Chancerygate, Hines buy site for urban logistics space in Worcestershire

A joint venture between Chancerygate and Hines has purchased a site in Redditch, Worcestershire, U.K., to build 139,000 square feet of class A urban logistics space. 

The joint venture acquired the site from a private vendor for an undisclosed sum. 

Once complete, the development will have a gross development value of around £35 million ($45 million). 

The site is located on Ravensbank Drive on North Moons Moat industrial estate, within close proximity to junction 3 of the M42 and the wider motorway network. 

“This site’s strategic gateway location into Redditch, within an established industrial area, and proximity to transport links makes it the perfect op