A £23 million funding agreement has been secured for an industrial/warehouse scheme that is set to generate significant employment opportunities in the West Midlands.
Leading commercial property developer, Stoford Developments and specialist sustainable and impact investor, Bridges Fund Management, has announced the funding agreement with Royal London Asset Management (RLAM) for its multi-million pound Pantheon Park development in Wolverhampton.
The joint venture partners have submitted a planning application to the City of Wolverhampton Council to build four high-quality industrial/warehouse units at the 18-acre site in Wednesfield Way, varying in size from 30,000 sq ft to 82,850 sq ft.
Planning consent has already been granted for a major new car sales site at the scheme on behalf of UK-leading car dealership Arnold Clark, with an additional unit earmarked for business storage company, Lok’nStore.
Investment in the Pantheon Park development means that work is expected to start on site in February 2019 once detailed planning consent is achieved. Practical completion is scheduled for Q4 2019.
Angus Huntley, Development Manager, Stoford Developments, said: “This announcement is really good news for Pantheon Park and for job opportunities in Wolverhampton and the wider West Midlands region. We’ve worked hard to get the site ready for development following an extensive programme of remediation and demolition, supported by a loan of over £2 million by the Black Country LEP. RLAM’s significant investment provides certainty for the future of the scheme and enables us to focus on delivering a high-quality development that will appeal to local and national occupiers.”
Guy Bowden, Partner, Property Funds, Bridges Fund Management, said: “The new development is a response to strong occupier demand, while also having a positive impact on the local area. The remediation work has regenerated a brownfield site that has been derelict for over a decade. We will be using sustainable construction technology to achieve a BREEAM rating of ‘Very Good’ and we expect approximately 250 jobs will be created once fully occupied. We are delighted to be working with Stoford and Royal London on such an exciting project.”
Daniel Shepherd, Assistant Fund Manager, RLAM, said: “We are delighted to enter into partnership with Bridges and Stoford, which fits with our fund strategy to utilise local development expertise to provide Grade A industrial accommodation in core long term locations. The proposed development will provide a range of unit sizes that fits with local and national demand for distribution and manufacturing.”
Pantheon Park is situated in a prime industrial and logistics location just 2 miles from Wolverhampton city centre, 4 miles from M6 (J10) via the A454, and 3.4 miles from Junction 1 of the M54. The site also benefits from its close proximity to the M6 Toll, M5, M54 and M42 motorways.
The adjacent Bentley Bridge Retail Park hosts a combination of shops, restaurants and leisure amenities, with occupiers including Argos, Bella Italia, PureGym, Sainsbury’s and Sports Direct.
Stoford has delivered projects totaling over 13 million sq ft of floor space across the UK since 1996, while Bridges Fund Management has a 15-year track record of delivering strong commercial returns alongside measurable social and environmental benefits.
RLAM manages £117 billion of assets and employs 89 investment professionals. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.