The Wolverhampton development will see units that vary in size from 30,000 sq ft and 133,000 sq ft. Practical completion is scheduled for February 2020.
The development on a 12-acre site at Pantheon Park, close to Bentley Bridge Retail Park in Wednesfield, by leading commercial property developer Stoford Developments and specialist sustainable and impact investor Bridges Fund Management. The development will be funded by Royal London Asset Management.
Guy Bowden, Partner, Property Funds, Bridges Fund Management, said: “For many years, this site was empty and unloved. With support from the Black Country LEP and City of Wolverhampton Council, we’ve been able to bring it back into use thanks to a significant amount of environmental remediation work – and we’re delighted that we can now get on site to build these units.
Stoford has delivered projects totalling 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.
For Pantheon Park, they secured a £23 million funding agreement with Royal London Asset Management and also received a loan of more than £3m from Black Country LEP to help with remediation and demolition costs.
Pantheon Park is 2 miles from Wolverhampton city centre, 4 miles from M6 (J10) via the A454, and 3.4 miles from Junction 1 of the M54.