Trebor Developments and Schroder Real Estate Investment Management Limited (Schroders) have agreed terms to bring forward the redevelopment of a major industrial site located at Steelpark Way, Wolverhampton, whilst the site is occupied by TATA Steel.
The site, which is held by the Schroder UK Real Estate Fund (SREF), will be known as Revolution Park and can accommodate industrial units which range from 25,000 sq ft to 200,000 sq ft. A planning application will be submitted this June, allowing for the occupation of units in Summer 2022, using Trebor’s fast track development method.
The industrial and logistics units are being promoted on a build-to-suit basis for manufacturing or logistics uses and will be built to net zero and BREEAM “Excellent” standard. This comes as Schroders continues to invest and develop environmentally friendly industrial assets across the UK, alongside its wider commitment of becoming a net zero carbon business.
Philip Scott, Investment Manager for Schroders commented: “Take up for industrial and logistic units across the UK continues to grow as Covid-19 not only fast forwarded the growth in online retail, but also promoted manufacturers and retailers to review their supply chains and hold extra stocks of key items.
“Sustainability is an integral element of our investment process and has become a key requirement from industrial occupiers. The redevelopment of Revolution Park will create one of SREF’s greenest industrial assets and help to futureproof the site by delivering high quality, environmentally friendly, lower cost buildings for tenants. We therefore hope the redevelopment will result in maximum levels of tenant interest, longer term leases and increased rents which will deliver strong returns for our investors.”
Revolution Park is located just outside Wolverhampton and benefits from close access to the M6 as well as its proximity to Birmingham.
Bob Tattrie, Managing Partner for Trebor, commented: “This outstanding site in a very well-established industrial location will deliver a range of build to suit accommodation for local, regional and national industrial occupier requirements. We are delighted to be working with Schroders to bring forward the development of this site and maximise it’s potential”.
Schroders and Trebor are represented by Gerald Eve LLP and Bulleys agents.