A DEAL has been struck over the construction of the first unit at a £200million logistics and manufacturing scheme near Redditch.
Stoford Developments has agreed with Royal London Asset Management (RLAM) to fund the delivery of a new 366,000 sq ft warehouse building to the north of the 78-acre Redditch Gateway site, which is less than five miles from Junction 3 of the M42.
Unit A, which has a value of £86million, has been pre-let to an international retailer and should be completed by the end of August 2021.
Dan Gallagher, joint managing director at Stoford, said: “We are very pleased that RLAM has recognised the potential that this exciting new development offers.
“There is huge pent-up demand for logistics and manufacturing accommodation of this size and quality in the West Midlands.
“Redditch Gateway lies in a strategically important part of the region and can become a key employment location, attracting new jobs and investment.”
Around 2,500 jobs are expected to be generated at the site.
Daniel Shepherd, fund manager at RLAM, added: “We are delighted to be partnering with Stoford again on the funding of this first-class development.
“The funds that RLAM manage have continued appetite for good quality, well located industrial and logistics assets and this property will be an excellent addition to the portfolio.”
Redditch Gateway will deliver up to one million sq ft of office, logistics and manufacturing accommodation.