THE site of the former Meggitt factory in Holbrooks has been bought for a speculative ‘big shed’ development.
A joint venture between warehousing developer Chancerygate and investment fund Bridges acquired the land for a £35million industrial development.
Planning permission is yet to be granted.
The 12-acre site was sold off by Meggitt to Black Elk developments in 2017, who sold the site to the duo for an undisclosed sum.
Chancerygate, based in Marylebone, London, will develop the site, part of which is under plans for 515 new houses.
It was occupied by Dunlop since the 1920s, later to become Meggitt Aerospace.
Meggitt sold the site off in 2017 as part of its plans to build a new manufacturing centre at Ansty, near Rugby.
Chancerygate development manager Richard Lord said: “As part of our continued nationwide expansion, this is a strategically located site in the heart of the West Midlands where there is strong demand for high-quality industrial space.
“We are confident of creating a development that will provide owner occupiers with the best place to locate to enable them to further enhance their businesses.”
Guy Bowden, partner at Bridges, said: “Our partnership with Chancerygate is well-established.
“With the acquisition of this new site in Coventry we will soon have our joint venture’s first location in the West Midlands, which will allow us to demonstrate the quality of our product and service and support economic growth in the region.”