Another swathe of the former Coventry site of leading aerospace company Meggitt is set to be regenerated thanks to a new multi-million-pound investment by the West Midlands Combined Authority (WMCA).
Just over 12 months ago the WMCA invested nearly £9m to help transform five acres of the derelict site off Holbrook Lane into Holbrook Business Park which will create around 200 jobs.
Now, the WMCA has announced a new £15m investment to regenerate another seven acres as part of a second phase of the business park scheme, creating a further 295 jobs.
The site has stood mostly empty since Meggitt, whose customers include aviation giants Airbus, BAE and Boeing, moved the majority of its operations and staff to new headquarters in nearby Ansty three years ago.
The investment into the business park, which is being built by urban logistics property developer Chancerygate, is the latest to be made by the WMCA as part of its nationally leading brownfield regeneration programme.
The combined authority's ‘brownfield first' policy is helping to transform hundreds of acres of former industrial sites across the region with high quality, affordable homes and modern premises for job creating businesses.
Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “It's fantastic to see how the transformation of the former home of one of our most successful companies is gathering pace as a result of this WMCA’s investment.
“Despite the challenges of the last couple of years, we’ve continued to invest in the regeneration of brownfield land. It is these investments that are not only creating new jobs and energy efficient affordable homes and premises for local people and businesses, but also helping to protect our precious greenbelt.”
The second phase of the Chancerygate scheme will feature 14 urban logistics and light industrial units to help tackle a shortage of these types of modern, small to medium size premises available in Coventry on a leasehold or freehold basis.
Although the new business park sites occupy just one section of the 65-acre former Meggitt site, planning permission has already been granted for 500 new homes on another part of the land.
And Meggitt’s former company playing fields, which occupy another part of the site are to be retained as open space for the local community. Another small plot has been retained by Meggitt as a carbon brake facility.
Mark Garrity, Chancerygate development director and head of the company's Birmingham office, said: “WMCA’s additional investment in Holbrook Business Park will allow us to deliver an enduring job creating economic asset for the locality and wider region.
“As a developer, we are committed to building Grade A accommodation with strong sustainability credentials and that is exactly what we are doing here.
“We look forward to continuing to work with the WMCA team throughout the build process to ensure the delivery of much needed high quality urban logistics and light industrial units.”
Cllr Mike Bird, WMCA portfolio holder for housing and land and leader of Walsall Council, added: “This is another great example of how the WMCA is using the money it has secured from Government to drive forward our nationally leading brownfield regeneration programme and support our region’s economic recovery from Covid 19.
“These sorts of investments not only unlock difficult to develop brownfield sites but also provide developers and investors with the confidence they need to take forward schemes that create new homes and jobs for local people.”
Cllr Jim O’Boyle, Coventry City Council's cabinet member for jobs, regeneration and climate change, added: “I’m really pleased that there is set to be more local jobs created on this site. Having a job changes lives, so this is a welcome boost for the people living nearby and the wider city. The retention of accessible green space is also good news.”
Access to funding was provided by Frontier Development Capital Ltd (FDC), a fund manager working closely with property developers to arrange investments from the WMCA's Collective Investment Fund (CIF), Revolving Investment fund (RIF) and Brownfield Land and Property Development Fund (BLPDF).
Ed Bradburn, investment director at FDC, commented: “We are delighted to have been able to support and work alongside Chancerygate once again and look forward to seeing the progression of the second phase of this development.
“Frontier Development Capital will continue to work alongside the WMCA to manage its commercial and residential investment funds, and drive regeneration and growth for the West Midlands region.”