The Bridges Property Alternatives Fund, managed by specialist sustainable and impact investor Bridges Ventures, and Stoford, a leading commercial property company, have teamed up to acquire and develop the 18-acre Prime 10 site in the Wednesfield area of Wolverhampton, at a total estimated cost of around £20 mln. (approx. €27.6 mln).
The site, which is to be renamed Pantheon Park, is situated in a well-established industrial and logistics location near junction 10 of the M6 (via the A454); it is also close to the M6 Toll, M5, M42 and M54.
Bridges and Stoford plan to transform the derelict site into a high-specification warehouse and logistics center. The site already has planning permission for over 37,161 m² of warehouse space with 24/7 operations, although the exact specification will be determined based on local demand.
The investment is in line with Bridges' long-standing strategy of investing in property situated in under-served and regeneration areas, particularly where there is room for environmental improvements. The proposed remediation work to be done as part of this project will bring economically valuable land back into commercial use after ten years of lying vacant. In addition, it is estimated that the project could lead to more than 400 permanent jobs, plus additional temporary employment during the development phase – all in an area of relatively high unemployment.
Dominic Stokes, director of Stoford, said; “Pantheon Park represents a rare opportunity for an ambitious logistics company looking to move to the region or expand its existing operations to have a high-specification build-to-suit warehouse, on prime industrial land. With full planning consent in place, we are in a position to quickly deliver a very high-specification building that will offer prospective tenants an extremely cost-effective solution. We are in no doubt that this site will bring enormous benefits to the area when it is fully operational.”
Source: Bridges Ventures