MIPIM 2013: Birmingham showcases Enterprise Zone potential
THE economic development potential of Birmingham’s Enterprise Zone will be shown to international investors at property conference MIPIM to highlight the practical benefits that locating in the city can bring.
Birmingham’s EZ is the largest city centre zone in the country. In addition to the benefits offered by all zones in the UK – such as business rates relief and relaxed planning – it provides access to one of the UK’s largest business communities with a skilled workforce, established transport connections and a wide range of available floorspace.
The EZ is also unique in being one of Birmingham’s new economic zones. These provide tailored services and facilities to specific industries that are growing in the city. The EZ is designed to support business, professional and financial services, as well as the creative and digital sectors.
Birmingham will be presenting three key developments within the EZ to thousands of international investors at MIPIM. These are: Paradise Circus, Exchange Square and Arena Central.
Sir Albert Bore, Leader of Birmingham City Council, said: “By showcasing cutting-edge schemes such as Paradise Circus, Exchange Square and Arena Central, we are demonstrating that Birmingham has the right space to welcome new people and investors.
“These new developments will change the face of Birmingham forever. They provide a striking vision for the future, which reveals how the city is becoming one of Europe’s leading destinations for business, culture and leisure.”
Paradise Circus, bottom, will be cited as an example of how investors can directly benefit from the city’s support. Granted outline planning permission in December 2012, it has been allocated funding raised by the Greater Birmingham & Solihull Local Enterprise Partnership against a future uplift in business rates generated within the EZ.
Rob Groves, Senior Project Director at developer Argent, explained how the EZ will support Paradise Circus and other projects across the LEP area.
“Birmingham’s City Centre Enterprise Zone is vital to the success of the 17-acre Paradise Circus project, a key part of Birmingham’s Big City Plan. The circa £450m cost of this project will be supported by a £61m Enterprise Zone investment, which will in turn be repaid through the collection of additional business rates generated by the development,” he said.
“Once the investment is repaid through the business rates uplift, significant surplus funds will be generated by the development for investment elsewhere in the Greater Birmingham and Solihull LEP area.”
The EZ is expected to deliver 1.3 million sq m of new floorspace in the city centre. Borrowing against an expected uplift in business rates within the zone has enabled Birmingham to undertake a massive programme of investment beyond site development alone. This includes £25m to extend the Midland Metro line across the city, a business development fund worth £2.5m, and a £1.5m skills and training fund.
