A £23 million funding agreement has been secured for an industrial/warehouse scheme that is set to generate significant employment opportunities in the West Midlands.
Leading commercial property developer, Stoford Developments and specialist sustainable and impact investor, Bridges Fund Management, has announced the funding agreement with Royal London Asset Management (RLAM) for its multi-million pound Pantheon Park development in Wolverhampton.
The joint venture partners have submitted a planning application to the City of Wolverhampton Council to build four high-quality industrial/warehouse units at the 18-acre site in Wednesfield Way, varying in size from 30,000 sq ft to 82,850 sq ft.
Planning consent has already been granted for a major new car sales site at the scheme on behalf of UK-leading car dealership Arnold Clark, with an additional unit earmarked for business storage company, Lok'nStore.
Investment in the Pantheon Park development means that work is expected to start on site in February 2019 once detailed planning consent is achieved. Practical completion is scheduled for Q4 2019.
Stoford has delivered projects totaling over 13 million sq ft of floor space across the UK since 1996, while Bridges Fund Management has a 15-year track record of delivering strong commercial returns alongside measurable social and environmental benefits.
RLAM manages £117 billion of assets and employs 89 investment professionals. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.