London based property investment company Chancerygate and sustainable and impact investor Bridges Fund Management announced they have submitted plans to build 270,000 sq ft of Grade A urban logistics space.
The project called Torque will be located at former automotive component manufacturing site on Chester Road in Erdington, on the outskirts of Birmingham city centre and in close proximity to both junction 5 and 6 of the M6.
The development is said to have a projected gross development value of £77 million and joint venture (JV) partners intend to develop a scheme comprising 22 leasehold units ranging from 4,500 sq ft to 60,000 sq ft.
Chancerygate development manager, Rob Watts, who is based in the company’s Birmingham office, said: “There is unsatisfied demand from SME occupiers in Birmingham and across the West Midlands for high quality, sustainable urban logistics units in prime locations.
“Torque will aim to satisfy this through providing flexibly sized, high specification space on what is regarded as one of the city’s most prominent sites.
“Our proposed plans will regenerate a redundant building into new Grade A accommodation which will be of interest to a range of prospective occupiers.
“We look forward to working with Birmingham City Council and stakeholders to bring forward this much needed highly specified development.”
Chancergate highlighted that all units at Torque will be fitted with electric vehicle charging points and solar panels on their roofs, providing occupiers with green energy on an affordable basis.
The property investor explained the units are being constructed from high-performance building materials to reduce CO2 emissions and occupier operation costs.
Additional Chancergate said the scheme is targeting EPC B and a BREEAM Very Good rating as a minimum.
Guy Bowden, partner at Bridges Fund Management, added: “We hope to transform this disused building into high-quality, highly sustainable logistics units that can support new jobs and boost the local economy.
“Erdington is an ideal location for this kind of development, and we believe these units will be attractive to a wide variety of SME occupiers.