Goold Estates secured £3.7m investment from the West Midlands Combined Authority (WMCA) Collective Investment Fund (CIF), to further boost the development of the Steelpark Trading Estate project, in Wednesfield.
The commercial property site covering 75,000 square feet has 6 units and has already secured high-profile occupiers for them, leading to Goold Estates to repay the loan early.
Managing director Dominic Goold said:
"(WMCA CIF funding) has enabled us to deliver a high quality speculative development in a much quicker timeframe than would otherwise have been possible. The Steelpark site, which is adjacent to the Tata Steel Automotive Service Centre, had been vacant and available for development for many years. We acquired it in September 2016 and acted quickly to secure planning consent and get the development underway. All of the six units were built speculatively, for sale or lease, because we were confident of a strong demand in the market. Three units are now occupied, one is under offer and only two remain available.
Investment fund - WMCA CIF