Investec Structured Property Finance provided a £11.26 million 24 month loan to Chancerygate, the UK’s largest multi-unit industrial property developer and asset manager.
The facility will fund the development of nine industrial units at the 252,000 sq ft Novus site in Knutsford, Cheshire. Expected to complete in late 2020, Phase 1 of the site totals 130,000 sq ft of space, with the flexible units, suitable for a range of occupiers, ranging from 4,000 sq ft to 30,000 sq ft. Chancerygate has already disposed of more than half of the available units, having agreed the sale of four units totalling 23,383 sq ft and secured a pre-let with Sytner Group, the UK’s leading car dealer, for a 30,000 sq ft unit.
Novus is situated on the established Parkgate Industrial Estate in Knutsford, North Cheshire, and provides a mix of industrial warehousing and office accommodation. Spread over 16 acres, the site benefits from excellent transport links, with both junction 19 of the M6, the major arterial route connecting Birmingham and Manchester, and Manchester International Airport just a short drive away.