£9m loan kick starts construction of two industrial parks
A £9.7m loan from Warwickshire County Council has kick-started the development of two industrial parks in Coventry and Warwickshire.
The project is funded by the Warwickshire Property Investment Fund, managed by CBRE’s lending team.
Warwickshire Connect, a company owned by The Wigley Group, has now begun construction to transform a 1.88-acre brownfield site on Endemere Road, Coventry.
After getting permission in 2023, Warwickshire Connect will build a commercial hub with 20 units for sale.
The units will be between 1,000 and 3,000 sq ft, helping local small and medium-sized businesses by providing more commercial space.
The loan will also help another project nearby, close to the UK Battery Industrialisation Centre and the new Coventry & Warwick Giga Park.
Anticipated to take a year for construction, the initial units are slated for completion by summer 2025.
Councillor Martin Watson, portfolio holder for Economy, said: “I’m delighted to see the PIF is being used to really support our businesses to grow. The lack of availability of smaller light industrial space is a real barrier for some smaller businesses & growth. Making these kinds of units available will create opportunities for smaller enterprises to have premises that they can afford so that businesses of all sizes can benefit from, and contribute towards, the region & growth.
“The economy in Coventry & Warwickshire has performed well in recent years, and this has often meant that there has been a lack of smaller, affordable light industrial units of the type used by SMEs. The economies of the city and county are closely linked, particularly around manufacturing supply chains, so the new units will benefit the business base across the wider area.”
