West Midlands unveils £10bn prospectus
Register for free to receive latest news stories direct to your inboxRegister
The property market is to be handed billions of pounds of opportunities to stake a claim in what is being called “the UK’s new growth capital and most investable region”.
Mayor of the West Midlands Andy Street unveiled a Investment Prospectus showcasing up to £10bn of schemes.
The Prospectus, launched at MIPIM 2018, showcases 20 schemes.
The Mayor said: “These are exciting times for the West Midlands. Growth is strong and optimism is high.
“We have a drum beat of momentum behind us both economically and culturally.
“Birmingham will host the 2022 Commonwealth Games and Coventry is set to shine as the UK City of Culture in 2021, offering opportunities for investors to help build lasting legacies.
“Our industrial heritage is second to none but we are also home to the industries of tomorrow and are busy creating a new industrial revolution in the very place where it all began.
“So now is the time to invest in the UK’s new growth capital and its most liveable, investable and competitive region.”
A number of the sites in the Prospectus will aim to build on the investment being put into the region’s infrastructure, especially transport.
The HS2 high speed rail line will open in 2026 – putting the region just 38 minutes from London – and the West Midlands Combined Authority (WMCA) is using newly acquired powers and funding transferred to it from central government to further drive the growth and investment needed to fulfil the region’s ambitions.
This includes a series of new Metro tram extensions across the region.
The Mayor said the Prospectus showed how the West Midlands had come together to speak with one voice in delivering its message to the world – that the region is THE place to invest, establish a business, study and live.
“We are a region of growth and innovation and we have all the fundamentals in place for successful investment along with the determination and talent to deliver,” he said.
“That’s why the UK government is backing us to deliver, our local authorities are backing us to deliver and the private sector is backing us to deliver.
“This Prospectus will show how we are creating fresh opportunities in the former industrial communities of the West Midlands, turning brownfield sites into new homes, schools, offices and factories.
“We want this growth to benefit everyone and for his Prospectus to provide the things that really matter to people like good homes, jobs and access to skills and learning.
“We are inviting the world this week to come and join us in making that happen.”
The Mayor said the sheer range and diversity of the 20 sites also meant there would be something for everyone.
Among those featured in the Prospectus will be:
– UK Central Hub and HS2 Interchange – a landmark project in Solihull around a unique concentration of business and infrastructure assets
– Birmingham Paradise – An opportunity to invest in a commercial, retail, leisure and hotel development in the heart of the city centre
– Friargate Coventry – A new development in the city centre next to the mainline rail station delivering prime office space, hotels, homes, shops, restaurants and public space
– Interchange Commerical District and Canalside Living Quarter – A scheme offering investment opportunities for residential, leisure and commercial developments in Wolverhampton
– i54 Western Extension – An extension of the existing business park by up to 100 acres to help continue the expansion of the growing cluster of advanced manufacturing businesses including Jaguar Land Rover and Moog Aerospace