Middlemarch Business Park
Bridges Property Alternatives Fund III
Date of Initial Investment
Challenge: Employment opportunities are not evenly distributed across the UK, and the poorest communities are often more disadvantaged in terms of access to affordable accommodation, office space, services and economic opportunities. But these challenges – underutilised property, unmet demand and underutilised local talent – also present opportunities for growth. In many of these ‘regeneration areas’ there is also the opportunity to build to higher sustainability standards, benefitting the environment and the well-being of those working in the property.
Investable Solution: Middlemarch Office Park is a 94,000 sq. ft. business park located three miles to the south of Coventry City centre. Bridges acquired the property in a joint venture with Evenacre, with a view to refurbishing and re-letting the vacant buildings (66,000 sq. ft.) to SME occupiers. Our investment will support the commercial growth within this regeneration area, which is situated within a location designated as qualifying for European Assistance. The investment will provide much-needed office space in energy efficient, self-contained buildings.
Outcomes: The proposed refurbishment will use energy-efficient plant and fittings and support up to 660 jobs through the provision of additional upgraded office space.
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