Property sector excited by Birmingham’s economic zone plans

PROPERTY firms have reacted with enthusiasm to plans announced yesterday to create new economic zones in Birmingham  – which are targeted at bringing £1.5bn into the city and generating 50,000 jobs.

Ian Kibble, Birmingham-based head of office and central region for property agency Lambert Smith Hampton, said: “The launch of the economic zones prospectus demonstrates just the kind of joined-up thinking that Birmingham and the West Midlands needs if it is to return to being the economic powerhouse it once was.

“The inward investment strategies outlined in the proposals could provide the impetus needed to kick-start the region’s renaissance and attract major companies to locate here, bringing much-needed jobs and prosperity.

“We will be keeping a keen eye on developments and investment opportunities particularly in the City Centre Enterprise Zone and the Advanced Manufacturing Hub. I’m sure the commercial property community will play a major role in ensuring that the ambitious economic zone initiative is the success that everyone associated with the city hopes it will be.”

Julian Lebray, central region managing director of Birmingham-based fit-out specialists Overbury, is also enthused by the news.

He said: “We are excited at the prospect of Birmingham receiving the support it needs to raise its profile as the UK’s most important business centre outside London.

“In our experience, more and more organisations in London, and especially in the professional sector, are considering how they can reduce their overheads and still remain at the heart of their business.

“With these proposals to create vibrant new economic zones, the city of Birmingham will be able to offer those businesses just what they are looking for.”

The launch of the Economic Zones Prospectus – held at law firm Wragge & Co’s Birmingham offices – brought together leading business figures to highlight how the zones will support the city’s inward investment strategies.

The six zones aim to align Birmingham’s planning and economic priorities, creating the opportunity for new space, facilities and support for sectors identified as having “the greatest impact on attracting inward investment”. 

The sectors are:  business and professional services, creative and digital media, advanced manufacturing, life sciences, food and drink and IT, electronics and communications (ITEC).

Devised following research from Birmingham City Council and collaboration with inward investment programme Business Birmingham, the zones together will create more than 19m sq ft of new floor space across the city.

It emerged today that demand for land at the Advanced Manufacturing Hub in Aston has forced planners to accelerate plans for the development of the site.