Funding has been secured for a £20m development of industrial and warehouse units on a 13-acre canal-side site in Birmingham, clearing the way for construction to begin.
The funding for the site at Wharfdale Park, Tyseley, next to the Grand Union Canal is being provided by Ropemaker Properties Ltd.
It will see the delivery of the full scheme of 200,000 sq ft of B1, B2 and B8 warehouse and manufacturing units.
Demolition work on site is due to be completed this month (June) and outline planning consent for construction of the units has been granted.
The securing of funding follows the news that SIG Trading has agreed a 15-year lease on a 15,000 sq ft unit, trade counter and large builders yard at the site, relocating from premises nearby. The remaining units will be developed speculatively, with the first ready for occupation in Spring 2017.
Wharfdale Park is being delivered by H2O Urban LLP. H2O is a national joint venture company owned 50% by the Canal & River Trust and 50% by private developer bloc Ltd. H2O Urban is working on a series of regeneration and redevelopment projects in conjunction with the Canal & River Trust adjacent to its waterways.
Richard Thomas, Director of bloc and managing the site for H2O Urban, said: “Securing funding is a major step forward for the Wharfdale Park development. We’re delighted to begin what we hope is a long and fruitful relationship with Ropemaker and we’re excited to see these new units start to come out of the ground over the coming months.”
James Lazarus, head of property development at the Canal & River Trust said: “We’re excited to see this excellent industrial scheme move further forward towards completion in H2O Urban’s capable hands. It is important that we are able to regenerate redundant waterside sites like Wharfdale Park so that they can add value to the surrounding area once again.”
A Ropemaker spokesman said: “Wharfdale Park, once completed, will bring much needed, very well located industrial space to the area while regenerating a tired piece of land. Like many cities, there is a severe shortage of Grade A industrial accommodation in Birmingham and we are therefore confident that Wharfdale Park will prove to be an extremely attractive option. It was an easy decision for us to invest in the scheme and add to our portfolio.”
Wharfdale Park will create many new jobs, improve the environment and benefit local residents due to reduced noise and improved traffic measures. Demolition of the existing buildings on the site has commenced and construction is scheduled to begin in Autumn.
The site, close to both the Coventry Road and Stratford Road, is in an area renowned as one of the most buoyant and successful industrial hubs in Birmingham and is already home to a range of global, national, regional and local businesses.
Companies operating in the manufacturing, storage and distribution sectors benefit from a good pool of labour and excellent transport links to the national motorway network and Birmingham International Airport and Train Station.
H2O and the Canal & River Trust strive to set an example to other developers of waterside sites by establishing best practice on the sites they own. They build schemes that respect the waterway setting, its heritage and environment. H2O and the Trust are always interested in new development opportunities alongside canals suitable for all uses and have an excellent track record of delivery.
H2O Urban was advised by Metis real Estate and Ropemaker was represented by JLL.