A £1.9m development loan has been awarded by Wyre Forest District Council (WFDC) to support the regeneration of 4.5 acres of brownfield land in Kidderminster.
The scheme, led by Suma Developments Ltd, will deliver 17,000 sq ft of new light industrial units and also a drive-through Costa Coffee as part of a larger employment scheme.
Located on the old British Sugar Factory Site, the property will form part of the Silverwoods Park, Stourport Road. Silverwoods Park is a mixed-use development situated on the outskirts of Kidderminster, which already offers 300+ new homes, an Aldi Supermarket, Greene King Public House and Community Leisure Centre.
The development funding has been provided from the WFDC’s Development Loan Fund, a £10m fund backing ambitious new development schemes which support the council’s priority for regeneration and economic growth.
Phase one of the Suma-led development is set to create c. 42 new jobs and attract c. £80,000 of new business rates to the area. Plans for phase two, subject to occupier demand, would see the construction of c.24,500 sq ft of trade-counter units.
In a parallel agreement with Suma the industrial units will be purchased by WFDC to enhance and diversify its portfolio of industrial units across the district, directly supporting employment opportunities and growth. The units will be named Forest Industrial Park.
Cllr Mary Rayner, Wyre Forest District Council’s Cabinet Member for Finance and Capital, said:
”We welcome Suma’s investment in the district and the additional employment opportunities it will provide as part of the mixed-use Silverwoods development. We are particularly pleased that this is the first successful award under the Council’s Development Loan Scheme and we encourage others to come forward with their potential projects.”
Suma Developments Ltd is a family-owned business based in Shrewsbury and has been successfully developing and investing in commercial property since the 1980’s, with a wide range of commercial occupiers including, amongst others, Tesco, Travis Perkins, Co-op, QBE Insurance, KFC and the DVSA.
Paul Mcloughlin, Managing Director of Suma Developments Ltd, said:
“The funding made available by the Wyre Forest District Council development loan was fundamental in allowing us to proceed with this development during these uncertain times. We and our construction partners, McPhillips (Wellington) Ltd, are looking forward to commencing on site and delivering the completed scheme later in the year.”
Access to the investment was facilitated by Frontier Development Capital Ltd (FDC) which works closely with both trading businesses and property developers to provide debt funding that supports growth in the regional economy.
Ed Bradburn, Property Investment Director at Frontier Development Capital, said:
“The development being brought forward by Suma will transform derelict brownfield land into much needed commercial space. Despite the current economic uncertainties there remains a need for high-quality units and drive-through hospitality, and this development will form a valuable part of the Silverwoods Park scheme.”
