Plans submitted for £50m industrial development in Dagenham
- Credit: Chancerygate
Plans have been submitted to build a £50m, 172,000 sq ft industrial development in Dagenham.
A joint venture using a fund from Credit Suisse Asset Management Global Real Estate, industrial developer Chancerygate and real estate firm Hines has proposed to speculatively build the industrial, warehousing and trade counter development.
The applicants say the proposal has "enormous potential" to attract a variety of businesses that are either expanding or relocating.
The six-acre site in Rainham Road South, next to Oxlow Lane, was previously owned by Rexel UK and currently contains warehouse buildings with ancillary trade counters and offices.
The proposed Zephyr Park scheme would be made up of 15 Grade A units, ranging from 5,490 sq ft to 34,671 sq ft, on both a leasehold and freehold basis.
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Chancerygate development manager Tom Faulkner said: “We are excited to have submitted plans for an ambitious industrial development in a truly prime location.
“Our proposals to bring 172,169 sq ft of Grade A industrial, warehousing and trade counter space to Dagenham will meet the needs of local businesses and we are confident the development will be a great asset for the area.”
The site is located less than half a mile from Hackman Capital Partners and Barking and Dagenham Council’s proposed £300m film and TV studios.
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A decision on the proposed plans is expected before the end of the year.
Hines managing director of industrial and logistics Greg Cooper said: “We believe the site and our development plans has enormous potential to attract a variety of different businesses to Dagenham that are either expanding or relocating.
“This is an excellent example of our creative transformation of urban environments with leading-edge logistics developments.”
The proposal states that the site, adjacent to the Sterling Industrial Estate, benefits from being located between the A12 and A13 arterial roads, as well as being less than 1km from the Dagenham East Underground station.