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Gloucestershire Business News

£10.2m Gloucestershire business park sold

Commercial developer Chancerygate has sold an 11 asset portfolio, including a site in Cheltenham, to the real estate private equity firm for an undisclosed sum.

The 11 assets are located in Livingston, West Lothian; Knutsford, Cheshire; Aintree; Merseyside; Beeston, Nottinghamshire, Ipswich; Suffolk, Norwich, Norfolk; High Wycombe, Buckinghamshire; Cheltenham, Gloucestershire; and Dartford and Maidstone in Kent.

Included in the sale to Northwood Investors is Furlong Business Park in Bishops Cleeve, which consists of a £10.2m 94,000 sq ft development of 11 industrial and warehousing units.

Chancerygate's head of development, Alastair King, said: "We are very pleased to conclude our involvement on these development projects. The deal is testimony to the hard work and commitment of everyone at Chancerygate who has been involved with the schemes.

"The sale shows the strength of current investment demand for high quality, Grade A multi-unit industrial and warehousing space placed in strategic locations across the UK.

"Moving into 2021, we have already identified a number of new development opportunities throughout the UK. We have a clear strategy on how we will recycle the funds raised by this sale into further new projects in what continues to be a very exciting sector of the UK property market."

Northwood Investors is a privately held, real estate private equity firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8bn of investor capital.

Chancerygate was advised on the portfolio sale by Freeths while Shoosmiths, Dickson Minto and JLL acted for Northwood Investors.

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