Foundry Business Park, which is being built on 15 acres off Brook Street, Bilston, will offer small and medium sized firms (SMEs) much needed modern accommodation, helping to tackle a shortage in the region. But it will also offer larger units suitable for national occupiers.
Oldbury based developer Goold Estates has started work on site following confirmation of a £12.5m investment by the West Midlands Combined Authority (WMCA) to help kick start the project.
Goold Estates was selected by City of Wolverhampton Council as its chosen developer for the land which it has designated for employment use as part of its wider Bilston Urban Village regeneration project.
The investment is the latest to be made by the WMCA as part of its programme to transform urban, brownfield sites for new homes, jobs and commercial spaces, helping to drive economic growth across the region.
The WMCA funding is being used in part to cover the cost of cleaning up the site and making it ready for the construction of 15 industrial and distribution units offering 166,500 square feet of accommodation to suit a variety of uses.
Richard Parker, Mayor for the West Midlands, and Chair of the WMCA, said: “Foundry Park will bring new life to this site and create over 300 much needed jobs for local people.
“This modern, environmentally sustainable development will give businesses room to grow and contribute to the community. It will also help tackle a shortage of high quality workspaces for our region’s smaller firms.
“Investments like this strengthen our local economy and build a solid foundation for future growth that benefits everyone across the West Midlands.”
Goold Estates has a track record of investing in the Wolverhampton area after developing the Steelpark Trading Estate, in Wednesfield, a scheme that generated more than 150 jobs.
Dominic Goold, managing director of Goold Estates, said: “This brownfield site has a complex industrial legacy which has kept it vacant for more than 20 years.
“It required consultation with a number of third parties to progress the site’s development, but we are excited to have begun remediation works.
“We have considerable experience of regenerating derelict sites that bring economic and environmental benefits to local communities. Foundry Business Park has the potential to create hundreds of new jobs, secure the future of many firms in the region and attract inward investment.”
The residential phase of Bilston Urban Village features 78 homes off Dudley Street and 420 homes off Coseley Road, all occupied by families living right on the doorstep of the town centre.
City of Wolverhampton Council Leader, Councillor Stephen Simkins, said: “Bringing this strategically important site forward has been a long term ambition for the council and I am delighted to see our chosen developer, Goold Estates, start works to create new industrial and distribution units that will deliver hundreds of jobs for our residents.
“It is another major milestone for Bilston Urban Village, where we have also realised our vision of creating hundreds of new affordable homes for families.
“The urban village offers extensive areas of open space to enjoy on the doorstep, new schools for kids to learn in, a top class leisure centre nearby, a family pub/restaurant on tap – and further investment happening in the town centre.
“This strong employment, housing and leisure offer is also supported by purpose built transport connectivity."
Access to the WMCA funding was provided by the Property Team at Frontier Development Capital Ltd (FDC). FDC continues to work closely with property developers to arrange investments from the WMCA's Commercial Investment Fund (CIF) and Residential Investment Fund (RIF).
