In the last six months we’ve obtained five approvals in the WMCA CIF for new schemes totalling £33.54 million. This brings the total investment approved to date to over £156 million, regenerating 112 acres of brownfield land, creating over 2 million sqft of commercial floorspace and supporting the creation of over 4,900 jobs for the West Midlands region.
Recent schemes securing investment are:
Kinrise - Birmingham
In May work began on developer Kinrise’s Citadel scheme in Birmingham. Backed by the WMCA CIF, the scheme secured £9.5 million to regenerate and restore the faded glory of a historic Victorian building on the city’s Corporation Street.
The rejuvenated building will offer more than 46,000 sqft of office, retail and social space behind its impressive Victorian façade creating circa 350 jobs. Using local craftspeople to help develop the site to support the city’s local economy, Kinrise will use sustainably sourced materials throughout the renovation to keep the development’s carbon footprint low.
Barberry - Wolverhampton
Another commercial development to benefit from WMCA CIF investment this year is Barberry 55 – Wolverhampton. The £9 million speculative warehouse development will be a highly specified Grade A building delivering 55,575 sqft of commercial floorspace and regenerating 2.86 of brownfield land creating c.120 jobs. The scheme will have a significant contribution within the local economy and ultimately create much-needed quality accommodation for local, regional, and national businesses to expand their operations within the Midlands.
Acquiring the best finance option that works well for your business and development is often listed as one of the biggest challenges. That is why alternative lenders such as FDC have a range of investment options available including the WMCA CIF which offers investments of up to £20 million.
The WMCA CIF is specifically open to property developers seeking capital for eligible schemes located in the West Midlands, helping to accelerate site regeneration and support long-term growth in the region. The fund provides support for experienced commercial property developers to deliver on their future plans whilst regenerating brownfield land and vacant space across the West Midlands.