The Canal & River Trust is searching for investors and developers to help it unlock the potential of two Midlands waterside sites.
The first scheme involves the £20m regeneration of an industrial site at Wharfdale Park. Birmingham City Council has already granted outline permission for high specification warehouse and manufacturing units of between 20,000 and 150,000 sq ft and Work will start early next after the relocation of existing factory tenants.
“Wharfdale Park, Birmingham, provides an excellent location for local companies looking to set up or expand their business,” explained the trust’s property director, Stuart Mills.
“Like many cities, there is a severe shortage of Grade A industrial accommodation in Birmingham and we are confident that Wharfdale Park will prove to be an extremely attractive option,” he added.
The trust has appointed its own joint-venture development company, H2O Urban, to deliver the scheme. H2O is 50 per cent owned by the Canal & River Trust and 50 per cent by the private partnership development company, bloc.
To secure a joint venture partner for its second development site — near Edgbaston Reservoir — the trust has retained international real estate advisor Savills. It will start searching for investors to back the long-term regeneration of the 43-acre Icknield Port Loop.
The site lies within an area covered by the Greater Icknield Master Plan whose 2031 deadline calls for the creation of more than 1,000 new jobs and at least 3,000 additional homes.
Under Birmingham City Council’s draft development plan, the authority has already given the green light to a mixed-use development on the site. The first phase of the scheme will include retail and leisure units, commercial and light industrial uses, non-residential institutions and a number of hotels. There will also be a mix of 1,150 homes and apartments.
“This is a unique opportunity for a major canal side regeneration scheme in Birmingham and we are delighted to be working with the landowners to bring it to life,” said Barry Allen, head of Savills’ Birmingham office.
“The focus now is on selecting a strong private sector delivery partner to invest in the development and begin to realise its full potential.”
The Canal & River Trust is a charitable organisation established to manage the waterways of England and Wales. In 2012 it took over the responsibility of the Government-owned, British Waterways, and is expected to take control of Britain’s remaining waterways from the Environment Agency next year.
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