A partnership developing an 18-acre Wolverhampton brownfield site is already in discussion with potential occupiers. The Wednesfield plot has planning permission for 400,000 sq ft of warehouse and logistics space.
The Bridges Property Alternatives Fund (BPAF) and commercial property specialist Stoford have teamed up to acquire and develop the site — to be renamed Pantheon Park — on an established distribution hub close to Junction 10 of the M6 motorway. When completed the £20m scheme is expected to create at least 400 jobs.
Unoccupied for almost a decade, the joint venture partners say they will tailor the existing planning consent to the demand of future tenants. The scheme is also in line with Bridges’ long-standing philosophy of investing in property “in under-served and regeneration areas, particularly where there is room for environmental improvements”.
Guy Bowden is acquisitions director for BPAF. “Our aim as an investor is to deliver attractive commercial returns alongside measurable societal impact,” he explained.
“We believe the Pantheon Park development represents a great opportunity on two fronts. By reclaiming this valuable land, we can help to meet the clear shortfall in supply of high-quality warehouse space locally, creating hundreds of jobs and we can hopefully contribute to the regeneration of the area in the process.”
Birmingham-based Stoford, which will also manage the development process, is one of the UK’s leading specialists in warehouse and distribution development. Since 2012 it has built in excess of 1.5m square feet of pre-let industrial and commercial space across Britain.
“Pantheon Park represents a rare opportunity for an ambitious logistics company looking to move to the region or expand its existing operations to have a high-specification build-to-suit warehouse, on prime industrial land,” commented director, Dominic Stokes.
“With full planning consent in place, we are in a position to quickly deliver a very high-specification building that will offer prospective tenants an extremely cost-effective solution. We are in no doubt that this site will bring enormous benefits to the area when it is fully operational.”
Less than a month ago, planners granted permission for Stoford to develop a £120m technology park on a 90-acre Wychavon site next to Junction 6 of the M5 motorway. Worcester Six — formerly known as Worcester Technology Park — will provide up to 1.5m square feet of quality business units and generate thousands of jobs.
The firm has also been appointed to draw up a masterplan for the £120m regeneration of a key Redditch Gateway site expected to create up to 1,500 jobs. A planning application is expected in September.
