A joint venture between Chancerygate and Northwood Investors has bought the 35-acre site in Essex to develop an urban logistics facility.
The joint venture plans to develop 430,000ft² across 28 leasehold units ranging from 5,000ft² to 130,000ft² on the land.
The seller is Industrial Chemicals Group (ICGL), a chemical manufacturer and distributor.
The site, located one mile north of the town centre and five miles east of junction 30 of the M25, currently houses an IGCL manufacturing facility which is surplus to requirements and will be closed down over the next 12 months after which it will be demolished for the new development.
Chancerygate head of development, Alastair King, said: “This site presents an excellent opportunity for us to speculatively build a state-of-the art, sustainable business park. It will provide much-needed smaller urban logistics and industrial units in a local and regional market dominated in recent years by big and mid-box development. The development’s proximity to the M25 means future occupiers will be best placed to serve Essex, East London and the wider Greater London conurbation. Our proposed development of high specification, sustainable industrial accommodation will contribute to the economic growth of local economy and stimulate further investment and job creation supplying units ideally suited to local SME companies.”
Chancerygate and Northwood Investors will submit its plans for the development to Thurrock Council in the autumn.
John Carver, director at ICGL said: “After 40 years on site, we have collectively decided at ICGL to sell Titan Works to pave the way for our expansion at West Thurrock, which will become our new headquarters and one of two mega sites for IGCL in the UK.”