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The Smithfield Birmingham Masterplan is a ‘once in a generation’ regeneration project that will completely transform the city centre. The huge regeneration project will create an innovative and sustainable quarter in the heart of the city. The centre of any city is a huge draw to property investors, businesses, and residents – and Birmingham will be home to one of the most attractive centres in the country.
The city is being injected with billions of pounds worth of investment, meaning Birmingham is growing at a dramatic pace. As we are halfway through the ‘Big City Plan’, spanning 20 years, this next decade will be a golden one for the Second City. Recently, the regeneration project hit a milestone as the City Council and Lendlease Europe finalised a joint venture contract for the £1.9 billion scheme. From creating jobs to offering state-of-the-art transport, Birmingham is beginning to realise its full potential. It will become a truly international city and driving force for the UK economy and a hotspot for property investors.
As a whole, the vision is to create a sustainable, innovative, and inclusive space that puts the people at the heart of the development. This includes new vibrant retail markets, leisure facilities, cultural buildings, homes, and improved transport facilities. What is so remarkable about the masterplan, is the international exemplar of sustainable development that Birmingham is creating. Recognised by the World Business Council for Sustainable Development (WBCSD), Birmingham is at the forefront of the agenda.
This project will deliver radical improvements to the city, enhancing walking, cycling, and transport routes. The new streets and spaces will give priority access to pedestrians and cyclists, which will reconnect the centre, Digbeth, and the wider Southern Gateway. In order to create a safe, active, and sustainable way to travel around the city, cycle routes and parking will be integrated.
In addition, public transport is being radically improved. By adding new bus routes, residents will have better access to the markets and leisure attractions. Also, a new route is being created for the Midland Metro which will provide quick connections to train stations, including the HS2 terminus.
The Smithfield regeneration plan will revamp Birmingham into a major cultural and leisure hub. Vibrant markets will bring distinctive character to the city. Also, the new Market Street will provide a revitalised shopping experience. Throughout the day, it will be a shopping haven. At night, it will turn into a hive of activity. This is also extremely attractive for any small independent business looking for space to advance. The new contemporary and innovative design will help capture the market personality and make it an enjoyable shopping experience.
Birmingham is already a city of culture and the regeneration project will only enhance this, attracting an influx of property investors. Improved leisure amenities will increase the quality of life for its residents. Therefore, we can expect to see demand soar and rental prices rise.
New, modern, and sustainable homes will make the neighbourhood an extremely attractive place to live. Creating over 3,000 new homes, the apartments will be at the forefront of sustainable design with integrated space for bikes, waste, and recycling. Catering to the whole community, there will also be shared open and green spaces, as well as a health centre and primary school – all contributing to the creation of an ideal residential area.
Sustainable building design is a key aspect, as the homes will minimise energy and water consumption. Initially, the homes are built using sustainable building materials, which will reduce waste. When up and running, Sustainable Drainage Systems are fitted which will minimise flood risk, improve water quality, and enhance biodiversity.
In addition, the buildings will generate zero-carbon heat and employ smart technology to balance energy generation. Not only will this save energy but reduce costs too – which is extremely attractive to potential tenants. There is also the added bonus that a newer property requires less maintenance in the long term. Combined, these properties provide tenants with significantly better value for money. As a result, they are much easier for landlords to let out. Therefore, providing the perfect opportunity for property investors. Sustainable living has become an increasingly attractive option for investors, as eco-friendly property is expected to rise in value over time.
The large-scale project is a creation of a legacy for Birmingham. For property investors, this is an extremely exciting regeneration scheme. Over the coming years, the development has the potential to create over 8,000 new jobs. These new opportunities will make Birmingham a shining example of economic growth. Bringing in £470 million GVA into the local economy – the project will not only benefit the centre but the surrounding areas too.
The 17-hectare development will only open up the floodgates for more regeneration opportunities and accelerate the transformation of the city. With Lendlease Europe on their side, the project is a once in a lifetime opportunity for this Second City. As a result, Birmingham is quickly rising to the top of the list for property investors. With properties three times the price than those in London, but growing at twice the rate, investors have a high potential for capital growth. Coupled with strong rental yields and consistent tenant demand, Birmingham is a standout investment choice.
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