Wolverhampton, Goodyear

Background

Wolverhampton, Goodyear Aerial

St. Modwen acquired this 88-acre site in October 2002 via a sale and leaseback which enabled Goodyear to release value whilst retaining the right to remain in occupation on a flexible term basis. The company also undertook to assist Goodyear in using surplus space and within 9 months, a 33,000 sq ft office building was vacated and re-let to brokerage business Promise Finance, securing 120 new jobs.

Goodyear Offices

Partnership

The arrangement with Goodyear involved the creation for the company of close links not only with Goodyear but also with Wolverhampton City Council. As Goodyear's manufacturing plans evolved, a masterplan was drawn up enabling it to consolidate its operations in part of the site releasing the balance for mixed used development. In early 2006 , after extensive consultation a resolution to grant planning consent was obtained for the site's redevelopment.

Regeneration

Offices re-let to Promise

The outcome of this exercise will be that the existing industrial complex will be transformed into a thriving new neighbourhood through a £100m “lifeline” scheme comprising: 17 acres retained by Goodyear for its streamlined operations; 118,000 sq. ft. of new and refurbished office space; 39 acres of residential development; neighbourhood facilities (including a school, remodelled sports facilities, a GP surgery, day nursery and local amenities) together with public open space and a vital new road link. By the time the scheme is completed there will be more jobs on the site than when St. Modwen first became involved, historic conflicts between residential and industrial areas will have been removed and Wolverhampton's residential land needs will have been in part provided by a major brownfield land release.  

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