Developers have announced plans to build a new 14-unit industrial and trade counter scheme on Vale Road in Tonbridge, which could see the site occupied as early as 2020.
The 4.11-acre site was purchased by a joint venture between the UK’s leading multi-let industrial property developer and asset manager Chancerygate and the international real estate firm Hines.
Totalling 100,000 sq ft, the proposed scheme will comprise high-quality units ranging from 3,000 sq ft to 15,000 sq ft. Developers believe the speculative development will be Tonbridge’s largest new industrial scheme for decades. Pre-let discussions are well advanced.
It also marks the first site purchased by the Chancerygate and Hines joint venture, four months after the partnership was established with the strategy of developing prime, multi-let industrial and logistics sites. The scheme is expected to have a gross development value in excess of £20m.
Vale Road has a prominent location near Tonbridge high street and train station, as well as immediate access to the A26 and A21.
Tonbridge-based surveyors and estate agents Bracketts acted for Chancerygate and Hines, and commercial property advisors DTRE acted for the vendor.
Chancerygate development director, Jonathan Lee, said: “Tonbridge has been woefully undersupplied with good quality developments and our Vale Road scheme will be the town’s biggest for decades.
“We have a strong track record in identifying well-connected and underserved locations in Kent – we’re currently onsite building 450,000 sq ft of industrial units across the county. I’d encourage potential occupiers to enquire now about pre-let opportunities.
“Chancerygate understands and delivers what occupiers want, and with Hines’ investment capabilities we have a very attractive offer. We look forward to revealing more details about the scheme in future.”
Established in 1995, Chancerygate employs 37 people from offices in London, Birmingham, Warrington and Milton Keynes. Its development team has more than 2m sq ft of industrial space under construction or ready for development. In 2018, the company invested more than £41m to acquire 10 sites comprising 37 acres.
Hines senior managing director and UK head, Ross Blair, added: “At the time of establishing our joint venture, we said we would make decisions at speed and grow a pipeline quickly. With this first site purchase, we’ve absolutely done that. Industrial developments are a vital asset class in Hines’ diversification and we’re confident investors will see rewards from the joint venture.”