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LONDON-Industrial specialist Chancerygate and Morley Fund Management have kicked off their new joint venture, Chancerygate Morley Ventures, by acquiring two development sites. Eventually they plan to grow a £200 million ($320 million) portfolio.

At Cradock Road, Reading, Berkshire, CMV has purchased 4.5 acres from CIN for a new speculative industrial scheme. The site is situated to the south of Reading town centre, very close to the new A33, which links directly to junction 11 of the M4 motorway A planning application is due to be submitted in the next few weeks for 106,400 sf in seven units ranging in size from 7,900 to 28,200 sf, and completion is expected in May 2004.

Cushman & Wakefield Healey & Baker advised the vendors and King Sturge advised CMV. King Sturge, Cushman & Wakefield Healey & Baker and Fryer Gilbert & Jepps are retained to market the new development.

And in Chessington, South West London, CMV has purchased a 5.6-acre site on Davis Road from Engelhard-Clal. A planning application has already been submitted for a new multi-unit development totaling approximately 130,000 sf in seven units ranging in size from 12,800 to 35,000 sf. The scheme is scheduled for completion in May 2004.

King Sturge advised the vendor. Retained agents on the disposal of the new scheme will be King Sturge, Jansons & Partners and Bridger Bell

Chancerygate Group Managing Director Paul Jenkins said: “I am very pleased to have secured the first two purchases with our partners, Morley. The range of unit sizes we are providing will appeal to occupiers, and we are already in discussions with a number of parties on pre-commitments.”

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