The development of two major new industrial parks in Coventry and Warwickshire has begun with the help of a £9.7 million loan from Warwickshire County Council’s enterprising Property Investment Fund (PIF), managed by global real estate advisor, CBRE.
Warwickshire Connect Ltd, a subsidiary of The Wigley Group, has begun construction to transform a 1.88-acre brownfield site on Endemere Road, Coventry.
The project will deliver a purpose-built commercial hub after receiving full planning permission in 2023. Warwickshire Connect Endemere will provide 20 units for sale ranging in size from 1,000 to 3,000 sq ft to help meet growing demand for commercial space and benefit local, small and medium sized businesses (SMEs).
Construction is expected to take 12 months, with the first units available for occupation by the summer of 2025.
This is the first loan from the PIF, the property strand of the Warwickshire Investment Fund (WIF) which supports the provision of sites and premises designed to help drive the growth of the local Warwickshire economy. The PIF is managed by CBRE’s Lending team.
The loan will also support a second development on the boundary with Warwickshire on Rowley Drive, close to the UK Battery Industrialisation Centre and the new Coventry & Warwick Giga Park.
James Davies, Chief Executive Officer at Wigley, said: “We’re incredibly excited to begin construction and get this development off the ground. This well-connected location will service a stark demand for commercial space, in turn supporting the fast-growing economy of Coventry and Warwickshire.
“We received a healthy number of enquiries from prospective tenants when the plans were first approved, and that interest has remained constant.”
Wigley, based in Stockton, near Southam, has collaborated with Warwickshire County Council and global property advisors CBRE in funding the project.
Councillor Martin Watson, Portfolio Holder for Economy, said: “I'm delighted to see the PIF being used to really support our businesses to grow.
“The lack of availability of smaller light industrial space is a real barrier for some smaller businesses' growth. Making these kinds of units available will create opportunities for smaller enterprises to have premises that they can afford so that businesses of all sizes can benefit from, and contribute towards, the region's growth.
“The economy in Coventry & Warwickshire has performed well in recent years, and this has often meant that there has been a lack of smaller, affordable light industrial units of the type used by SMEs. The economies of the city and county are closely linked, particularly around manufacturing supply chains, so the new units will benefit the business base across the wider area.”
Tom Bromwich, Founding Partner of Bromwich Hardy, which has been instructed to market the units, said: “We are delighted to be once again working with our clients at the Wigley Group.
“The fact these new commercial units will be available to purchase makes them particularly attractive to small and medium business owners as there is a real shortage of any quality commercial premises available to purchase.”
George Richards, Senior Director at CBRE said: “Warwickshire County Council’s Property and Infrastructure Fund has been set up to support much needed local development, driving the local economy and creating employment opportunities. We are delighted to have advised Warwickshire County Council on this first loan to launch the PIF and are now hugely excited to see Warwickshire Connect’s progress on the development over the coming year.”
Targeted at small businesses, the Warwickshire Connect Endemere scheme will provide sustainable and modern industrial units with office and storage space along with 72 car parking spaces. It is close to the A444 with easy access to the M6 and M69.
Established in 1964, Wigley Group is an ISO 45001 and 9001 certificated company active in real estate acquisition, development, and construction, managing portfolios of assets both within its ownership and on behalf of commercial partners.
The Property Investment Fund is part of a wide range of County Council business support services and programmes. To find out more on this and other programmes visit www.warwickshire.gov.uk/businesssupport.
CBRE, Wigley Group and Warwickshire County Council will be attending the property and investment event UKREiiF 2024 (UK Retail Estate and Infrastructure Investment Forum) in Leeds from May 21st – 23rd, to promote this and wider development in the county, as well as the PIF fund.
For more information on availability of units at the new developments, visit the Bromwich Hardy website at https://www.bromwichhardy.com/
Caption - from left; Tom Bromwich, Founding Partner of Bromwich Hardy, James Davies, Chief Executive Officer of The Wigley Group, Warwickshire County Councillor Martin Watson, Chris Parsons, Director of Group Operations at The Wigley Group, and Charles Hicks, Commercial Lead at The Wigley Group.