March 29, 2019
Opus Land and Palmer Capital are pleased to announce that they have been awarded resolution to grant planning permission for a c.120,000 sq ft industrial unit at Oldbury.
The resolution to grant planning was put forward at the Sandwell Metropolitan Borough Council’s Planning Committee meeting on the 13 March. Palmer Capital with development partner Opus Land have agreed to acquire the site, subject to planning, with the purpose of speculatively building a modern warehouse/production facility with funding through Palmer Capital Development Fund IV, a programmatic venture managed exclusively on behalf of clients of CBRE Global Investment Partners (‘CBRE GIP’).
The site at Seven Stars Road is situated in one of the Midlands primary distribution and warehousing locations, and benefits from rapid access on to Junction 2 of the M5. The area is home to some of the Midlands most established business parks and the speculative nature of this scheme highlights continued confidence in the strength of the Midlands economy and Opus Land’s commitment to the area.
Tom Edgar of Opus Land commented:
“We are delighted that Sandwell Metropolitan Borough Council’s Planning Committee have shown such enthusiasm for the scheme, and that they have the confidence in Opus Land to deliver the proposed plans. We are committed to be on site as soon as possible, and aim to deliver this scheme by the end of Q1 2020. The Midlands is at the centre of the UK’s industrial market, and we believe that this scheme is reflective of the continued confidence in the local economy despite the uncertainty in the UK currently.”
JLL and Lambert Smith Hampton are the agents for the site. For further details please contact Richard James-Moore (JLL) 0121 214 9817 or Matthew Tilt (LSH) 0121 237 2347.