Joint venture acquires site for £31m development

A site on the East Leeds link road in Cross Green has been acquired for a £31m speculative development of industrial, trade and roadside space.A joint venture between industrial developer and asset manager Chancerygate and sustainable and impact investor Bridges Fund Management has acquired the 11.14-acre Triangle 45 site.The companies plan to develop 23 units ranging from 4,000 sq ft to 34,000 sq ft at the site.They acquired the site for £6m from Halifax Estates and, once complete, it is expected that the proposed scheme will have a gross development value of about £31m. A planning application is due to be submitted to Leeds City Council within the next two months.The scheme will be aimed at the owner occupier market and will offer units for sale on a freehold basisIt will be the first time Chancerygate has developed in Yorkshire since the company was founded in 1995.Commercial real estate consultancy Lambert Smith Hampton and chartered surveyor and property consultancy Sanderson Weatherall have been appointed joint agents for the scheme.Chancerygate and Bridges were advised on the acquisition by Lambert Smith Hampton and law firm Freeths. Sanderson Weatherall acted for the vendor.