Construction of a major new residential and retail complex set to create 475 jobs in Solihull is under way after new funding was secured to back the project.
'The Green' will comprise up to 570 new homes, 154 senior living units being developed by McCarthy & Stone and Restful Homes, and 145,000 sq ft of commercial space for up to five car dealerships, including a showroom for luxury brand Aston Martin.
The 47-acre project is being led by London-based M7 Developments, the planning and development arm of investor and asset manager M7 Real Estate, with new, undisclosed funding from Merseyside Pension Fund.
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M7 Developments recently completed the sale of the first phase of the residential element to housebuilder Charles Church, part of the Persimmon group, to build 242 units ranging from one-bedroom apartments to four-bedroom houses.
The first residential units are expected to be finished in late 2020, with the overall redevelopment of the site targeted for completion in around 2024.
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The Green is the historic headquarters of automotive and aerospace manufacturer Lucas Industries, now part of global engineering company ZF Group, which will be relocating to a new purpose-built complex at the nearby Blythe Valley Business Park.
M7 acquired The Green in 2015 from Prudential and is undertaking the redevelopment in phases, with ZF remaining a tenant while its new premises are built.
Planning consent awarded by Solihull Metropolitan Borough Council in May.
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M7 Developments' chief executive Hugh Ellingham said: "The Green is a complex and sizeable brownfield regeneration project and this planning success is a major step forward as we begin to realise our vision for the scheme.
"Working closely with our partners and a responsive local planning authority, the project is really starting to take shape.
"Having launched M7 Developments earlier this year, this is also a strong illustration of how the depth and breadth of M7's activities is expanding and we have several brownfield projects in the pipeline that we look forward to undertaking in the future."