Vital workplace scheme starts after new funding deal agreed
A NEW scheme to improve workspace opportunities for firms in Worcestershire has begun following completion of a new funding deal.
Ratio:Park, part of Finepoint in the South Kidderminster Enterprise Park, will offer 22 units between 960 sq ft and 4,500 sq ft and business owners have the option to buy or let the plots.
Warwickshire-based developer Chase Commercial has appointed Colonnade Construction to deliver the first phase of 11 units, which are set to be complete by spring next year.
The Enterprise Park is a key employment and regeneration area for Wyre Forest District Council. Following the introduction of a Local Development Order to simplify planning and improve business activity, it has seen the delivery of a new education facility, ContinU Plus Academy; a new warehouse and manufacturing hub for Oakleaf Commercial Services – part of the Community Housing Group – and new purpose-built offices for the local authority.
The fact the site is close to the M5 and M42 motorways as well as the recent opening of the Hoobrook Link Road is being used as a lure to attract new businesses to the area.
Julian Meredith, director of Chase Commercial, said the firm looked to produce units in the size and with tenures that start-up and developing companies needed.
“This collaboration between Chase and Colonnade follows the successful delivery of a similar development in Evesham. Ratio:Park will further strengthen this relationship and will see us provide the kind of scheme that Kidderminster has been crying out for,” he said.
Finance Birmingham has arranged development finance to support the project through the Growing Places Fund, managed on behalf of the Greater Birmingham & Solihull Local Enterprise Partnership.
Nick Oakley, Senior Investment Director at Finance Birmingham, said: “Ratio:Park is a prime example of a site that will support the work of the local authority to deliver on employment and regeneration, as well as one that will encourage the growth of enterprise in the Kidderminster area.
“Finance Birmingham is delighted to be supporting Chase Commercial in the speculative development of this light industrial scheme. The location is excellent and these units will provide, flexible, quality new build accommodation for local SMEs.”
Chase Commercial, in conjunction with investment group Atacama Europe, bought the land at Ratio:Park in 2015 through commercial property firm Halls Commercial.
Halls is now leading on securing tenants for the series of industrial units.
Rob Champion, partner at Halls Commercial, said there was already strong interest from firms about the new development.
“We are hopeful that the first few plots will be reserved soon. This development provides the market with an offer which hasn’t been seen for a long time. The region is chronically short of small business units, especially those which are available to buy, and I expect us to sell rather than let the vast majority of the units on this park,” he said.
