Chancerygate and global real estate investor, developer and manager Hines have submitted plans to speculatively build 133,500ft² of Grade A urban logistics space in Redditch.
The joint venture (JV) is funded by Hines European Real Estate Partners III (HEREP) which has more than £1.3bn of equity commitments.
Called Aurora Park, the proposed scheme will comprise nine leasehold units ranging from 7,685ft² to 22,055ft² and once complete, it will have a gross development value of around £35m.
Neighbouring occupiers to the proposed development include Amazon, iForce, Lear Corporation, AMCO and a wide variety of regional and local businesses.
All properties at Aurora Park will feature electric vehicle charging points along with solar cells which provide green energy on an affordable basis to occupiers.
In addition, the units will be constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Excellent rating.
Chancerygate development manager Rob Watts said: “There is strong demand from occupiers in Redditch, Worcestershire and the wider West Midlands region for high quality, sustainable urban logistics accommodation.
“Aurora Park will help satisfy this demand, providing occupiers with Grade A space in a strategic location close to key infrastructure.
“We look forward to working with Redditch Borough Council to progress our planning application which will deliver employment land and a long-term economic asset for the town.”
