Birmingham is currently seeing £billions invested into city-wide regeneration comprising retail, commercial and residential, as well as infrastructure projects. By 2029 the population is expected the reach 1.3 million, all of whom will want access to good accommodation, work and leisure facilities. It is therefore no surprise that there is so much redevelopment taking place in this city.
This £500 million project will transform a 14-hectare site situated between the city centre, the Eastside district and the Chinese quarter. On where once stood Birmingham’s wholesale markets there will now be 1,000 new homes and over 100,000 square metres of retail and leisure space. The Smithfield project will create 3,000 new jobs and will bring £470 million GVA to the city’s economy.
Birmingham’s Paradise project will create a business hub in the city with the construction of 1.8 million square feet of office space, retail and leisure facilities – including a 250-bedroom hotel. The development will establish a gateway between the city centre and the Westside district and will cost £700 million. PwC will be based at the eight-story office building at One Chamberlain Square which is due to finish construction in 2019, with the entire project scheduled for completion in 2026.
Near to the Paradise development is Arena central. Situated close to Birmingham’s Mailbox district, HSBC’s UK headquarters will soon be based here. The Government has also agreed to Birmingham’s biggest pre-led in a decade: a 240,000 square foot building at which a number of its departments will be based – including HMRC’s Midlands regional division.
Birmingham is already one of the best connected cities in the UK, but the arrival of HS2 will improve this exponentially. Its arrival into Birmingham is currently scheduled for 2026, and once complete it will reduce travel times to London to under an hour, carrying with it commuters to the capital. The station is planned for the Eastside district and will bring £1 billion of regeneration to the area.
Commonwealth Games 2022
In December 2017 it was announced that Birmingham would be the host for the 2022 Commonwealth Games. The Games will push the city into the global spotlight, attracting tourists and boosting Birmingham’s economy by a predicted £750 million. Although not a traditional investment project, this win shows how Birmingham is increasingly positioning itself as a modern, innovative, international city.