Developers have taken the wraps off a multi-million pound speculative development of a range of industrial and warehouse units at a key West Midlands site.
Commercial property company Goold Estates invited property professionals and business organisations from across the West Midlands to see the progress being made at Steelpark Trading Estate, Wednesfield.
The development, which has planning consent from City of Wolverhampton Council, is expected to attract significant investment and generate dozens of new jobs. Construction firm J. Tomlinson is contractor for the project.
The Steelpark Trading Estate development of around 70,000 sq ft of industrial/warehouse units at Steelpark Way and Bearing Drive, is expected to reach practical completion at the end of the year.
Construction of four business units started in the summer and already one is nearing completion while others have the steelwork erected and roofs on.
More than 35 industrial agents, members of City of Wolverhampton Council, and representatives of Finance Birmingham, attended the official launch event staged at the neighbouring GTG Centre.
Dominic Goold, managing director of Walsall-based Goold Estates, said: “Construction is progressing really well and it’s great to see all our plans for the site coming to fruition. This is a high-quality development, which is already attracting investment and jobs to the region.
“The Steelpark site, adjacent to the Tata Steel Automotive Service Centre, had been vacant and available for development for many years. We acquired it in September last year and just 12 months later we can see four units coming out of the ground. We expect Steelpark to reach completion at the end of this year.
“All of the units are being built speculatively, for sale or lease, because we are confident there is a strong demand in the market. These are high quality industrial units in a sought-after location with excellent access to the motorway network, being just 4.6 miles west of J10 M6 and four miles south of J1 M54.”
Finance Birmingham has arranged speculative development finance to help fund the project through the West Midlands Combined Authority Collective Investment Fund CIF. This fund aims to accelerate economic regeneration, assisting developers and land owners to bring forward schemes such as Steelpark.
Nick Oakley, senior investment director at Finance Birmingham, said: “It’s great to see work on Steelpark making excellent progress. It’s a well located site and we are delighted to be supporting Goold Estates in bringing forward the development which is going to deliver much needed, quality industrial accommodation.”
Units available at Steelpark Trading Estate vary in size from 8,925 sq ft to 21,450 sq ft. Colliers International are agents on the scheme.