WMCA backs Birmingham redevelopment with multi-million funding injection
The £5.5m redevelopment of a former landmark factory site in Birmingham has secured backing from a new regional investment fund.
The West Midlands Combined Authority (WMCA) is backing Barberry Developments’ plan for the site of the former Tucker Fasteners factory on the A34 Walsall Road at Perry Barr by supplying a £2.9m loan through its Combined Investment Fund (CIF).
Barberry has purchased the site and construction on the 46,000 sq ft unit (below) is expected to complete later this year, resulting in the creation of around 75 jobs.
Cllr Izzi Seccombe, leader of Warwickshire County Council and WMCA portfolio holder for finance and investments, said: “I am delighted the CIF is able to play a part in bringing this site back into industrial use.
“Projects such as this are why the CIF was established, to help create the right conditions for industry and the jobs that are key to ensuring a prosperous future for the West Midlands.”
The investment is a further example of the strength of the city’s commercial property sector – a act being highlighted at the ongoing MIPIM property exhibition in Cannes.
Barberry director Henry Bellfield said: “This development is well positioned to serve the local population and we expect it to be of interest from occupiers in the e-commerce, urban logistics fulfilment, retail, wholesale, and the trade and manufacturing sectors.”
Jon Robinson, development director of Barberry added that the scheme would provide much needed stock to the mid-sized industrial/warehouse sector, providing occupiers and businesses with the ability to expand, create jobs or relocate their businesses within the West Midlands.
The CIF is a £70m commercial development war-chest set up by the WMCA earlier this year to stimulate jobs, opportunity and growth.
It is aimed at unlocking a further £1bn in private sector investment over the next 10 years.
It is managed by Finance Birmingham and provides short-term loans to private sector developers to enable them to get schemes off the ground.
Nick Oakley, senior investment director at Finance Birmingham, said: “We are delighted to be able to assist a well-established local developer with the speculative redevelopment of this key employment site in Birmingham.
“It is an excellent location and will encourage further inward investment into the city.”
Tucker Fasteners had been at the Walsall Road site since 1903 producing rivets, fasteners and other metal products, as well as building fighter planes during World War II. It closed in 2013 and the factory was demolished shortly afterwards.
- TheBusinessDesk.com, in association with Marketing Birmingham, will be in Cannes for this week’s MIPIM event. Check out our exclusive coverage here
