Regional development agency Advantage West Midlands has unveiled a major £45 million regeneration scheme at a key gateway into the Black Country which is expected to create around 750 jobs.
In one of the most intricate land and property transactions completed in recent years, a 30-acre site along St Paul's Road, Wednesbury, next to Junction 9 of the M6, will be developed by Opus Land, the Warwickshirebased commercial property development company.
The 450,000 sq ft development, which will be known as Opus 9, has planning consent for manufacturing, warehousing and distribution facilities in buildings up to 170,000 sq ft, with the first units expected to be available within the next 12 months.
The deal has been enabled with £5 million of public sector funding from the Advantage West Midlands Arc of Opportunity Regeneration Zone and Black Country Investment, the government agency tasked with attracting inward investment to the area.
John Edwards, chief executive at Advantage West Midlands, said: "The commitment shown by all the partners involved in assembling this land has been immense - but the rewards will be high for the people of the Black Country.
"St Paul's will be a first class addition to the region's portfolio of high quality sites for new companies.
"This will be a key gateway into a Black Country which is re-asserting itself as the hub of business enterprise and innovation not just in the region but in the country - and that means new investment and new, skilled jobs close to communities in the greatest need."
Opus Land first purchased an eight-acre plot at the site in 2001. Most of the remaining land has been released by Spear & Jackson who will continue to operate from the site.
The agreement involved a land exchange between Spear and Jackson and Sandwell Council on behalf of Wood Green High School College of Sport, which is acquiring the company's sports fields.
A new road will be cut through from Axeltree Way to access the development and St Paul's Road - which currently cuts through the school site - will be closed off, improving pedestrian safety.
Charles Roach, BCI's development co-ordinator, said: "This scheme marks a huge breakthrough in the Black County renaissance.
"It is well placed to attract major blue chip companies and the economic benefits are tremendous. We have been working closely with Advantage West Midlands and Opus Land on the project for more than four years and many property experts said it couldn't be done because of the complexity of the land assembly. We're now looking forward to seeing construction get underway."
Richard Smith, director of Henley-in-Arden-based Opus Land, said: "Opus 9 is strategically located at the heart of the UK with easy access to some of the country's best transport infrastructure.
"There has been a considerable effort by all parties involved to enable the scheme to progress and as the only site of its kind in the region with direct motorway access, its future is assured."
