Plans have been submitted to 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.
A joint venture between industrial developer Chancerygate and specialist investor Bridges Fund Management 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.
The joint venture acquired the site from a private vendor for an undisclosed sum and hopes to start construction in the second half of 2022. Close to Tolworth Hospital and the A3 Kingston Bypass in the heart of Tolworth, the site is eight miles from junction 10 and 17 miles from junction 12 of the M25, seven miles from Leatherhead and 12 miles from Croydon and Heathrow.
Chancerygate development manager, Matthew Young, said:
“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.”
Founded in 1995, Chancerygate has offices in London, Warrington, Birmingham, Bristol, and Milton Keynes and more than three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
Bridges Fund Management is a specialist sustainable and impact investor. It has been working in partnership with Chancerygate on projects for more than 10 years. Investments include the recent acquisitions of sites for industrial development in Leeds and Coventry; the regeneration of Beeston Business Park, Nottingham; and the development of ‘The Curve’, a student housing development in London SE1.
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