Multi-million pound investment paves way for industrial scheme
A £23m funding agreement has been secured for an industrial/warehouse scheme that is set to generate job opportunities in the West Midlands.
Stoford Developments and Bridges Fund Management have announced the funding agreement with Royal London Asset Management (RLAM) for its multi-million pound Pantheon Park development in Wolverhampton.
The joint venture partners have submitted a planning application to the City of Wolverhampton Council to build four industrial/warehouse units at the 18-acre site in Wednesfield Way, varying in size from 30,000 sq ft to 82,850 sq ft.
Planning consent has already been granted for a major new car sales site at the scheme on behalf of car dealership Arnold Clark, with an additional unit earmarked for business storage company, Lok’nStore.
Investment in the Pantheon Park development means that work is expected to start on site in February 2019 once detailed planning consent is achieved.
Practical completion is scheduled for Q4 2019.
Angus Huntley, development manager, Stoford Developments, said: “This announcement is really good news for Pantheon Park and for job opportunities in Wolverhampton and the wider West Midlands region. We’ve worked hard to get the site ready for development following an extensive programme of remediation and demolition, supported by a loan of over £2m by the Black Country LEP. RLAM’s significant investment provides certainty for the future of the scheme and enables us to focus on delivering a high-quality development that will appeal to local and national occupiers.”
Guy Bowden, partner, property funds, Bridges Fund Management, said: “The new development is a response to strong occupier demand, while also having a positive impact on the local area. The remediation work has regenerated a brownfield site that has been derelict for over a decade. We will be using sustainable construction technology to achieve a BREEAM rating of ‘Very Good’ and we expect approximately 250 jobs will be created once fully occupied. We are delighted to be working with Stoford and Royal London on such an exciting project.”
The scheme’s retained agents are Bulleys, Savills and JLL.
