Brownfield investments announced to boost post-Covid-19 economic recovery
The West Midlands Combined Authority (WMCA) has approved a further suite of multimillion-pound investments to unlock and transform former industrial sites across the region including Fountain Lane in Sandwell and Abbotts Lane, Coventry.
As well as providing housing supply, new commercial premises and public amenities, the investment aims to help the regional economic recovery following Covid-19, securing hundreds of jobs in a range of sectors.
The WMCA’s investment board said the announcement is a “strong signal” to the market that the region is continuing to use its brownfield site investment to keep the wheels of the economy turning during the lockdown and give the private sector the confidence to invest and develop key sites.
Mayor of the West Midlands Andy Street said: “Despite the challenges we are currently facing, the work of the WMCA continues and investments are being made now that will ultimately help our regional economy bounce back strongly from this crisis.
“It is crucial we keep up momentum in unlocking the region’s brownfield sites to deliver much-needed land for development, safeguarding existing jobs and creating new ones in the process.
“Continuing to move forward with our strategic investment programme will also help maintain confidence in the market. The need to regenerate our derelict urban sites does not stop because of Covid-19, it becomes more important than ever.”
The Abbotts Lane and Fountain Lane deals follow a series of landmark funding commitments over the last six months for the regeneration of derelict industrial land, often referred to as brownfield.
The derelict Fountain Lane site is located to the north of Oldbury town centre. Once home to industrial units and a foundry, it has been out of economic use since the buildings were demolished a decade ago.
As a result of its previous use, the site needs to be cleaned up and made ready for development.
The Abbotts Lane site, located immediately north of Coventry city centre, was formally used as a National Grid depot and operations centre.
Full details of the schemes at Abbotts Lane and Fountain Lane will be announced in the coming weeks.
As with other sites recently supported by the WMCA, including the former Caparo Steelworks in Walsall, the investment will help reinvigorate the area and enable housing and other amenities to be built for the local community.
