Enterprise Zone investment in Birmingham to be highlighted at MIPIM

IT has been revealed that Enterprize Zone (EZ) funding in Birmingham has resulted in 1,000 jobs and 60,000 sq m of space being created in the last year.

Some £18m has been spent on recently opened EZ projects such as Two Snowhill and BCU’s Eastside Campus.

Now the EZ – which covers 26 sites across the city centre – is to be showcased at international property show MIPIM in Cannes next week.
 
Benefits offered by the EZ – such as £275,000 rates relief – have helped to stimulate demand for property in Birmingham city centre. Two Snowhill has attracted tenants including global law firm Wragge Lawrence Graham & Co and the new 100,000 sq ft national HS2 headquarters.
 
Other projects that have benefited from EZ investment include 122 Fazeley Street and two major educational institutions: phase one of Birmingham City University’s £180 million Eastside campus, and the phase one of University College Birmingham’s new site.
 
In July 2014, the Greater Birmingham & Solihull LEP (GBSLEP) and Birmingham City Council agreed to increase the amount of funding available via the EZ to £27 m from £128m, to help create 40,000 jobs over the next 25 years.
 
Andy Street, Chairman of the GBSLEP, said: “Since we launched the EZ in April 2011 we have turned this transformational initiative into reality.

“Developments are being delivered on the ground and importantly we are providing much needed jobs which otherwise would simply not happen.

“The actual investment figures are impressive and emphasise why it’s important to get this right.
 
“Alongside the £375m we have secured from the Growth Deal it is clear that we now have a powerful programme of investment that will help us to drive growth and support the economic recovery across the region.”

Sir Albert Bore, leader of Birmingham City Council, said: “Birmingham is investing on an unprecedented scale to grow its infrastructure, its economy and its employment opportunities.

“More businesses than ever are deciding to locate or start up in the area.

“Birmingham’s Enterprise Zone is opening up swathes of the city centre for development, prompting the regeneration of up-and-coming districts and making established areas even more attractive for companies and investors.”