Construction of an industrial unit which will bring more than 100 new jobs to Birmingham moved a step closer today.
The 2.9-acre site in Aston, Birmingham, is due to be part of the region's Advance Manufacturing Hub, with developer Barberry set to complete work by Autumn this year.
It follows a £3.6 million loan from the West Midlands Combined Authority (WMCA) to help redevelop the derelict brownfield site.
The estimated cost of redeveloping the 65,000 sq ft site was thought to be in the region of £5.6 million, but the loan from the WMCA's Collective Investment Fund has sped up the process of bringing new jobs to the region.
And Mayor Andy Street says that he hopes the loan will be just another of many to help the vital regeneration of brownfield sites throughout the West Midlands.
“The Advanced Manufacturing Hub is one of the region’s success stories and this will be the next phase of it," he said.
"I’m really pleased the WMCA has been able to support it through the Collective Investment Fund.
“Across the region, the CIF is making a huge difference to getting developments on brownfield land underway. I look forward to many more.”
Barberry estimates that, once completed, the industrial manufacturing unit will provide 116 new full-time jobs to local people, while indirectly employing around 130 people to redevelop the site.
The CIF is a £70 million commercial development fund set up by the WMCA to stimulate jobs, opportunity and growth throughout the West Midlands.
Managed by Finance Birmingham, the fund provides short-term loans to private sector developers to help them kick-start schemes such as the Barberry one.
It has already helped to fund 12 regeneration projects across the West Midlands, providing £43.3 million in loans.
Nick Oakley, head of property investments at Finance Birmingham, has encouraged more companies to get in touch and apply for the funds that would help get their projects off the ground.
“We are delighted to support Barberry with the redevelopment of a key strategic industrial site in the West Midlands," he said.
“We have more funds available for eligible West Midlands regeneration projects and would welcome any developers or land owners to contact us directly."