Work begins on new business centre at old Cranes site as 'real under-supply' hits market
PUBLISHED: 15:27 16 December 2019 | UPDATED: 15:27 16 December 2019
A new business park for Ipswich is taking shape - helping to plug a big gap in the supply of industrial units in the area.
Industrial developer and asset manager Chancerygate has begun building a 145,000sq ft development at Futura Park.
Cranes Business Centre, which will be accessed via Crane Boulevard and James Bennett Avenue, got the go-head from planners in July. Contractor, Morbank, is now on site, and the first units will be available in summer 2020.
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The 5.7-acre site comprises 19 warehouse and industrial units, ranging in size from 2,000sq ft to 51,000sq ft and will be available on a freehold and leasehold basis.
Cranes Business Centre is one of two schemes being developed in the region by Chancerygate, with the other in Norwich. Combined, they will bring 36 new units totalling 259,000sq ft to the region.
In Norwich, the developer has been given the green light to build Diamond Point industrial development, comprising 17 new industrial and warehouse units ranging in size from 3,050sq ft to 53,000sq ft. Chancerygate development director George Dickens said the Cranes scheme would help fill a big gap in the market.
"Cranes Business Centre will bring high-quality industrial and warehouse units to an area with a strong latent demand and real under-supply. We are encouraged by the very positive discussions we are having with interested occupiers."
Chancerygate is the UK's largest multi-unit industrial developer and asset manager, and the only one operating nationwide. The company has offices in London, Warrington, Birmingham and Milton Keynes.