Investec

Investec lends £11m to fund development of nine industrial units in Cheshire



Investec Structured Property Finance has agreed an £11.2m 24-month loan to property developer Chancerygate to fund the development of nine industrial units at a site in Knutsford, Cheshire.

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Phase one is expected to complete in late 2020 and totals 130,000 sq ft of space, with flexible units suitable for a range of occupiers ranging from 4,000 to 30,000 sq ft.

The developer has already disposed of more than half the available units.

It has agreed the sale of four units totalling 23,383 sq ft and has secured a pre-let with car dealer Sytner Group for a 30,000 sq ft unit.

Novus, the industrial site, is spread over 16 acres and is located near junction 19 of the M6, the arterial route connecting Birmingham and Manchester, with Manchester International Airport a short drive away.

Jonathan Long, part of the structured property finance team at Investec, commented: “This was an appealing opportunity to work alongside Chancerygate — an established and highly-reputable industrial specialist — for the first time on a development project which benefits from an excellent location in the heart of the UK, as well as impressive transport connectivity.

“Our experience in the industrial sector meant we were comfortable with the speculative element of this scheme at the point of funding, which enabled us to structure this transaction and kickstart construction.”

James Deane, finance director at Chancerygate, added: “Novus is our flagship development in the North West, and we are delighted to work with Investec to deliver this scheme.

“Investec’s strong track record for funding industrial development and its understanding of our business model, which enables us to offer units on both a freehold and leasehold basis, has allowed us to commence the construction of high-specification industrial and warehouse space suitable for a wide range of different occupier requirements.”



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