Sandwell regeneration scheme receives new funding

0_TJR_BPO_190710xpanse_06Back in June this year we reported on plans by developer Opus Land and partner real estate investment management company Palmer Capital to acquire land in Oldbury to build a 120,000 sq ft industrial unit. A scheme that could create jobs for the borough and boost the local economy.

The most recent update on the development is support from the Collective Investment Fund (CIF) which is run by the West Midlands Combined Authority (WMCA). The CIF will provide new funding for the scheme, as part of a £750m fund to support new housing and commercial developments.

The WMCA is allocating a lot of funding to the regeneration of former industrial sites as part of its ‘brownfield first’ approach, which it is hoping will relieve pressure on the green belt. It is working hard to develop derelict brownfield sites across the region to create much-needed jobs and houses.

The Seven Stars Road scheme is the second one that the authority has helped to finance for Opus Land. It previously awarded the company funds from the CIF to develop two industrial units totalling 283,000 sq ft of accommodation at the former Kingswood colliery, near Cannock.

It is hoped that the funding for the Oldbury scheme will help to breathe life into the area surrounding the disused industrial site. The former scrapyard in Seven Stars Road will be used to build a 121,175sq ft grade A warehouse with offices, parking for 125 cars and space for lorries.

More than 200 jobs could be created by the regeneration of the 6.3-acre site. Work on the project named ‘XPANSE 120’ could be completed as soon as spring 2020.

Think Sandwell wishes Opus and its partners the best of luck with the development. To find out how we can support your business schemes, visit our property and planning pages.