National law firm Shoosmiths has advised hydraulic manufacturing company HydraForce in the development of their second site at Birmingham's Advanced Manufacturing Hub, in a move that will create hundreds of jobs.
The company, which turned over almost £50m last year, already employs 280 staff at its European headquarters in Aston and expects this number to now double by 2018.
Following confirmation of a £1.8m grant from the government's Regional Growth Fund earlier this summer, the company has completed the deal with landowner the Homes and Communities Agency (HCA).
HydraForce expect to start to build the 120,000 sq ft factory in September, with a view to moving the entire business and staff to the facility in August 2015. The new site is intended to allow the company to bring the manufacturing of more of its products over to the UK from its parent company in the US.
The move also means HydraForce will become the inaugural tenant of the Advanced Manufacturing Hub, one of six economic zones in the city. The zones - advanced manufacturing, business and professional services, creative and digital media, life sciences, food and drink and IT, electronics and communications - aim to provide growth environments for key sectors. It is hoped these will unlock £1.5bn of investment in the city and generate almost 50,000 jobs.
HydraForce managing director Peter Macdonald said: 'To achieve our ambitious growth plans to double turnover by 2018, we need the new space to install new machinery, research and laboratory facilities, and support, and we had every confidence in Shoosmiths being able to deliver the right advice for us on this challenging project.'
'The Advanced Manufacturing Hub is the ideal site for us. It is logistically well placed and very close to our existing premises at St Stephen's Street so it will be easier for our staff to move with us.'
Shoosmiths' partner and head of real estate in Birmingham, Jason Jackson, said: ''Our work with HydraForce again demonstrates the strength, depth and capabilities of our real estate offering in Birmingham.
'Our work on this important project also underscores our ability to act for the manufacturing sector in the Midlands, who are playing an active role in driving the local economy forward while delivering jobs and investment in this region.'
Savills advised the HCA and Birmingham City Council and is responsible for the marketing of the Advanced Manufacturing Hub and securing additional occupiers for the site.
Shoosmiths' Real Estate Group is one of the largest in the UK, being spread over eight offices from the south coast to Scotland.
The group is made up of teams advising on real estate, construction, planning, property litigation, and environmental.
Shoosmiths' clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporate occupiers, banks and other funders and a range of public sector bodies.
Shoosmiths worked alongside Cameron Mitchell and Simon Lea of real estate and professional services firm JLL on this project.