Construction work has started on the first phase of a new 31-unit, 254,000 sq ft urban logistics scheme in Coventry.

The project is a joint venture between Chancerygate and specialist investor Bridges Fund Management.

Named Holbrook Business Park, the scheme is located off Holbrook Lane and Swallow Road on a 12-acre plot which was previously home to the Meggitt aerospace factory. The scheme has a gross development value of £35m and the initial phase of the development will comprise 13 freehold and leasehold units ranging from 2,153 sq ft to 40,053 sq ft.

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The development is being built by West Midlands-based A&H Construction, which won a competitive tender for the c £7m construction contract. Practical completion of the first phase of development is due to be completed in June 2022.

Holbrook Business Park is located two-and-a-half miles from the centre of Coventry and provides good access to junction 3 of the M6. It forms part of a large mixed-use commercial and residential development, which also includes 499 new homes.

Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: "We're pleased to have work underway at Holbrook Business Park, to deliver the initial phase of a high-quality urban logistics development in support of the strong demand for industrial space in the West Midlands.

"Since receiving planning consent, we have seen great interest from prospective occupiers and look forward to delivering a scheme that will serve the needs of businesses in the region."

Avison Young and KWB are the retained property agents for Holbrook Business Park.