A MAJOR industrial plant in the heart of Grays, once earmarked as the possible site of 1,000 new homes, is to be redeveloped as a logistics and industrial site after being sold for £50 million.

Developer Chancerygate and real estate private equity firm Northwood Investors have purchased the 35-acre site of chemical manufacturer and distributor Industrial Chemicals Group which runs alongside Hogg Lane.

When the land was put on the market in September last year agents said up to 1,053 homes could be built on the site and that an outline planning application for 700 homes was in the process of being drawn up.

However, the new owners have different plans. 

The buyers intend to create 28 leasehold units ranging from 5,000 sq ft to 130,000 sq ft on the land. 

The site remains operational but Industrial Chemicals Group say they will run the business down now and within 12 months it will 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."