Over £27m of property development finance approved for schemes during challenging 7 months
While the country has spent most of the year dealing with Covid, West Midlands property developers have continued to utilise WMCA investment to support regional development
The UK has spent over 220 days social distancing and in various states of lockdown with many businesses struggling to effectively operate during such unsettling times. However, FDC’s Property Team have seen first hand that the Property Development Market remains buoyant, with sustained investment into commercial and residential developments across the West Midlands region since March 2020.
The WMCA’S Commercial Investment and Residential Investment loan funds and remain “open for business”. They are continuing to accelerate site regeneration and support the long-term economic growth of the West Midlands. Since March 2020 a further £28.2m of property development finance has been approved from these funds alone, to develop new commercial and residential projects. A total of over 356,000 sq ft of commercial floorspace will be developed, with 80 new residential units created and over 22 acres of brownfield land remediated and brought back into economic use.
Since the funds were launched in late 2016, £182m of investment has been approved to support over 45 development projects across the West Midlands Combined Authority geography, bringing regeneration of brownfield sites, new housing and jobs to the area.