A joint venture between developer Chancerygate and specialist investor Bridges Fund Management has started construction on the first phase of a new 31-unit, 254,000 sq ft urban logistics scheme in Coventry.

Named Holbrook Business Park, the scheme is located off Holbrook Lane and Swallow Road on a 12-acre plot which was previously home to the Meggitt aerospace factory. The scheme has a gross development value of £35m and the initial phase of the development will comprise 13 freehold and leasehold units ranging from 2,153 sq ft to 40,053 sq ft.

The development is being built by West Midlands-based A&H Construction, which won a competitive tender for the c £7m construction contract. Practical completion of the first phase of development is due to be completed in June 2022.

Holbrook Business Park is located two-and-a-half miles from the centre of Coventry and provides good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.

Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said:

“We’re pleased to have work underway at Holbrook Business Park, to deliver the initial phase of a high-quality urban logistics development in support of the strong demand for industrial space in the West Midlands.

“Since receiving planning consent, we have seen great interest from prospective occupiers and look forward to delivering a scheme that will serve the needs of businesses in the region.”

Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide

The company currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh. In addition to Birmingham, Chancerygate has offices in London, Warrington, Bristol and Milton Keynes.

A&H Construction director, Paul Davenport, said:

“We are delighted to be working with Chancerygate on the first phase of the Holbrook Business Park development.

“As a Midlands based contractor this is a great opportunity for us to be involved in a scheme which will benefit local people and businesses.”

Avison Young and KWB are the retained property agents for Holbrook Business Park.