The former Meggitt aerospace site has been transformed into a new business park, which once complete, will generate around 500 jobs.
The West Midlands Combined Authority (WMCA) has invested nearly £24m to develop the Coventry site alongside urban logistics property developer Chancerygate and investor Bridges Fund Management.
Holbrook Park now offers 31 industrial and warehouse units spread over 12 acres, four years after Meggitt, a supplier to aviation giants like Airbus and Boeing, moved its operations to Ansty.
Some units are already in use, and when fully occupied, the park is expected to provide around 500 jobs.
While the business park only covers a portion of the 65-acre site, plans are in place for 500 new homes on another section, while Meggitt’s former playing fields will remain as community open space.
Additionally, Meggitt will retain part of the site for a carbon brake facility.
Four units have now been let by Wurth, Clifton Bathrooms, Kelvatek, and TrophyMe and two deals are currently in process. This leaves 25 units up for grabs, ranging from 2,485 sq ft to 22,420 sq ft.
The WMCA’s investment in Holbrook Park is part of its broader brownfield regeneration initiative, which focuses on repurposing former industrial sites for housing and workspaces.
Rob Watts, development manager at Chancerygate, said: “Working in close partnership with the WMCA, we have used the significant investment provided to deliver a sustainable and enduring economic asset for the region.
“Due to its strategic location and the high specification of the accommodation, we have already secured four occupiers and there is a great deal of interest in the remaining units. We look forward to welcoming more occupiers to Holbrook Park and seeing it grow to become a vibrant location with ongoing commercial and employment opportunities.”
Ed Bradburn, FDC investment director said: “The WMCA loan funds continue to go from strength to strength with demand increasing every year. One of the benefits of the WMCA CIF and RIF is that as the market demand has changed the WMCA has adapted the fund remit to ensure that the continued growth of the West Midlands is always a priority.
“This scheme is one of the largest to be funded through the commercial investment fund and is an exceptional example of why the funds were created. Bank funding is still sparse for schemes like this with banks still regulated out of speculative commercial development and without the support of the WMCA loan funds, schemes like these would stall or not be capable of development.”
Access to the WMCA funding was provided by the Property Team at Frontier Development Capital Ltd (FDC). FDC continues to work closely with property developers to arrange investments from the WMCA’s Commercial Investment Fund (CIF) and Residential Investment Fund (RIF).
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