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News Banking & Finance 13th Dec 2016

Freeths play part in former colliery site development

A £21.6 million industrial development on the edge of Cannock is the first project to secure the backing of the West Midlands Combined Authority’s new investment fund.

A grant of £7 million will help develop an open cast colliery site at Kingswood Lakeside, kick-start the 283,000 sq ft scheme and ultimately lead to the creation of 425 jobs.

Midlands-based developer Opus Land, backed by Bridges Ventures, has been awarded the money, along with a further donation from the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP), to purchase the colliery and get the site development ready.

The WMCA’s investment fund is a £70 million commercial development set up by the WMCA earlier this year to stimulate jobs, opportunity and growth.

It is aimed at unlocking a further £1 billion in private sector investment over the next 10 years.

It is managed by Finance Birmingham and provides short-term loans to private sector developers to enable them to get schemes off the ground.

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