Birmingham City Council has agreed to form a joint venture (JV) with Lendlease Europe, a real estate and investment group, for the development of £1.9bn Birmingham Smithfield project in the UK.
The decision follows approval from Cabinet for the Birmingham Smithfield project contract to the JV.
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Spanning 14 hectares, the new urban quarter at Smithfield will include a new home for the Bull Ring retail markets, including leisure and cultural facilities.
It will also include a new public square, an integrated public transport and more than 2,000 homes around a new public square, with a public park and community facilities.
Situated adjacent to the Bullring and New Street Station, the Birmingham Smithfield will be a short walk from the new High Speed 2 City Centre Terminus Station, which is expected to be opened in 2026.
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The redevelopment area is twice the size of Brindleyplace and is expected to be completed in 15 years.
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By GlobalDataThe first phase of the scheme, which is said to be part of the city’s Big City Plan, will include new homes, the new retail markets building as well as the public realm.
The joint venture contract is said to be finalised following the Cabinet’s decision and, subject to approval from both the parties.
Once a contract is finalised, work on a planning application for the project will begin.
Birmingham City Council leader Councillor Ian Ward said: “Entering into this agreement with Lendlease Europe is not just about bricks and mortar; they have committed to invest in the local community and this development will create thousands of jobs which will benefit our citizens.
“This £1.9bn development will be a major boost for the city as a whole: Birmingham Smithfield will become a shining example of inclusive economic growth and will create a real legacy in the heart of Birmingham.”
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Birmingham City Council forms JV with Lendlease for £1.9bn Birmingham Smithfield project. (Credit: Birmingham City Council.)
