Nearly 500 jobs to be based at new Coventry business park following £24m investment
Work to transform part of the former Meggitt aerospace site in Coventry into a new business park featuring hundreds of jobs has been completed thanks to a multi-million-pound investment by the West Midlands Combined Authority (WMCA).
Over the last two years the WMCA has put nearly £24m into the regeneration of the derelict Meggitt site off Holbrook Lane working with urban logistics property developer Chancerygate.
Now, after 24 months of work, Holbrook Park is offering businesses 31 industrial and warehouse units spread over 12 acres of the former aerospace manufacturing site. Some of the units are already occupied and once fully let, the business park is expected to be home to nearly 500 jobs.
The site has stood mostly empty since Meggitt, whose customers include aviation giants Airbus, BAE Systems and Boeing, moved the majority of its operations and staff to new headquarters in nearby Ansty four years ago.
Although the new business park occupies just one section of the 65-acre former Meggitt site, planning permission has already been granted for 500 new homes on another part of the land. Meggitt’s former company playing fields, which occupy another part of the site, are being kept as open space for the local community with another plot retained by Meggitt as a carbon brake facility.
The WMCA’s investment into the business park is part of its nationally leading brownfield regeneration programme. Using a ‘brownfield first' approach these investments have been the key to unlocking and transforming hundreds of acres of former industrial sites across the region for high quality, affordable new homes and modern workspaces for job creating businesses.
Andy Street, Mayor of the West Midlands and WMCA Chair, said: “It's wonderful to see how this WMCA investment has been able to breathe new life into this large and landmark site. This new business park is yet another example of how we're successfully regenerating these sorts of derelict industrial sites.
"By working in close partnership with the private sector, our investments lead to affordable and energy efficient homes and business premises, create new jobs for local people and help to protect our precious greenbelt for generations to come.”
With a shortage of modern, small to medium size commercial premises available on a lease or freehold basis in Coventry, schemes like Holbrook Park are considered vital in giving job creating businesses the modern premises they need to further grow and prosper.
Rob Watts, Development Manager at Chancerygate, said: “Working in close partnership with the WMCA, we have used the significant investment provided to deliver a sustainable and enduring economic asset for the region.
“Due to its strategic location and the high specification of the accommodation, we have already secured four occupiers and there is a great deal of interest in the remaining units.
“We look forward to welcoming more occupiers to Holbrook Park and seeing it grow to become a vibrant location with ongoing commercial and employment opportunities.”
Cllr Ian Courts, WMCA portfolio holder for housing and land and Leader of Solihull Council, added: “Once again the WMCA is using the money it has secured from Government to drive forward its nationally leading brownfield regeneration programme and to help grow the regional economy.
“These investments not only unlock the potential of difficult-to-develop brownfield sites, but they also provide developers and investors with the confidence they need to take forward schemes that will create new homes and jobs local people need.”
Cllr Jim O’Boyle, cabinet member jobs, regeneration and climate change at Coventry City council said, “This is a real win, win – Meggitt has relocated with some support from us and now this new business park is set to be the home to new businesses providing new jobs for local people.”
Access to funding was provided by Frontier Development Capital Ltd (FDC), a fund manager working with property developers to arrange investments from the WMCA's Collective Investment Fund (CIF), Revolving Investment fund (RIF) and Brownfield Land and Property Development Fund (BLPDF).
Ed Bradburn, FDC Investment Director said: “The WMCA loan funds continue to go from strength to strength with demand increasing every year.
“One of the benefits of the WMCA CIF and RIF is that as the market demand has changed the WMCA has adapted the fund remit to ensure that the continued growth of the West Midlands is always priority.
“This scheme is one of the largest to be funded through the commercial investment fund and is an exceptional example of why the funds were created. Bank funding is still sparse for schemes like this with banks still regulated out of speculative commercial development and without the support of the WMCA loan funds, schemes like these would stall or not be capable of development.”
