The former Caparo Industries site in Walsall has been sold, allowing for the derelict site’s redevelopment to bring 250 new homes to the town.
The Birmingham office of specialist commercial property consultants Harris Lamb oversaw the sale of the 16.5-acre site to developer Lovell Homes, who have purchased the land in partnership with Walsall Housing Group (whg).
The Caparo site, accessed from Green Lane and Old Birchills Lane, has stood empty for years following the manufacturer’s decision to consolidate operations in Oldbury, with the factory being demolished between 2007 and 2009.
Harris Lamb was appointed by the Trustees of the Caparo Pension Fund as the Law of Property Act (LPA) Receiver. To maximise the value of the site the Harris Lamb planning team were able to secure a planning consent to redevelop the site for residential use.
The site has been used for industrial purposes for hundreds of years which requires a significant remediation strategy costing in excess of £4 million ensuring that the site meets environmental standards required for residential use.
Chris Jones, Director of Residential Land at Harris Lamb, said: “Having been involved with this site for the past two years, I am absolutely delighted to have seen it come a full circle and to have now completed the sale of this site to Lovells and Walsall Housing Group.
“This sale will facilitate the regeneration of a disused industrial site delivering much needed new family homes and developing a community in a sought-after part of the West Midlands.
“There was a great deal of interest in this site from the Plc house builders who remain very keen to develop new housing in the West Midlands as and when sites become available.
“Lovell Homes and whg have a great reputation in regeneration, and will bring a superb development to fruition, with construction work expected to start in mid-2020.”