A joint venture between developer Chancerygate and specialist sustainable and impact investor Bridges Fund Management have secured planning consent to build 270,000 sq ft of Grade A urban logistics space in Erdington, Birmingham.
Called Torque and located on the former GKN Driveline factory site on Chester Road, the development will comprise 22 leasehold units ranging from 4,500 sq ft to 66,000 sq ft and has a projected gross development value of around £77m.
One prominent plot of land to the front of the estate of 0.8 acres already been sold to the West Midlands Combined Authority (WMCA). There are also ongoing discussion with a number of interested parties regarding the sale of a further one-acre plot of land at the site.
The site is located on the outskirts of Birmingham city centre and in close proximity to junctions 5 and 6 of the M6.
Neighbouring occupiers to the development include Jaguar Land Rover, Volvo and Selco Builders Warehouse, as well as further retail and industrial parks.
All units at Torque will be fitted with electric vehicle charging points and have solar panels on their roofs, which will provide occupiers with green energy on an affordable basis.
The units are being constructed from high-performance building materials to reduce CO2 emissions and occupier operation costs. The scheme is targeting EPC A+ and a BREEAM Excellent rating as a minimum.
Chancerygate development manager, Rob Watts, who is based in the company’s Birmingham office, 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, said: “”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.”
Agents for Torque are Knight Frank and Newmark.
For more information on Torque, click here.