Chancerygate JV to deliver first phase for logistics development in Coventry
A joint venture between developer Chancerygate and Bridges Fund Management has started construction on the first phase of a new 31-unit, 254,000-square-foot urban logistics scheme in Coventry, England.
Named Holbrook Business Park, the scheme is located off Holbrook Lane and Swallow Road on a 12-acre plot that was previously home to the Meggitt aerospace factory. The scheme has a gross development value of £35 million (€41 million/$48 million) and the initial phase of the development will comprise 13 freehold and leasehold units ranging from 2,153 square feet to 40,053 square feet.
Practical completion of the first phase of development is due to be completed in June 2022.
Holbrook Business Park is located two-and-a-half miles from the center of Coventry and provides good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.