Stoford has secured £8million of development funding from Lloyds TSB Corporate Markets to bring one of the Midlands’ biggest regeneration projects to fruition and secure over 1,000 jobs in West Bromwich town centre.
The deal will enable the Birmingham-based developer to create its stunning £75million All Saints office scheme in the heart of the town, transforming the skyline, providing a flagship for environmentally sustainable regeneration and creating an exciting new business quarter.
It is the first new office scheme of its type to be built in West Bromwich for 30 years.
Jon Andrews, Director of Stoford said: ‘We are absolutely thrilled to now have funding and to be in a position to press ahead with a project that will regenerate West Bromwich as a prime business location and set new industry standards in sustainable design.”
Stoford has secured outline planning consent for the whole of the 245,000sq ft scheme, which occupies a seven-acre site in the town centre. It is being built in collaboration with Sandwell Metropolitan Borough Council and regional development agency Advantage West Midlands, which has committed £11million to bring the development forward.
In 2009, the award-winning developer signed an agreement with BT for 75,000sq ft of ‘BREEAM’ Excellent rated office space and has subsequently agreed a forward sale of the investment to Invista – the London based real estate fund management group. Completion of the project is programmed for August 2011.
Jon Andrews added: “We are awaiting detailed planning permission for the 75,000sq ft BT building and will be out to tender for the construction in April.”
Nigel Johns, Relationship Manager in Lloyds TSB Corporate Real Estate’s Birmingham office, commented: “I’m delighted that we’ve been able to support Stoford and that we are playing a part in the environmentally sensitive regeneration of West Bromwich. Stoford has an enviable track record and has proved that it has the ability to succeed. The developer is one of the most respected within the industry and this latest project should further strengthen its position in the market.
He added: “This deal once again demonstrates Lloyds TSB’s commitment to supporting top quality management teams with a clear vision for the future.”
Mark Foley, Partnership Director at Advantage West Midlands said: “This is great news for the All Saints development, for Stoford and for West Bromwich. Our £11million contribution is based on the new offices helping to transform the town centre, creating jobs and new opportunities as well as supporting the wider regeneration plans for the town.”