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Industrial activity plunged in the 1980s, and unfortunately, the economy of Birmingham followed the same downward course. Additionally, unemployment rates sky-rocketed beyond 20%. Moving forwards, Birmingham pressed on the need for service-based jobs to replace the positions lost in manufacturing. This softened unemployment rates dropping levels to 6.7%.
Over the past two decades, private sector employment has elevated. The sectors which employed an increasing number of workers included; professional services, finance, tourism, and retail. As a result of the regeneration in Birmingham, such as upgrading the Bullring, Grand Central and The Mailbox, retail in the city has become increasingly popular. The Grand Central Shopping centre, home to the 250,000 sq. ft, John Lewis store, has also proven to be a hit.
Continue scrolling to discover which far-reaching regeneration projects are unfolding across this world-class city, generating copious opportunities for job seekers, businesses, investors, and residents.
Improving Rail Connectivity in the Midlands
Regeneration in Birmingham stretches far beyond skyscrapers and leisure spaces. The Midlands Metro network will triple in size with £1.3bn worth of investment. The Westside Metro expansion will ease accessibility and provide services for an additional five stops to support the growth of Birmingham. Furthermore, the network will operate the first battery-powered trams in the UK!
In addition, Sprint, the rapid bus network, has received £100m for advancements. The objective of this bus network is to reduce travel times between neighbouring areas: Solihull, Walsall, and Sutton Cofield.
The city will welcome the £106bn HS2 line to Curzon Street in 2026. The HS2 line will undoubtedly influence the property market of Birmingham. This central hub will enhance connections between London and the North. The HS2 line will support regeneration in Birmingham and further enrich its appeal as a commuter location, as journey times to the Capital drop to only 50 minutes. As a result of lowered travel times, many Londoners will move to Birmingham to take advantage of the lower house prices and rents. Therefore, as demand increases in the city, property and rental prices in the area will inflate.
The Midlands Gateway to the World
Due to COVID, the 14-year, self-financed, £500m airport expansion ceased. However, the project will soon commence, evolving into Midland’s gateway to the world. The expansion aims to improve accessibility globally, with access to more destinations across more flights. Once complete in 2033, the successful regeneration of Birmingham airport will contribute £1.5bn to £2.1bn to the economy annually. The project aims to minimise the use of carbon offsets. Most importantly, the projects over the next decade will focus on energy efficiencies.
The Commonwealth Games
The Commonwealth Games is the most significant British sporting event, following the remarkable London Olympic Games, 2012. The Commonwealth Games will be a huge catalyst for growth in the city. Over £700m was spent on schemes to shape Birmingham into the hosting city. This year is exciting for Birmingham, especially for residents who are seeing these upgrades throughout the city. Furthermore, current investors in Birmingham will soon see exponential returns on investment.
Birmingham will welcome over 1 million people to the Games, and an anticipated 1.5bn will tune in on TV, solidifying the presence of the city globally. According to data released by JLL, by 2026, prices in the city are forecast to grow by an excellent 27%. Therefore, if you are looking to maximise the returns on your investment, you should invest in the market NOW!
Perry Barr Regeneration
The Perry Barr 2040 Masterplan helped to shape the Commonwealth Games, currently taking place in the city. The £700m regeneration of Perry Barr is an integral part of the Commonwealth Games legacy. The most notable project is the £72m expansion and upgrade of Alexander Stadium, which will host the Games. The stadium has seen a massive extension, increasing the capacity by 40%. As a result, this has attracted more investment to the area. New transport links will be integrated into this scheme, including the bus routes of Sprint, to support the flow of travellers and tourists during the Games.
The UK is currently facing a lack of housing supply, and the same applies to Birmingham. Therefore, to tackle the chronic housing shortage, Perry Barr will transform into an area with affordable homes after the Games. The Housing Infrastructure Fund will support this sustainable scheme as the neighbourhood sees buildings converted into homes. Consequently, this will encourage the supply and demand imbalance to soften. As part of the redevelopment, the district will welcome the building of new homes, a new school and a sixth form.
Snow Hill Masterplan
The Snow Hill district is a business hub. It is home to the Colmore Business District, employing over 35,000 workers. This plan will generate another 10,000 jobs in the city, and with the improving connectivity in the area, commutes for professionals will be much easier. The Snow Hill district will benefit from enhanced routes for, pedestrians, cyclists, and public transport.
Snow Hill Station is already used by several thousand people each day. Additionally, once the area is revitalised and connections to the HS2 line are improved, it will become of the best-connected professional services districts in the UK.
The Big City Plan
The Big City Plan, created in 2010, outlines several objectives. Over the decade, many of these schemes have been successful, including the iconic £188m regeneration of the biggest public library in Europe, the Library of Birmingham. In addition, £12m of the redevelopment of the new urban City Park will boost the residents’ quality of life, attracting more individuals to the area. All the initiatives will cultivate economic growth in the city and region.
The Big City Plan is nothing short of a success story and is not yet complete! Major employers including HSBC, PwC, Deutsche Bank, BT, Barclays, RBS, and KPMG have already relocated to the city, and we expect this trend will continue as costs to rent office spaces are much lower than the Capital.
This Masterplan will focus on five transformational areas, supporting the expansion of the City Core. Sustainable initiatives in each project will help tackle the effects of climate change. The Big City Plan will generate 50,000 new job opportunities. Therefore, rental demand will rise as the population increases.
Birmingham Health Innovation Campus
The Birmingham Health Innovation Campus, previously known as the Life Sciences Park, is strategically located. The 10-acre campus sits close to the Queen Elizabeth Hospital, Edgbaston Medical Quarter and the University of Birmingham. This park aims to encourage growth in the sector and ultimately attract more investment to the city. The campus is set to open in 2023 and will accelerate research into Life Sciences. Leading medical innovation in the Midlands, the project will create a significant number of high-paying jobs, boosting demand for rental accommodation in the area.
The impressive state-of-the-art labs and office spaces will generate 10,000 new job opportunities for skilled professionals. The innovation and research advancements will drive economic growth, delivering more than £400m GVA to the local economy. A strong economy will positively influence the property market.
The £1.9bn Smithfield regeneration scheme aims to revitalise the Southern area of Birmingham into a retail and tourist hotspot. By 2037, the project will have boosted employment in the area, offering well-paying jobs to locals. As a result, it will generate over 100,000 new jobs.
Birmingham is a vibrant and cultural city, and this once-in-generation project will completely transform the city. The Smithfield district is home to the infamous Bullring Markets and is successfully morphing into an integral shopping location in the Midlands. The regeneration in Birmingham will capitalise on the unique and eccentric character in the area.
The projects taking shape across the city are truly iconic. Looking at Birmingham now, it is completely unrecognisable from a decade ago due to the city-wide regeneration. The city boasts a thriving economy and plentiful skilled job opportunities and is a desirable commuter location to London. The city continues to evolve because its foundations are sturdier than ever. Therefore, attracting global investments. We can comfortably predict that, due to the regeneration in Birmingham, the city’s position in the property investment market will continue to solidify over the decade.
Over the next five years, Birmingham will see the most robust property price growth. For instance, if you bought a home for £500,000 in the current market, by 2026, the property may be valued at £635,000 – as per current property price forecasts. Property prices are already growing at the fastest speed compared to any other city across the UK and as all the projects come to fruition this will only intensify.
The UK's Second City
CityRise is delighted to launch an exclusive off-market investment opportunity in this vibrant city. This brand-new development features 1-, 2- and 3-bedroom apartments, finished to excellent standards. This development boasts incredible views and is close to Sheldon Country Park. In addition, it is near to the new Metro Line and the HS2.
Over 40% of this beautiful development has already sold out, and I can assure you that these investors will benefit from significant capital appreciation in years to come because of the planned regeneration in Birmingham. Furthermore, you can generate a higher income as the development works perfectly as a serviced accommodation model. Click here for more information.
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