Funding deal supports 65,000 sq ft speculative development

left to right: Cllr Ian Ward, Jon Robinson of Barberry, Andy Street, and Nick Oakley of Finance Birmingham.

A 65,000 sq ft speculative development will be built in Aston after developer Barberry secured a £3.6m loan from the West Midlands Combined Authority (WMCA).

The financial support from the Collective Investment Fund (CIF) comes from a £70m pot which provides short-term loans to private sector developers to enable them to make speculative schemes happen.

CIF, which is managed by Finance Birmingham, aims to unlock a further £1bn in private sector investment over the next 10 years.

Barberry’s £5.6m scheme in Aston is at a 2.9 acre site in the Advanced Manufacturing Hub, close to junction 6 of the M6. Work is expected to be completed this summer.

Jon Robinson, development director of Barberry Developments said: “It will provide regional, national and global occupiers the quality of accommodation needed to expand, create jobs or relocate their businesses within the West Midlands.

“Both the combined investment of the CIF and Barberry will create an estimated 116 new full time jobs within the region. In addition to this we are indirectly employing around 130 personnel while developing this site providing the much needed employment for the West Midlands construction sector.”

Last year Barberry received £2.9m from the CIF towards redevelopment of the old Tuckers Fasteners site in Perry Barr, Birmingham.

Mayor of the West Midlands Andy Street said: “The CIF is making a significant impact across the region’s economy.

“This latest investment will help accelerate the development of sites where demand is strong and will therefore generate considerable economic value to the region.”

The AMH is a joint initiative between Birmingham City Council and the Homes and Communities Agency aimed at the manufacturing sector.

Cllr Ian Ward, leader of Birmingham City Council, added: “The AMH has brought much-needed jobs and investment to Aston and this financial backing from the WMCA is a vote of confidence in the Hub’s continued success.”

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