The first phase of a business park worth £22 million is set to boost South Staffordshire's commercial infrastructure by creating much-needed manufacturing and distribution accommodation in Lichfield.
Under a joint venture, Birmingham property company Stoford Develop-ments is combining forces with Liberty Property Trust UK - a subsidiary of US office and industrial REAT Liberty Property Trust - to develop the 30-acre business park fronting the A38.
The development will have a completed value of £37 million.
The new facility will eventually be capable of accommodating up to 500,000 sq ft of B1, B2 and B8 space and has potential to create up to 500 jobs, according to the project partners.
The site is to be developed in two phases, the first of which will provide 250,000 sq ft of space in three or four units, suitable for offices, manufacturing or distribution use.
Stoford director Tony Nash said: "This is a very significant project and we are expecting a high level of demand, as there is a shortage of accommodation of this size and quality in the Lichfield and South Staffordshire area."
This project represents Liberty's first industrial development in the UK.
The company has developed and owns approximately 65 million square feet of commercial space in the US, around half of which is industrial.