St Francis has bought the former Pilkington Automotive and GKN Aerospace sites in Kings Norton, Birmingham for the development of new industrial warehouse space.
St Francis Group is backed by private equity firm Metric Capital Partners, which supported its 2017 management buyout and merger with DSM Demolition.
However, this 400,000 sq ft multi-unit speculative development will be funded by the Richardson family, who are still most famous for developing the Merry Hill Shopping Centre on an old steelworks site in the 1980s.
Kings Norton will be the third collaboration between St Francis Group and the Richardsons following the development and sale of Velocity42 in Redditch and Cransley Park in Kettering.
A detailed planning application will be submitted later this year with work on site scheduled to begin once the existing occupiers vacate next year. The new proposals could create around 900 new jobs.
St Francis Group director Gareth Williams said “We are delighted to have secured these strategic sites and to be able to promote a scheme in the heart of the greater Birmingham conurbation. We have seen a huge growth in the mid box industrial warehouse market, and we will be aiming to meet that demand with 8 new energy efficient units ranging from 25,000 sq ft to 70,000 sq ft.”
“We recognise the value in higher performing sustainable assets and so we are looking to develop units using construction standards that exceed occupier expectations throughout their life cycle.”
The new units are expected to be ready for occupation by the end of 2022.