Regional development agency Advantage West Midlands (AWM) has bought around 22 acres at the former Jaguar site at Browns Lane in Coventry from Goodman to ensure that the site is brought forward for development.
AWM has paid £9.8m for part of the land and to fund remediation at the site, and it is now planning manufacturing and office uses for the site rather than large scale distribution.
Ian Austin, regional minister for the West Midlands, said: ‘It is vital that key sites like Browns Lane are prepared in readiness for the economic upturn.’
Mick Laverty, chief executive of AWM, said: ‘Our intervention at Browns Lane is a direct response to the economic downturn. In better times the market would have sustained the development.
‘We are working closely with Goodman on this project to help maintain momentum, specifically by acquiring the land and ensuring work progresses with the preparation of on-site infrastructure.’
Laverty said AWM would work towards developing 645,000 sq ft of office space on the site.
A spokesman for Goodman said: ‘This was a strategic decision and we are now committed to developing the remaining land and undertaking site remediation and infrastructure works. In the next few weeks, we will be submitting outline plans for more than 40 acres of mixed-use space with a focus on manufacturing and offices.
‘We are confident that as the site evolves, it will help regenerate the area by attracting businesses, jobs and amenities.’