Mystery site targeted by developers for £100m deal
A mystery site in Oldbury is being targeted by a pair of major development companies in a £100million deal.
It is expected to be the site of an industrial or warehouse building once planning permission is secured, but the companies say the site's location is 'confidential' at present.
It would be part of a joint development deal between companies Stoford and Liberty building more than 1 million sq ft of space at four sites: Oldbury, Manchester, Worcester and Widnes.
When built and let out the developments are expected to be worth around £100 million.
The agreement between Stoford Developments and Liberty Property Trust is for eight industrial or warehouse buildings, across the four sites, to be developed on a rolling speculative build programme during 2016/17.
The buildings will range in size from 40,000 sq ft to 200,000 sq ft.
Work is scheduled to begin on two schemes in early next year, at Worcester Six, with 44,000 sq ft and 162,000 sq ft units, and at Synergi Park, Irlam, Manchester, on units of 40,000 sq ft and 182,000 sq ft.
The schemes at Ditton Park, Widnes, and at Oldbury will follow upon receipt of planning anticipated later in the year.
Liberty is behind the £38million Liberty PArk development in Lichfield.
The 441,000 sq ft site will have industrial and warehouse units and is expected to create hundreds of jobs in Staffordshire.
The firm says work on the infrastructure is making good progress.
Andrew Blevins, UK managing director of Liberty, said: "This further expansion of our UK industrial and distribution business is entirely consistent with our US corporate strategy of on-going expansion into that sector and builds on our current existing UK portfolio of 1.5 million sq ft of stabilised and development assets."
Dan Gallagher, joint managing director of Birmingham-based Stoford, said: "This is an extension of our existing partnership with Liberty, with whom we are already working at Liberty Park, Lichfield.
"It seeks to capture a number of opportunities in Stoford's development portfolio that will offer speculative stock in locations currently with strong demand and little or no supply.
"There is a firm belief that this is the right time in the cycle to offer this product to the market."
Worcester Six is a £120 million business park that will create over 5,000 new jobs and give Worcestershire's economy a major boost.
It will provide up to 1.5 million sq ft of accommodation in a range of high quality units.
