Multimillion-pound investment injected into former aerospace site
West Midlands Combined Authority (WMCA) has invested £8.8m into the former Meggitt facility in Coventry.
Two hundred jobs are expected to be generated once the construction of Holbrook Business Park is complete by developers Chancerygate. It is the latest investment by WMCA as part of its brownfield regeneration programme.
The five-acre site off Holbrook Lane had been home to Meggitt until two years ago when it began moving operations and staff to Ansty. Meggitt’s customers include aviation giants Airbus, BAE and Boeing.
WMCA’s ‘brownfield first’ policy is transforming acres of former industrial sites across the region into houses and premises for businesses.
Andy Street, Mayor of the West Midlands and chair of the WMCA visited the Holbrook Lane scheme to see the work underway.
He said: “It’s heartening to see that the former home of one of our most successful companies will once again be providing quality jobs for local people thanks to the WMCA’s cash.
“Throughout the pandemic, the WMCA has continued to invest in the regeneration of brownfield land, and it is these investments that not only create new jobs and energy-efficient, affordable homes for local people but also reduce the pressure to build on our irreplaceable greenbelt.”
Holbrook Business Park will feature 17 light industrial units on one part of the 65-acre site and permission for 500 new homes have been granted on another part of the site.
Despite most of its operations being moved to Ansty, Meggitt has kept a small carbon brake facility at Holbrook Lane and the company’s sports fields are being retained as open space.
Mark Garrity, Chancerygate development director and head of the company’s Birmingham office, said: “We are very pleased that work is underway at Holbrook Business Park. The initial phase of a high-quality urban logistics development will support the strong demand for industrial space in the West Midlands.
“We look forward to delivering a scheme that will serve the needs of businesses in the region, as well as create new jobs.”
Access to funding was provided by Frontier Development Capital Ltd (FDC), a fund manager working closely with property developers to arrange investments from the WMCA’s Collective Investment Fund (CIF), Revolving Investment fund (RIF) and Brownfield Land and Property Development Fund (BLPDF).
