Work has started on site to speculatively build a new 16-unit industrial and warehouse development worth around £20m at Trent Gateway in Beeston, Nottinghamshire.
The 6.4-acre former Siemens Communications site, off Meadow Road, is being transformed by a joint venture between industrial developer and asset manager Chancerygate and international real estate firm Hines.
Totalling 155,268 sq ft, the development will provide a mix of freehold and leasehold units ranging from 2,300 sq ft to 49,811 sq ft. Trent Gateway is scheduled for occupation later this year and East Midlands property advisers Innes England and FHP have been appointed as sales and lettings agents for the development.
Located within the 48-acre Beeston Business Park, Trent Gateway is in a prime industrial and office location offering fast access to junction 25 of the M1, Beeston Railway Station and East Midlands International Airport.
Commenting on the site, Chancerygate development director, Mark Garrity, said: “We already have a significant interest in the site and, now that construction has commenced, we expect further enquiries. We often secure pre-lets on developments such as Trent Gateway, as we provide businesses with previously unavailable high-quality accommodation in a preferred location.”
Beeston Business Park is already home to SMS, one of the region’s largest electronics manufacturers, and subsidiaries of a global leader in digital transformation, Atos. These include payment and transaction services provider Worldline and communications software and services brand Unify.
Innes England associate director, Scott Osborne, added: “There is a distinct lack of supply within the industrial market in Nottinghamshire so these units at Trent Gateway are a welcome addition to help remedy the current situation.
“The area has needed a new high-quality development for a long time. This Chancerygate and Hines scheme will provide ideal opportunities for owner-occupiers or investors to acquire a new build, high-quality industrial unit. We are sure that Trent Gateway will provide a boost for the area by attracting both local and national businesses.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. This year, the business will triple its completed developments compared with the previous year, delivering more than one million sq ft across 13 schemes compared to 340,000 sq ft in 2018.
Hines manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million sq ft of projects acquired, completed or in the pipeline. The businesses announced an equal JV partnership in September 2018.
FHP director, Mark Tomlinson, said: “Lack of supply of industrial units has hampered the growth of many regional companies over the last few years and Trent Gateway will go some way to alleviating this.
“The market has already been very receptive to the scheme and we have received several calls from investors and occupiers looking to make progressive moves.”