Major Spec Shed for Redditch
Under a new joint venture, Birmingham property specialist Stoford Developments and Terrace Hill plc and have acquired a major commercial plot near Redditch. The partners beat off strong competition to purchase the sought-after 12.2 acre site at the Ravensbank Business Park in the Moons Moat district.Work is already underway to transform the site into a major distribution unit featuring some 227,000 sq ft of prime warehouse space – among the biggest of such units in the region. To be marketed at REDD 42, The £20 million speculative development will incorporate high quality office accommodation and warehouse facilities, including an extensive service yard and trailer parking area.
Detailed planning consent has been approved and work begins on site in April, with completion scheduled for later in the year.
“We are delighted to have secured this deal in what is an extremely competitive market,” said Dan Gallagher, a director of Stoford Developments. “With its central location, superb transport links and an excellent labour supply in Redditch and surrounding areas, we are expecting very strong interest from internet retailers and logistics companies.”
DanGallagher added: “The timing and location of this project are particularly favourable, as recent events at Rover’s Longbridge plant will ensure a strong supply of high-calibre labour seeking further employment.”
On behalf of Terrace Hill, Philip Leech, managing director, added: “With the local expertise and tenacity of Stoford and the national strength and expertise of Terrace Hill, we are delighted that a first class distribution warehouse product will be delivered to the market later this year. It will provide a prime distribution facility,with excellent motorway connections across the UK.”
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