Ex-cigarette packaging site set for revamp

A BRISTOL property business has secured £6 million from NatWest to speculatively develop an industrial site in the east of the city.

The company is planning to develop the site in Warmley which was previously occupied by Amcor Packaging into a new multi-unit scheme.

For generations Amcor produced packaging for the cigarette industry, but the introduction of plain-packaging legislation heralded its closure with the loss of 75 jobs.

However the revamp of the site will include the creation of 14 units totalling 85,952 sq ft, and refurbishment of an existing 34,960 sq ft warehouse space.

Chancerygate originally acquired the 6.6-acre site in June 2017 and has since refurbished the existing 20,987 sq ft of office space.

The additional 3,700–12,000 sq ft units will be available on a freehold basis while Chancerygate plans to let the warehouse.

James Deane, group finance director at Chancerygate, said: “Our aim is to identify opportunities in strategic

Bank funding secured for specula

tive development

locations previously deprived of modern, high quality stock. Our development of the site in Warmley reflects this strategy as there is a significant lack of supply of industrial space in Bristol, particularly smaller freehold units.

“The funding from NatWest will allow us to develop the remainder of the site, meeting the demands of the growing urban logistics market as we continue to reaffirm our position as one of the UK’s leading industrial developers.”

Over the last 12 months Chancerygate has invested £41million in nine new sites.

Alex Jones, associate director at NatWest Structured Real Estate Finance, added: “NatWest looks for strong sponsors with a proven track record and Chancerygate’s longterm presence and success in the UK industrial market is evident as it continues to deliver around 12 schemes a year.

“We look forward to continuing to work with the team and supporting them with future projects.”