One of the biggest land and property deals in the region this year, thought to be worth around £9 million, is set to go ahead.
Regional development agency Advantage West Midlands has exchanged contracts with Kingfisher subsidiary B&Q Properties and European logistics providers, Gazeley, to revitalise 40 acres of the Towers Business Park site at Rugeley, Staffordshire.
The joint venture agreement will see the construction of more than 500,000 sq ft of office, industrial and warehouse space within the next two years and the prospect of around 700 jobs created.
The Towers complex, which totals around 100 acres on the site of the former Lea Hall Colliery, is one of the West Midlands' major strategic sites pinpointed for redevelopment, creating new investment, business and jobs.
The B&Q Properties and Gazeley deal follows Pritchard Holdings' Tower Plaza and other projects.
All that now remains is a number of small development plots totalling around ten acres.
The joint venture will include roadworks to connect the Towers with the northern section of the Rugeley Bypass, due to open in mid 2007.
John Edwards, chief executive at AWM, said: "This is a real boost to the region's economy.
"The agency has a key role to improve land and property infrastructure and the Towers is exactly the sort of quality development opportunity that will transform the West Midlands into a world class region."
B& Q Properties has recently completed a new 875,000 sq ft national distribution centre for its sister company, B& Q at another former colliery site in Worksop.
After pioneering work there, energy saving and other eco-efficient measures will be incorporated into the building specification at Rugeley.
Bruce Topley, development director at Gazeley, said: "We are extremely proud of our customerfocused approach to development coupled with our ability to work hand-inhand with development agencies and joint venture partners.
" This site represents a strategic acquisition and we very much look forward to working with B&Q Properties and Advantage West Midlands. This provides a great platform for us to increase our presence in the important West Midlands market."
Original reclamation of the Towers Business Park site was funded by the national regeneration agency, English Partnerships, as part of its National Coalfields Programme designed to breathe new life into former coal communities.
Gazeley is a subsidiary of WalMart, and has developed more than 43.05 million sq ft of distribution warehouses and industrial space for leading international companies and third-party logistics providers since being founded in 1988.