The start of work on a new commercial development in Coventry is being heralded as a “tangible sign of returning prosperity”.

A new phase of the successful Pilot Business Park just off the Tollbar interchange will see the creation of 14 new business units designed for growing commercial and industrial companies.

It will be one of the first speculative developments of its type– where the units are built before a tenant or buyer is secured – in the city since the recession.

The development is the second phase of Pilot Business Park following the successful completion of the Royal Mail unit which serves the south of the city, while two further phases are in the pipeline.

David Penn, of agents Bromwich Hardy, said a number of factors had influenced the decision of developers to press ahead with the scheme of smaller units.

“There is no question that there is a pent up demand from business owners and investors for this type of scheme as the economy recovers and companies look to grow and expand,” he said.

“We have fielded heavy levels of enquiries from businesses who know the time is right to push the button on expansion but have not been able to do so because of a shortage of stock.

“This sort of development will allow companies to put those plans into practice while giving the business owners the chance to invest in their own properties.

“The scheme has been planned to finish at more or less the same time as the road improvements at Tollbar, meaning they will have superb transport links and we think they will prove extremely popular.”

The units have been designed by AJA Architects for trade counters, industrial or warehousing use and include features such as timber cladding.

The first units will be ready for occupation in May 2016.

Peter Burns, president of the Coventry and Warwickshire Chamber of Commerce, who visited the site said that a pipeline of suitable land and development was vital for the economy.

“Companies want to plan their futures in a strategic way and with as much certainly as possible, and to be able to do that, it is key that they have suitable accommodation that suits their purposes,” he said.

“There is a shortage of employment land in and around the city and it is good to see a developer putting faith in our economy.”