Developers have announced plans for a major investment on a Gloucestershire business park.
The speculative £16m build will add 15 units totalling more than 100,000 sq ft to the site on the edge of Cheltenham.
Developers acquired the 4.91-acre former Vibixa factory site ‘off-market’, with Cheltenham-based KBW Chartered Surveyors acting for the vendor. Vibixa ceased trading from the factory in 2014.
Located on the Kingsditch Trading Estate, the new development will include 15 units totalling 102,000 sq ft, six of which will be trade counter units.
This is first site purchased in a joint venture between property development company, Chancerygate and real estate investment firm, Hines.
Richard Bains, Chancerygate managing director said: “Acquiring these sites is an important milestone in our partnership with Hines – and the first of many more to come. This is a trusted partnership and we’re already reaping the rewards of working together.
“Kingsditch in Cheltenham is a prime destination for retailers and their customers, which fully supports our development strategy. We look forward to making more announcements on further acquisitions soon.”