£10.6 Billion Retail Park Could Revitalise West Midlands’ Economy

A new £10.6 billion scheme to build a retail complex could, as Richard Carr points out this week, provide numerous economic benefits for the entire West Midlands.

Commercial Projects Benefit Local Economies

Richard Carr is a commercial and retail property consultant, with a wealth of experience. He advises on how best to maximise profit potential on leisure, retail and commercial property development.

Richard Carr photo

An aerial view of Wolverhampton

Richard is aware that major commercial retail projects have numerous benefits for the wider community not just for those who own and administer the properties. The new retail complex is likely to play a major part in revitalising both Wolverhampton and the wider area and signals that the economic climate is improving.

 

The Interchange 10 Project

According to the Express and Star, construction firm Balfour Betty is planning to build a Grade A office and a four-storey retail block next to Wolverhampton’s bus station.

Christened the Interchange 10 project, Balfour Betty will funnel £10.6 billion to its construction. Furthermore, the company has suggested that not only will it devote millions of pounds to hiring local contractors, when possible, to build the block, it will hire local workers once it is completed.

Balfour Betty is Committed to Aiding Economic Development in the West Midlands

Balfour Betty spokeswoman, Sharon Willis, commented on the company’s dedication to aiding economic development in the region. Willis said that “Balfour Beatty is committed to supporting local businesses, recently announcing its pledge to spend £1 billion with Small and Medium Enterprises in 2014, the highest of any main contractor to date.”

She added that “we are also committed to sourcing local employment where appropriate” before pointing out that “we spent approximately £35 million in the Wolverhampton area last year with companies specialising in electrical installations, security, floor coverings, technical consulting and more.”

This Project Has the Potential to Generate Millions for the West Midlands

In Richard Carr’s opinion, the retail complex has the potential to inject millions into the local economy initially through job creation and construction contracts and then aid the region’s growth attracting new business going forward.