A new industrial park being developed in south Birmingham on the former GKN and Pilkington sites has been sold ahead of construction work commencing on the scheme.
Spectrum Logistics Park in Kings Norton, which developers say could create 900 new jobs, has been acquired by Tristan Capital Partners from Henley-based St Francis Group and Black Country investor the Richardson family.
The scheme, which received full planning consent in February, will see the development of 400,000 sq ft of new logistics and industrial space across eight units, ranging in size from 25,000 sq ft to 70,000 sq ft.
Following the deal, Henley-based St Francis Group will continue to manage the development and be responsible for delivering the completed units.
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Demolition of the existing factory space will be undertaken by DSM with the first units ready for occupation from September next year.
Spectrum Logistics Park will be situated on the 29-acre site of the former Pilkington Automotive and GKN Aerospace manufacturing plants which was acquired by St Francis group last year.
In 2019, GKN Aerospace announced it was axing 170 jobs and carrying out a phased closure of its Kings Norton factory where it produced high-performance windscreens and windows for civilian and military aircraft, with work transferring to other sites.
Pilkington Automotive is consolidating its operations into a new, larger warehouse in nearby Redditch.
St Francis Group director Gareth Williams said: “We are excited to deliver more high-quality space and a sale much earlier in the process than we expected is evidence of the funding market’s appetite for well-located mid box units to meet a high level of occupier demand at this time.”