A £60m logistics and manufacturing site near Wolverhampton has been backed by a £22m development loan from property lender Together - meaning its first phase will complete by autumn.
The PIN54 site next to junction 2 of the M54 at Wolverhampton includes two huge hi-tech warehouses with a combined floor space of 380,000 sq ft.
The larger of the two, a 200,000 sq ft facility, has been built next to the Marston Aerospace factory, to suit the individual occupier’s needs. It has been pre-let to PJH Group, a supplier of bathrooms, appliances and sinks and taps, to use as a distribution centre.
The Wobaston Road complex is set to bring 144 construction roles during the build and, when PJH relocates, nearly 150 jobs from its current base in Cannock, Staffordshire.
Greater Manchester lender Together, which has a £7bn loan book, provided a development finance facility of £22m, allowing construction work to progress at the long-disused brownfield site.
Construction has already started at the site, with the first warehouse set to be completed in the autumn. The second phase, a 180,000 sq ft industrial development, is set to be finished by the end of the year
Philip Meakin, director of PIN Properties, the agent acting on behalf of the borrowers, said: “The industrial sector has been the darling of the commercial property market over the past two to three years, with online shopping reaching a peak during lockdowns. It is a trend that has continued post-Covid, and we are seeing demand from investors for this type of high-spec, as the 海角视频 economy begins to grow.
“Together’s funding has brought forward the bespoke development of a logistics hub at prime location in the West Midlands. This is a major project that has been in the planning for a long time and has excellent road connections to the M54 and great public transport links, with regular trains to Wolverhampton and Birmingham International Airport less than 30 miles away.”
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Marc Goldberg, CEO of sales and distribution at Together, said: “PIN Property are well-known and highly respected experts in commercial property. We have wanted to work with them as a client for 20 years, so we’re delighted to be able to be their funding partner on this exciting new development.
“The site has been long-term vacant and a brownfield in an area designated by local and national planners as key for supporting economic growth.
“Both units are built to the highest level of sustainability and include electrical vehicle (EV) charging spaces, landscaping and features designed to promote cycling and walking.
“Once operational, it will have huge benefit to the regional economy, so we’re delighted that our finance is creating such a sustainable manufacturing and logistics centre, supporting jobs and continued prosperity in the West Midlands.”
Michael Slattery, Together’s Midlands-based relationship manager for development funding, is managing the progress of the scheme.
Richard George, CEO of PJH, said: “Securing this new site marks a major milestone for PJH, showcasing our dedication to becoming the preferred choice for our customers as we continue our growth journey. This state-of-the-art, bespoke PJH Distribution Centre will set the standard for our operations and enhance our service yet further. As we are re-locating, ensuring we stayed in the local area was crucial to retaining our valuable employees, so I am pleased we found this ideal location in Wolverhampton, just eight miles from our existing site.”
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