Award-winning developer, IM Properties and Birmingham City Council have completed the deal for the development of a new, purpose-built facility for the city’s Wholesale Markets at The Hub in Witton, clearing the way for the start of construction.
Located on an 18 acre site at The Hub, just 2.5 miles from Birmingham city centre, the scheme will include a bespoke 241,885 sq ft facility which can house over 78 traders and all on-site facilities.
Work will begin on the delivery of the site before the end of the year, with completion expected in Q4 2016.
Planning permission for the scheme was granted earlier this year, paving the way for the relocation of the markets – the largest combined wholesale food market in the UK – from its existing home on Pershore Street in the city centre.
Richard Lawrence, IM Properties, said: “The completion of this agreement with Birmingham City Council means that we are now able to progress with the delivery of a truly bespoke and fit-for-purpose new home for the Wholesale Markets. With work due to begin shortly, this will be a significant development for IM Properties and we are looking forward to working with the Council on the delivery of this prestigious scheme.”
Once the markets have been transferred to the new site at The Hub, Birmingham City Council will be clear to begin delivery of its £500 million Smithfield development, which will occupy 34 acres around Pershore Street in the city centre.
Ian Ward, Deputy Leader, Birmingham City Council, said: “The location and transport links that The Hub offers, combined with the experience of IM Properties in delivering high-quality developments, leaves us sure that this will be a new chapter for the Wholesale Markets. By securing this new scheme we are able to clear the way for Smithfield, which represents another phase in the ongoing transformation of Birmingham and the creation of a truly contemporary, 21st century metropolitan environment.”
CBRE, Savills and Knight Frank acted on behalf of IM Properties in completion of the deal, with LSH acting for BCC.
Paul Marlow, LSH, said: “We’re delighted to see the relocation of the Birmingham Wholesale Markets coming to fruition. It has been an interesting project for LSH to be involved in from the start and will ultimately be a real positive for Birmingham. The Markets’ new long term, purpose built home is in an ideal location, and the old Smithfield site is now freed up for its exciting regeneration.”
Situated on Noble Way, close to Witton Train Station, The Hub is Birmingham’s premier distribution and industrial site, with the capacity to provide over 1.6 million sq ft of employment space and create over 2,100 employment opportunities.
Work is already underway on the delivery of two new speculative industrial units on the site, totalling 110,230 sq ft, which are being delivered to IM Properties’ high quality specification and are due to be ready for occupation in Q1 2016.
Acquired by IM Properties in 2013, The Hub is well connected to the national road network with Junction 6 of the M6 and the A38 both within a 10 minute drive time. Birmingham city centre is only 2.5 miles away, offering easy access to the city’s extensive range of resources and amenities.
Existing occupiers at the site include Laidlaw Interiors, IMI, Timet, and Iron Mountain.