Redditch is suffering a massive shortage of small and medium sized industrial stock which could cause the town to lose business if the problem is not addressed immediately.
That’s the warning from the town’s premier business property agency John Truslove which is calling on Redditch Borough Council and Worcestershire Local Enterprise Partnership (LEP) to ensure the area does not lose out.
His comments come after the LEP awarded the Redditch Eastern Gateway project £1.8 million in new funding.
The money has been secured by the Gorcott Trust and the Homes & Communities Agency to be used by developers Stoford to access and unlock a 70 acre site of employment land. Stoford is applying to Stratford-upon-Avon District Council for planning permission for the first phase of development which could start this year.
Redditch Eastern Gateway is intended to deliver more the one million square feet of new office and industrial space, creating up to 1,500 jobs.
Ian Parker said: “While we encourage large development we are concerned that without political pressure this is likely to deliver only very large distribution warehouses in the 100,000-250,000 sq ft range and not cater for the SME market which urgently requires a range of units from 1,500 sq ft to 50,000 sq ft.
“Otherwise Redditch will start to lose business – there is already a massive shortage of stock. We are currently searching for a number of local established Redditch firms who cannot find suitable premises in the Town and are therefore looking to relocate out of the area.”
He is concerned that the trickle could become a torrent if the situation is not addressed.
“The only current development of the kind is Hepworth Park, a speculative scheme of seven 1,600 sq ft units which have been snapped up before the development is finished, setting rental records, a clear evidence of the level of demand.”
He said John Truslove would continue to campaign for more demand-led development in the area.
“We have to look at this across political boundaries. We need a plan that encompasses Redditch, Bromsgrove and Stratford Councils and that they all buy into in order for it to work.
“The LEPs in both Worcestershire and Warwickshire have a major role to play in this process and we will continue to lobby all the relevant stakeholder bodies,” he said.