Joint venture partners Chancerygate and Bridges Fund Management have secured planning consent to build a 270,000 sq ft Grade A urban logistics scheme in Erdington, Birmingham.
The Torque development, which is located on the former GKN Driveline factory site on Chester Road, will comprise 22 units ranging from 4,500 sq ft to 66,000 sq ft and has a projected GDV of circa £77m.
A 0.8-acre plot of land to the front of the estate has already been sold to the West Midlands Combined Authority (WMCA) and the JV partners said discussions were ongoing with a number of interested parties regarding the sale of a further one-acre plot of land at the site.
All of the units at Torque will be fitted with electric vehicle charging points and have solar panels on their roofs. The JV partners are targeting EPC A+ and a BREEAM Excellent rating as a minimum for the scheme.
Rob Watts, development manager at Chancerygate, said: “Torque will help satisfy the high demand from SME occupiers in Birmingham and across the West Midlands for high quality, high specification sustainable urban logistics units. We are also incredibly proud to be extending the site’s history, by regenerating it into Grade A urban logistics units focused for SME’s that will be fit for future generations.
“The scheme’s location on what is one of the city’s most prominent sites will be hugely appealing a range for prospective occupiers. This is evidenced by the land deal which have already been agreed with the WMCA and continue to generate such strong interest for the remaining plot. Now that planning has been granted, we’re excited about starting work on site and developing what will be much needed space for Birmingham and the wider West Midlands.”
Adam Amijee, investment manager at Bridges Fund Management, added: “We are delighted to have the opportunity to transform this redundant site in Erdington into a best-in-class urban logistics facility that will support hundreds of jobs.
“We will be targeting market-leading sustainability credentials, using smart design and on-site renewables to ensure that the facility is zero carbon emissions in operation. This will appeal to a range of occupiers who want to reduce their running costs, accelerate their net zero journey, and future-proof themselves against possible regulation.”
Knight Frank and Newmark are joint agents for Torque.
