A development partner for one of the largest manufacturing and logistics sites in the UK has been named.
IM Properties has been chosen by Birmingham City Council as its preferred partner for phase one of the regeneration of the Peddimore site near Sutton Coldfield.
The first phase covers 91 acres of the 175-acre park with the second phase to be retained by the city council for development at a later date.
The council said it was hoping to create a world-class employment park which had the potential to create up to 10,000 jobs and contribute £350 million to the local economy by attracting local, national and international occupiers.
A marketing and selection process was launched last year and the news of IM Properties appointment was announced today at global property conference MIPIM in France.
The first phase of work will include a new junction on the A38, utilities and more than 484,000 sq ft of industrial floorspace within two years of the access being completed.
IM Properties will support disadvantaged people into work, fund staff onto the Building Birmingham Scholarship Programme and 50 per cent of its spend will be with local suppliers and SMEs.
As part of the deal, IM Properties will take a 250-year leasehold on the site once it has completed certain works there with the option of buying the freehold at a later date.
The release of green belt land at Peddimore and in neighbouring Langley for housing was was finally approved in 2016 after years of debate and a public inquiry.
Birmingham City Council Leader Coun Ian Ward said: “Peddimore will be a market-leading development which will attract thousands of new jobs and significant new investment into the city.
“I am delighted with the outcome of the developer selection process which reflects both the confidence in the city and the strength of our industrial market.
“IM Properties has shown a clear commitment to work with the city council to deliver a high-quality development which achieves lasting benefits to the local community.”
Managing director Tim Wooldridge added: “We are extremely proud to have been appointed as the city council’s development partner for Peddimore.
“Our successful selection underpins our commitment to the region and our aim to deliver outstanding, sustainable and innovative real estate with economic and environmental benefits for both businesses and the local communities we invest in.”
Advisers working on the deal include law firm Pinsent Masons, property consultancy GVA and PR agency Gough Bailey Wright.