in two phases with a gross development value (GDV) of £35 million ($45 million). The vendor for the site was Black Elk.

Previously used as a factory by aerospace company Meggitt, the site is situated off Holbrook Lane and is two-and-a-half miles north of the city center with good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development with plans for 515 new homes to be delivered by homebuilders Persimmon and Taylor Wimpey.

Richard Lord, Chancerygate development manager, said, “As part of our continued nationwide expansion, this is a strategically located site in the heart of the West Midlands where there is strong demand f