Two former car manufacturing works in Coventry have been sold and are likely to provide a massive boost to the amount of warehousing space available in the region in the future.
Australian property giant Macquarie Goodman through it’s UK subsidiary Arlington, bought 100 acres of the 117-acre site from Jaguar’s parent company Ford for an undisclosed sum.
It will develop the site in conjunction with Stoford Developments. The venture is aiming to turn the site into a fully landscaped office and warehousing park with high-quality units of up to 1.2 million sq ft, with building work likely to begin as early as 2008. It is thought this will provide 1,500 jobs.
Jaguar will retain a presence in the form of its wood veneering facility, which covers the remaining 17 acres of the site and employs around 400 people.
Bruce Usher of Macquarie Goodman said: “The new development will create new jobs and provide a welcome economic boost to the local community.”
In a separate deal Peugeot Citroën has announced that contracts have been exchanged for the sale of its 140-acre Ryton site to Trenport Investments.
Trenport managing director Tony Parsons said: “Our immediate aim is to develop opportunities for several hundred jobs and to achieve diverse business opportunities in the future.