IM Properties has revealed that it is in advanced negotiations with a first occupier at the 175-acre Peddimore scheme in the West Midlands that could provide in excess of 1,000 full time jobs.
On its online consultation the developer revealed: “We are in advanced negotiations with a prospective occupier and working with the occupier to design and deliver a high-quality building that meets its specific requirements. This is a major milestone for Peddimore and a catalyst for unlocking the full potential of the site.”
IM Properties intends to submit detailed plans for two units on the 91-acre Development Zone 1A; Unit A totalling 180,000 sq ft and Unit B, which is the subject of negotiations, currently gives no indication of total square footage.
According to the consultation document: “Unit A and Unit B combined provide more floor space within DZ1A than originally anticipated in the hybrid planning permission. However, the total footprint of buildings is actually lower in our draft plans for DZ1A than envisaged in earlier masterplans.
“The reason for the floor space increase is the inclusion of three mezzanine levels within Unit B. The mezzanines are a critical requirement of the prospective occupier.
On the developer’s consultation plans, which it has made public prior to submitting detailed plans later this spring, the facility looks to have a footplate in excess of 400,000 sq ft. With the addition of the mezzanines the unit could be in excess of 1 million sq ft.
IM Properties was chosen by Birmingham City Council as its preferred development partner for phase one of the regeneration of the Peddimore site near Sutton Coldfield in March 2018 beating developers Bericote and Prologis to be selected.
The first phase covers 91 acres of the 175-acre park with the second phase to be retained by the city council for development at a later date.
As part of the deal, IM Properties will take a 250-year leasehold on the site once it has completed certain works there with the option of buying the freehold at a later date.
The site is close to junction 9 of the M42 motorway, either side of the A38 Sutton Coldfield bypass.