3,000 homes and 27,000 jobs to be created at 346-acre site
A 346-acre site is set for the development of 3,000 homes resulting in the creation of 27,000 jobs in Solihull.
The Arden Cross development will also include a new HS2 Interchange Station.
Trowers & Hamlins have advised Solihull Council and Urban Growth Company on a set of collaboration agreements whilst Gowling WLG advised Arden Cross Limited.
The signatories are Arden Cross, the Department for Transport, HS2, Solihull Council and the Urban Growth Company, who have committed to a shared objective to seek to release land around the new HS2 station for development as early as possible.
The negotiations have been supported by the West Midlands Combined Authority, which has confirmed it is providing a £45m loan facility to help fund infrastructure at the site. This will include multi-storey car parking at Arden Cross for HS2 passengers, which is currently designed as a large surface car park, to free up more space for development.
Ben Gray, Development Director with Arden Cross Limited, said: “With a legal framework in place between the different stakeholders involved in Arden Cross, we can now accelerate our delivery programme that sets out the phases for this major mixed-use site. With the prospect of 27,000 new jobs, 3,000 new homes and up to six million sq ft of new commercial and employment space, Arden Cross is a rare example of the ability to create a global destination right at the heart of the UK. The interest we’re already seeing in the site underscores the public-private approach to working in partnership in the interests of the region and its people.”
Nick Brown, Chair of the Urban Growth Company, said: “This demonstrates the power of using regional expertise, with public and private sector partnering, to invest in infrastructure and remove barriers to growth. This will deliver jobs, homes, connectivity and opportunities for local people, ahead of HS2’s opening. It’s an innovative blueprint that can be rolled out along the route to generate wider economic growth.”
The Urban Growth Company is a delivery vehicle set up by Solihull Council specifically to explore the economic potential of the HS2 Interchange and related infrastructure.
The new jobs and homes are being created up to three years earlier than originally planned.
Nisha Jassal, a partner at Gowling WLG, said: “Arden Cross is one of the most important strategic developments not just for the Midlands but for the UK as a whole. It is tremendously exciting to be involved in this project, helping create a globally significant mixed-use destination of this scale. This development will have a huge positive impact on the regional economy and our team is delighted to be able to play their part in making it happen. The signing of these key agreements signifies an important step in delivering on the Arden Cross vision.”
Real Estate Partner, Chris Plumley said: “This has been a very complex project but a great example of the public and private sectors working collaboratively to deliver regeneration. Everyone on both client and adviser side have bought into the shared vision and exciting purpose behind this scheme which is the delivery of regional prosperity. That was a great and sustained motivator throughout the negotiation process.”
