Redditch property agents John Truslove have urged property professionals and businesses to take advantage of improvement grants worth up to £170,000.
Director Ben Truslove said it represented another boost for the sector, would encourage inward investment, and give tired buildings a fresh start.
The recently launched European Regional Development Fund Property Investment Programme is targeted on extensions to commercial premises, new build, and internal and external structural works which lead to increased commercial floor space and new jobs.
Small and medium sized enterprises (SMEs) will be the ones to benefit.
Mr Truslove said: “Redditch in particular needs additional stock to meet the demand from new businesses looking to set up in the area attracted by its central location, skilled labour and fantastic transport connections. Equally, many existing firms are looking to expand. So, this is an incentive which can certainly help.
“Additionally, there are buildings much in need of significant refurbishment and extension – these grants can help with that too.
“The primary purpose is to increase and/or improve business accommodation and to help create new employment opportunities. North Worcestershire Economic Development and Regeneration (NwedR) is pushing this hard and I would urge SMEs to explore the possibilities.”
It covers B1 and B2 planning categories – manufacturing and processing, office uses, and business-to-business activities.
The grants, payable at up to 40 per cent of eligible project development costs, subject to a maximum of €200,000, approximately £170,000, are available across the Greater Birmingham and Solihull LEP area, taking in East Staffordshire, Lichfield, Cannock Chase, Tamworth, Birmingham, Solihull, Bromsgrove, Redditch, and Wyre Forest.
Applications are dealt with on a first-come-first-served basis.
The scheme is managed by Birmingham City Council.
Retail, housing, education, leisure uses and general property “uplift” are ineligible.