A joint venture (JV) between Chancerygate and Hines has secured planning for a 133,500 sq ft grade-A urban logistics development in Redditch, Worcestershire.
Aurora Park in Redditch
The Aurora Park scheme on the Moons Moat North Industrial Estate will deliver nine leasehold units ranging from 7,685 sq ft to 22,055 sq ft and has a gross development value of around £35m.
Work is scheduled to start on site this summer and is expected to be completed in the third quarter of 2027. Plans were submitted last May.
The development is targeting EPC ‘A’ and BREEAM ‘Excellent’ ratings.
The JV is funded by Hines European Real Estate Partners III (HEREP), which has more than £1.3bn of equity commitments.
Chancerygate development manager Rob Watts said: “We can now move forward with Aurora Park in a market where demand for sustainable grade-A urban logistics space is particularly strong.
“There is a clear requirement across Worcestershire and the wider West Midlands for strategically located accommodation that meets the needs of a broad range of occupiers.”
Ross Blair, senior managing director at Hines, added: “Our partnership with Chancerygate is approaching its eighth year and during this time we have developed numerous urban servicing facilities in key regional locations across the UK, delivering over 1m sq ft of workspace across eight schemes and we are actively looking to grow our pipeline this year.”
Joint agents for Aurora Park are M1 Agency and John Truslove & Co.
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