Set to create up to 10,000 jobs and contribute £350 million to the local economy, the collaboration between Birmingham City Council and IM Properties will look to create a 'world class' employment park, designed to retain and attract both local, wider Midlands and major national and international occupiers.
The announcement follows a marketing and selection process that was launched at MIPIM in 2017 and has involved a procurement process which was extremely competitive and attracted interest from major industrial developers from within the UK and overseas.
The development of the Peddimore site reflects the emerging new approach being taken by the City Council to its property assets to drive value with an increased emphasis on quality whilst delivering the Council’s Social Value objectives. Peddimore will be developed in two phases with IM Properties developing Phase 1 (37 hectares), leaving phase 2 in the Council’s ownership. The retained land will be targeted at major manufacturing occupiers.
The scheme will include a new junction on the A38, utilities to service the whole development, and over 45,000 square metres of new industrial floorspace within 2 years of the access being completed. All industrial units will target a minimum of BREEAM standard ‘excellent’.
In line with Birmingham City Council's desire to deliver greater social value from its collaborations, IM Properties will be making a significant contribution to the local economy and its communities and as part of its commitment will support disadvantaged people into work, fund people onto the Building Birmingham Scholarship Programme and 50% of its spend will be with local suppliers and SME’s.
Birmingham City Council Leader Cllr Ian Ward said:
“Peddimore will be a market leading development which will attract thousands of new jobs and significant new investment into the City. I am delighted with the outcome of the developer selection process, which reflects both the confidence in the City, and the strength of our industrial market. IM Properties have shown a clear commitment to work with the City Council in partnership to deliver a high-quality development that achieves lasting benefits to the local community.”
Waheed Nazir, Birmingham City Council’s Corporate Director for Economy, said:
“I am delighted that IM Properties have been confirmed as our development partner for Peddimore. The selection process has been extremely competitive and has attracted some very high-quality submissions. I look forward to working with the IM Properties’ team to deliver a flagship industrial scheme which will deliver a lasting legacy for the City.”
Tim Wooldridge Managing Director of IM Properties said:
“We are extremely proud to have been appointed as the City Council’s development partner for Peddimore. Our successful selection underpins our commitment to the region and our aim to deliver outstanding, sustainable and innovative real estate with economic and environmental benefits for both businesses and the local communities we invest in."
Kevin Ashfield, UK Development Director at IM Properties added:
“This will be our second collaboration with Birmingham City Council, having delivered the new Wholesale Markets at The Hub to the north of the city, at the end of last year. We now look forward to working with the Council again in creating what will be an exemplar development”.
Midlands-based IM Properties is one the UK's largest privately owned property companies, with an investment and development portfolio exceeding £1bn across the UK, Europe and USA.