£3.7m backing for Wednesfield development by WMCA’s Collective Investment Fund
New industrial buildings are springing up in Wolverhampton thanks to £3.7m backing from the West Midlands Combined Authority (WMCA).
Work is already underway at Steelpark Trading Estate, Wednesfield, by commercial property company Goold Estates, further boosted by the cash injection from the authority’s Collective Investment Fund (CIF).
Covering 69,025 square feet, the site will have a total of six units. They will have a gross development value of £6.2m and are expected to provide dozens of news jobs once construction is complete, scheduled for the end of 2017.
Cllr Roger Lawrence, the leader of City of Wolverhampton Council and a member of the WMCA, said:
“I am delighted the CIF has been able to assist this exciting development.
“Schemes such as this are of fundamental importance to the West Midlands, they create the jobs and economic growth that underpin the future prosperity of the region.”
Construction firm J. Tomlinson is contractor for the project and Walsall-based Goold Estates invited property professionals and business organisations from across the West Midlands to see at first-hand the progress being made.
Work on four business units started in the summer and already one is nearing completion, while others have the steelwork erected and roofs on.
Dominic Goold, managing director of Goold Estates, said:
“Construction is progressing really well and it’s great to see all our plans for the site coming to fruition.
“This is a high-quality development which is already attracting investment and jobs to the region.”
The site, adjacent to the Tata Steel Automotive Service Centre, had been vacant and available for development for many years.
Mr Goold, said:
“We acquired it in September last year and just 12 months later we already see four units coming out of the ground.”
“All of the units are being built speculatively, for sale or lease, because we are confident there is a strong demand in the market.
“These are units in a sought-after location with excellent access to the motorway network, being just 4.6 miles west of J10 M6 and four miles south of J1 M54.”
The CIF is a £70 million commercial development war-chest set up by the WMCA to stimulate jobs, opportunity and growth.
It is aimed at unlocking a further £1 billion in private sector investment over the next 10 years.
It is managed by Finance Birmingham and provides short-term loans to private sector developers to enable them to get schemes off the ground.
Nick Oakley, senior investment director at Finance Birmingham, said:
“It’s great to see work on Steelpark making excellent progress.
“It’s a well located site and we are delighted to be supporting Goold Estates in bringing forward the development which is going to deliver much needed, quality industrial accommodation.”