A joint venture between industrial developer Chancerygate and specialist investor Bridges Fund Management has submitted plans to speculatively build 67,975 sq ft of Grade-A urban logistics space, on a 2.78-acre site at Red Lion Road Business Park in Tolworth.
The jv intends to develop an industrial scheme comprising nine units ranging from 4,467 to 17,513 sq ft. Units will be available on a leasehold basis.
Subject to planning, work on site could begin in the second half of next year.
Chancerygate development manager Matthew Young said: “This is a really exciting opportunity to regenerate a site that has been underutilised for many years and allocated for industrial use by the local authority. We will bring forward a new, high-specification urban logistics development with strong sustainability credentials.
“Our plans will help address a real shortage of high quality, new build industrial space across the region. We’re confident this development will meet the needs of businesses across Tolworth and its surrounding areas by providing quality, sustainable urban logistics accommodation that provides easy access to central London.”
Guy Bowden, partner at Bridges Fund Management, added: “Our proposed development on this really well-located site will deliver high quality logistics units that will create jobs and boost the local economy.
“We’re also increasingly finding that our focus on delivering buildings with strong sustainability credentials is not just better for the planet; it is also making these sites more attractive to potential occupiers.”
JLL and Bonsors have been appointed agents on the scheme.
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