Bilfinger GVA advises Canal & River Trust on strategic Wolverhampton regeneration site
Tuesday, 02 February 2016
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The Midlands office of property adviser Bilfinger GVA has assisted the Canal & River Trust in acquiring a prominent regeneration site close to Wolverhampton city centre.
Situated adjacent to the Birmingham canal and close to Wolverhampton train station, the 3.7 acre former Crane Foundry on Bailey Street forms part of the Canal-side Quarter a key regeneration area for the City Council The acquisition forms part of the Trust’s ongoing strategic objective to acquire freehold land interests in regeneration areas close to waterways, fulfilling their commitment to the enhancement of waterside areas.
Mark Birks, Director in the Land and Development team at Bilfinger GVA, said: “This former industrial site represents an important regeneration opportunity for Wolverhampton and with 250 metres open to the canal, perfectly dovetails with the Canal & River Trust’s objectives for the regeneration of waterside locations.
“There is an ongoing desire from the Trust to acquire other strategically important regeneration sites that have perhaps been overlooked by larger developers. This approach will be vital in maximising a location’s regeneration potential and we look forward to working with the Trust again in the future.”
This is the first significant site to be acquired by the Trust in the last few years from a dedicated fund committed to the acquisition of development and regeneration sites within close proximity to the canal network.
Cheryl Blount-Powell, Development Manager, Canal & River Trust, said: “Through the application of our regeneration and development fund and using the skills we have in house together with our consultants, we are able to fulfil a key role in ensuring the ongoing enhancement and improvement of areas in the vicinity of the UK’s canal and river networks. Our vision is that living waterways transform places and enrich lives.
“The Crane Foundry site is a prime example of the kind of underutilised canal side site, the regeneration of which will help to enrich both the surrounding location and the UK’s waterway network.”
The Trust are now working closely with Wolverhampton City Council to ensure that plans for the regeneration of Canal side which will include this and other land come forward over the next few years .Proposals will be in keeping with the council’s own strategy for regeneration and the Trust aspiration for waterside development.
Councillor John Reynolds, the Council’s Cabinet Member for City Economy, said: “We welcome this investment and potential regeneration of what we anticipate will be a key growth area. The delivery of a mixed use development will be invaluable in contributing to our masterplan for the redevelopment of the city. We fully support the Canal & River Trust in its ambition to drive the regeneration of canal-side locations such as this and look forward to working with the Trust on the plans for the new site.”
The initial masterplanning stage for the site is due to start imminently.
For more information, contact Mark Birks at Bilfinger GVA on 0121 609 8463 or firstname.lastname@example.org