£1.9m loan secured for major regeneration scheme

A £1.9m development loan has been awarded to support the regeneration of 4.5 acres of brownfield land in Kidderminster. The proposed scheme will provide new industrial and retail space in the town.The project, led by Suma Developments Ltd, will provide 17,000 sq ft of new light industrial units and a drive-thru Costa Coffee as part of a larger employment scheme.Located on the old British Sugar Factory Site, the property will form part of the Silverwoods Park, Stourport Road. Silverwoods Park is a mixed-use development situated on the outskirts of Kidderminster, which already offers more than 300 new homes, an Aldi Supermarket, Greene King Public House and Community Leisure Centre.The development funding has been provided from Wyre Forest District Council’s (WFDC) Development Loan Fund, a £10m fund backing new development schemes which support the council’s priority for regeneration and economic growth.Phase one of the Suma-led development is set to create 42 new jobs and attract. £80,000 of new business rates to the area. Plans for phase two, subject to occupier demand, would involve the construction of 24,500 sq ft of trade-counter units.In a parallel agreement with Suma, the industrial units will be purchased by WFDC to diversify its portfolio of industrial units across the district. The units will be named Forest Industrial Park.