Quartet of developers drawn up for Peddimore shortlist
A quartet of major property developers have been named on the shortlist to deliver a new three million square foot industrial development in Birmingham.
The Peddimore site has the potential to create up to 10,000 jobs and contribute £350m to the city region’s economy.
The site has been described as the best strategic development opportunity of its kind to come forward in Birmingham for many years.
The final four bidders to reach the next stage of the procurement process to partner with Birmingham City Council are: Coleshill-based IM Properties, Peel Logistics Property, Prologis UK and Bericote, which is partnering with Tritax Big Box REIT.
IM Properties is the owner of Blythe Valley Park, while Tritax is the developer of two of the largest industrial and commercial schemes in the Midlands this year – a 543,692 sq ft factory in South Staffordshire for automotive component manufacturer Gestamp and a 561,767 sq ft warehouse in Fradley, being let to Screwfix. In June it announced it was investing £92.33m on a retail distribution facility at Birch Coppice Business Park, Dordon.
The successful bidder will be announced in March 2018 at the MIPIM property festival in Cannes.
Owned by the city council, Peddimore is located on the outer edge of the A38 industrial corridor to the east of Birmingham, putting it within easy reach of the UK’s motorway network, with connections to the M42, M6 Toll and M6. It is also less than half an hour’s drive of both Birmingham and East Midlands airports, and is also expected to capitalise on the future potential of HS2.
It is billed as one of the country’s most strategically well-positioned and connected development opportunities to emerge in the last five years.
Birmingham City Council Interim Leader Cllr Ian Ward said: “One of our biggest challenges is to create jobs and opportunities for a young and growing population and this much-anticipated development site is forecast to create up to 10,000 jobs, contributing £350m to the local economy.
“I am delighted that ‘Peddimore, Birmingham’ has attracted such strong interest from the international industrial property market and we have such a strong shortlist of partners who want to deliver this fantastic opportunity for the city of Birmingham and the wider region.”
Waheed Nazir, Birmingham City Council’s Corporate Director for Economy, added: “I am grateful for all of the parties that expressed an interest in this exciting development opportunity. We have an extremely strong shortlist of potential development partners and I look forward to working with the successful bidder to deliver this exceptional opportunity.”
