A joint venture (JV) between a fund managed by Credit Suisse Asset Management Global Real Estate, industrial developer Chancerygate and international real estate firm Hines has submitted plans to speculatively build a 172,169 sq ft industrial, warehousing and trade counter development comprising 15 Grade A units in Dagenham.
The six-acre site, which was previously owned by wholesale electrical distributor Rexel UK, currently comprises warehouse buildings with ancillary trade counters and offices.
The proposed scheme has a gross development value of £50m, with units available ranging from 5,490 sq ft to 34,671 sq ft, on both a leasehold and freehold basis.
Situated on Rainham Road between the A12 and A13, the site is located less than half a mile from Hackman Capital Partners and Dagenham Council’s proposed GBP300m film and TV studios. Demolition work is scheduled to begin on site within the next two months, with a decision on the proposed plans expected before the end of the year.
Chancerygate development manager, Tom Faulkner, says: “We are excited to have submitted plans for an ambitious industrial development in a truly prime location. Our proposals to bring 172,169 sq ft of Grade A industrial, warehousing and trade counter space to Dagenham will meet the needs of local businesses and we are confident the development will be a great asset for the area.”
Source: www.propertyfundsworld.com on 5th of July