Urban logistics development forward sold prior to construction

A joint venture between urban logistics developer Chancerygate and real estate investor Hines has forward sold a 172,000ft2 logistics scheme in Dagenham, to a fund managed by BlackRock, prior to construction.

The 6-acre scheme known as Zephyr Park is set to be built speculatively with construction starting in August this year with practical completion in 2023. The 15 units range from 5,490ft2 to 34,670ft2 and are available leasehold and freehold.

Situated on Rainham Road between the A12 and A13, Zephyr Park was previously owned by wholesale electrical distributor Rexel UK

Chancerygate Managing Director, Richard Bains, said: “Forward selling Zephyr Park to BlackRock shows the strength in urban logistics as an asset class. It is also testament to the high specification, sustainable product we build as it attracts businesses to locate to our developments ensuring they are best placed to continue to grow.”

Agents for the development are Colliers International, CBRE and Glenny.

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