£48m funding package for commercial property development

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by Lin Freestone

Regional development agency Advantage West Midlands (AWM) is investing £48m in the commercial property industry in the region to assist development opportunities that might otherwise not get off the ground.

The funding package is available to private sector developers for suitable projects ranging from £100,000 to £9m.

A streamlined appraisal process will be used to fast-track decisions and it is understood that more than a dozen applications have been put forward by commercial developers for projects in the West Midlands.

Mick Laverty, the chief executive of AWM commented that the current economic climate is particularly challenging for the commercial property and construction industry. That’s why it is vital for AWM to step in with public sector investment to help businesses through the tougher times.

AWM considers that gap funding has a positive impact in the short-term, providing valuable construction jobs at difficult developments which would otherwise be unviable to the private sector. In the long-term, it ensures a supply of high-quality, built floor space to attract the businesses of the future as the economy recovers.