The £7 million construction of a range of industrial and warehouse units is set to bring 165 jobs to the City of Wolverhampton.
The development of six units at Steelpark Trading Estate, at Steelpark Way and Bearing Drive, in Wednesfield, is close to being completed. All six units are either sold, let or under offer.
They have been developed by commercial property company Goold Estates and provide around 70,000 sq ft of industrial/warehouse space.
Businesses set to move into the new units include the likes of Kinetrol Powerite and CS Labels.
The news comes during the City of Wolverhampton’s Business Programme, with the flagship event – the Business Breakfast – taking place opposite Steelpark, at GTG Training and Conference Centre, tomorrow (Thursday).
Councillor John Reynolds, City of Wolverhampton Council Cabinet Member for City Economy, said: “There is £3.7 billion of investment on site or in the pipeline in the City of Wolverhampton and this is another boost for our regeneration plans.
“The Steelpark Trading Estate development has brought back to life a site that has been redundant for many years, while at the same time protecting wildlife in the area. It shows there is confidence in investing in the City of Wolverhampton – and most importantly it will deliver around 165 jobs.”
Dominic Goold, Managing Director of Goold Estates, said: “Steelpark has been a resounding success. The site had been vacant and available for development for many years. We acquired it just two years ago and quickly secured planning consent from the City of Wolverhampton Council, along with funding from Finance Birmingham.
“From the moment we started on site, it proved to be extremely popular with businesses looking to buy or lease high quality units in what is an excellent location. Now, all of the six units – which were built speculatively because we were confident of a strong demand in the market – are sold, let or under offer.
“Four of the business are new to Wolverhampton, while two have expanded in addition to their existing operations. They have created around 165 jobs for local people at the development, which represents a £7 million investment in Wolverhampton – a huge vote of confidence in the city as a place to do business.”
Finance Birmingham arranged speculative development finance to help fund the project through the West Midlands Combined Authority Collective Investment Fund CIF. This fund aims to accelerate economic regeneration, assisting developers and land owners to bring forward schemes such as Steelpark.