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West Midlands reveals £10bn development pipeline
Andy Street, the mayor of the West Midlands, has launched a pipeline of £10bn development opportunities, including a number of housing and regeneration projects across the region.
Mr Street unveiled the £10bn investment prospectus this morning, which includes billions of pounds worth housing and mixed-use residential schemes, at international property event MIPIM in Cannes.
The prospectus includes 24 development schemes, including the £2bn development of Birmingham’s HS2 Interchange which will include thousands of new homes around one of the £56bn rail project’s main terminals.
Other projects include an £850m residential scheme in Smethwick and Greater Icknield, the £700m mixed-use Paradise Birmingham scheme in central Birmingham and new mixed-use regeneration schemes in Coventry, Walsall and Wolverhampton – worth a combined total of £1.65bn.
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The prospectus also includes the region’s other major redevelopment, a £1bn+ regeneration scheme around Birmingham Curzon Street, Birmingham’s other HS2 terminal.
The West Midlands Combined Authority is made up of 18 local authorities and four local enterprise partnerships across the West Midlands.
Mr Street, who became the first mayor in 2017, said the prospectus provided a “once-in-a-generation opportunity” to drive inclusive growth across the region.
“This £10bn investment prospectus demonstrates the strength of our offer and the boldness of our vision. We are the most promising place to invest in the UK – and, like all good businesses, we have a plan and are delivering it.”
The West Midlands City Region is expected to grow by 500,000 in the next 20 years. In the past six years, the number of homes built across the region has increased from 6,420 in 2012 to 14,628 in 2018.
Deborah Cadman, chief executive of the West Midlands Combined Authority, said: “Supported by the UK government’s ambitious industrial strategy, we are building tomorrow’s homes, creating vibrant and thriving mixed-use places, investing in world-class infrastructure and transforming the West Midlands into the UK’s growth capital.”
