Details have been revealed of the first eight development projects that will benefit to the tune of more than £12 million from the Growing Places Fund.
The Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) has approved £12.075m for the first tranche of projects to be ‘unlocked’ through the scheme.
The funding will help bring stalled infrastructure projects back to life in Aston, Edgbaston, Erdington, Solihull, Kidderminster, Uttoxeter and Cannock.
According to the LEP more than £85 million of private sector investment will be leveraged as a result of the move, creating new homes, hotels, office space and a potential new business park.
The projects are East Aston Reinvestment Site, Icknield Port Loop (Edgbaston), Lyndhurst Estate (Erdington), North Arran Way (Solihull), Dove Way (Uttoxeter), Hoobrook Link Road (Kidderminster) Gallan Park (Cannock) and Mill Green (Cannock).
Paul Heaven, LEP board member and founder of Blue Sky Corporate Finance, said: “From receiving the green light on the Growing Places Fund only a few months ago, we have been able to approve eight projects that are going to deliver major benefits to people living in the LEP area.
“There are some high-profile locations in the first tranche, including the British Sugar site, a key employment site on East Aston RIS, a village centre redevelopment in Solihull and a major employment land opportunity in Cannock.”
He added: “This is not about us undertaking development. It is more about working in partnership with local authorities and developers to unlock the untapped economic potential of key sites that had previously stalled due to market changes and the downturn.
“It will kick-start, invest and recycle capital funds for all partners from across the LEP geography.”
More than £8 million will be up for grabs for when the second round of applications is opened in August or September.