Spaghetti Western: Texan Hines Rides Into Birmingham
Houston-based developer Hines has made its Birmingham industrial debut with partner Chancerygate at Birmingham's Spaghetti Junction.
The pair are to develop a 93K SF warehouse scheme at Birmingham’s Advanced Manufacturing Hub next to junction 6 of the M6 motorway.
The Texans and the Brits have purchased a 3.75-acre site to speculatively build a new 19-unit industrial and warehouse scheme with a gross development value of around £14M.
Chancerygate and Hines launched their £100M JV last September. The 643K SF portfolio now includes sites in Bournemouth, Nottingham, Tonbridge and Cheltenham. Chancerygate opened a Birmingham office in November.
The Birmingham site is the fifth acquisition for the joint venture. Completion of building work is scheduled for autumn 2020.
“This site represents another exceptional acquisition for the joint venture, extending our track record of moving at pace to identify and secure the most sought-after locations where we can speculatively develop high quality industrial facilities in markets where demand is significantly outstripping supply," Hines UK Director of Industrial and Logistics Greg Cooper said.
Colliers and Savills have been appointed as sales and lettings agents.
