New plans for a £20 million development along the Grand Union Canal in Birmingham have been unveiled.

The Canal & River Trust's proposed development at Wharfdale Park, in Tyseley, will provide build-to-suit warehouse and manufacturing units ranging in size from 20,000 sq ft to 150,000 sq ft on a leasehold basis.

The investment is expected to create jobs, improve the environment and benefit local residents with improved noise control and traffic management measures.

The site, close to both the Coventry Road and Stratford Road, is in an area renowned as an industrial hub in Birmingham and is already home to companies such as Unipres UK, Hollywood Monster, Sertec, SCC and Mereway.

Demolition to clear the site, which has outline planning consent, is expected to begin early next year after the remaining tenants of the existing factory units have been relocated within the Tyseley area.

The development, off Wharfdale Road, is located in the Tyseley Environmental Enterprise District, one of six economic zones designated by Birmingham City Council in September 2012.

Grant funding to facilitate building refurbishment, new build and the purchase of capital equipment is available under the Tyseley Property Assistance Programme, funded under the European Regional Development Fund.

Prospective occupiers of the park may be eligible for grant assistance and Birmingham City Council will provide guidance on funding availability and eligibility criteria.

Stuart Mills, property director at the Canal & River Trust, said: "Wharfdale Park provides an excellent location for local companies looking to set up or expand their local business.

"Like many cities, there is a severe shortage of Grade A industrial accommodation in Birmingham and we are therefore confident that Wharfdale Park will prove to be an extremely attractive option."

The trust has appointed its development company H2O Urban which is a 50/50 joint venture between the trust and London-based Bloc which develops adjacent to the rivers and canals owned and managed by the trust.

Property consultancies Harris Lamb and Colliers International have been appointed agents.