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Commercial Property

Plans in for £343m industrial park

'Thrive' is set to house three million sq ft of accommodation aimed at logistics, R&D, tech and manufacturing occupiers

CGI of Thrive, a new industrial estate near junction nine of the M42

Plans have been submitted for a new £343 million industrial estate.

Solihull-based developer IM Properties is behind the project, called 'Thrive', which will be built near junction nine of the M42.

The company said the estate would have around three million sq ft of space and could create up to 6,000 full-time jobs in sectors such as tech, logistics and aerospace.

A third of that planned accommodation is being promoted for advanced manufacturing uses, subject to securing planning consent from both North Warwickshire and Birmingham councils.

The application site covers 333 acres and will also have a so-called 'green corridor' and mobility hub with transport options such as buses, bicycles, e-scooters and electric vehicle charging stations.

Lewis Payne, development director at IM Properties, said: "Against a challenging global economic and geopolitical backdrop, the West Midlands needs a new employment site to support domestic, high-quality advanced manufacturing, R&D and logistics.

"This is vital to securing a resilient, diverse local economy and, at a time when opportunities for many people in Britain are limited, it's also about ensuring we can create skilled jobs and deliver wider social value.