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News Real Estate 11th Oct 2022

Freeths advises on strategic acquisition of Manchester site to deliver £40m development

Leading national law firm Freeths’ Bristol Real Estate team has acted for Chancerygate and Bridges Fund Management on the purchase and development of land at London Road, Adlington.

Founded in 1995, Chancerygate is the UK’s largest multi-unit urban logistics property developer and asset manager. Bridges Fund Management is a specialist sustainable and impact investor.

The Freeths team advised on the joint venture in relation to the acquisition of a 7,85-acre site in Adlington, Cheshire from commercial property developer Quorum Property Group. The aim of the purchase will be to speculatively develop 165,000 sq ft of Grade A industrial and warehousing space to be known as Arvo Business Park, creating more than 250 jobs.

The development is situated on the soon-to-be-competed Ponyton Relief Road which will unlock access to the M56 and the local airport.

Freeths legal team was led by Senior Associate Charles Smith under the supervision of Real Estate Managing Partner, Adam Watson.

Commenting on the transaction, Charles Smith said: “We’re pleased to have acted on this impressive joint venture which will be a monumental development for the region. The transaction reflects our in-depth capabilities and strong client relationships within the sector and across the UK.”

Chris Brown of Chancerygate added: “We’re very pleased to have secured this strategic development opportunity in an off-market transaction with Quorum.

“The new £53m Poynton Relief Road will be hugely beneficial to Avro Business Park. It will directly connect the development to the airport and the M56, providing excellent connectivity to the wider Cheshire and Manchester markets.

“We know there is strong demand for multi-unit industrial space from a wide array of occupiers across south Manchester and the wider region. Avro Business Park will help to satisfy and facilitate this demand while enabling up to 250 jobs for the local area. We look forward to submitting plans for the site to Cheshire East Council soon.”

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