Mayor opens up multi-billion-pound West Midlands Futures Fund to private sector

Richard Parker, Mayor of the West Midlands, today opened up the West Midlands Futures Fund to the private sector putting billions on the table for high impact schemes that can drive economic growth and thousands of new homes and jobs.  

Issuing a ‘call for projects’ to developers, the Mayor said the West Midlands Futures Fund offered an unprecedented opportunity for the public and private sectors to work together and build a more prosperous West Midlands, raising living standards across all communities.  

And he also announced a new package of projects to be backed with public and external finance from the fund which gives the region the financial strength to unlock major development sites, back growing industries and attract billions more in private investment. 

Over £400m of the initial £3.8bn put into the fund has been allocated to new affordable and social housing. This builds on a record year for the Mayor and West Midlands Combined Authority (WMCA), who contracted on over 7,000 homes, of which nearly 2,500 are affordable or for social rent, in the 12 months to April.

Richard Parker, Mayor of the West Midlands is putting billions on the table to help private developers get spades in the ground

The umbrella fund, first announced in May 2026, has continued to grow, incorporating significant funding for transport infrastructure, with £1.7bn now committed to projects including new tram and rail links to unlock the Birmingham Sports Quarter.

The financial firepower of the Fund is expected to be further bolstered as more powers and funding are transferred from Whitehall to the West Midlands under devolution.

Speaking ahead of tomorrow's (Thursday October 8) West Midlands Growth Summit, the Mayor said he was opening a formal process for the private sector to bring projects to the fund with a particular focus on commercial and mixed-use schemes, including hotels, offices and employment space.

The Mayor said: “We’ve wasted no time in using the West Midlands Futures Fund to start driving growth across our region but today I’m opening it up with a call for projects. 

“I want developers to work with us and help build the schemes that will drive prosperity for local people and businesses in the years ahead.  

“I know there are many investors and developers with deep roots in this region and who, like me, want to deliver the things that matter most to people - affordable homes, good jobs, better transport and a ‘can-do’ environment for business.  

“This fund offers a unique opportunity to achieve that by providing the support the private sector needs to get spades in the ground.”  

The Mayor added: “I’m also announcing several new schemes for this unprecedented financial firepower that will drive further growth and help improve the quality of life.   

“The West Midlands Futures Fund is here to not only support business and industry but also the daily lives of our residents, touching every single person in every corner of our region.” 

The next round of initiatives to be financed by the fund are focussed on the region’s four major growth corridors - Birmingham & North Solihull Gateway, Coventry Growth Arc, Black Country Growth Corridor and the Wolverhampton to Walsall Growth Cluster.   

They include: 

• Homes England’s selection of Digbeth Loc Studios Ltd as its preferred development partner (subject to contract and standstill period) who is set to deliver a £35m new creative and mixed-use neighbourhood at Fazeley Street in the heart of Digbeth. The proposed development represents a significant step forward in the continued regeneration of Digbeth, helping to strengthen Birmingham's growing reputation as a national hub for film, television and creative production.
• Support from the National Wealth Fund for projects at Junction 10 in Walsall, the Birmingham Sports Quarter, Birmingham Knowledge Quarter, and Greenpower Park, as well as Coventry Very Light Rail and the Net Zero Portfolio.  This builds on the Fund’s investment into the Solihull Town Centre Heat Network which will deliver sustainable heat energy into buildings from this autumn.

• Nearly £48m from the West Midlands Combined Authority (WMCA) for new homes across the Black Country  

• The £24m regeneration of Kinghurst Village Centre in North Solihull including a new community, health and retail building, six new houses and a new vicarage with work starting this December

The “Call for Projects” which goes live on Thursday (October 8), is seeking expressions of interest from the private sector for developments across the commercial, mixed-used and large-scale residential sectors.

Around £545m from the West Midlands Futures Fund is currently allocated for such projects, alongside support from members of the broader West Midlands Investment Partnership. This builds on an existing £300m revolving fund the WMCA has already been delivering.

The West Midlands Futures Fund brings together money and support from a broad sweep of public organisations, including the West Midlands Pension Fund, Homes England, the National Wealth Fund, the British Business Bank, the Office for Investment and other national investment bodies.  

It is being used to boost business, places and people, using custom investments to drive innovation, new homes, jobs and infrastructure, while building on the strengths of specific locations and addressing their needs.

And it will play a key role in financing the £11bn Birmingham East Mayoral Development Corporation which is expected to create more than 50,000 jobs and 20,000 new homes, generating wider benefits across the east of the city, one of Britain’s most deprived areas. 

As the region looks to ramp up its engagement with the private sector, today’s call for projects aims to build a high-quality pipeline of office, hotel and employment spaces to support growth.  

Private sector investors and developers can submit an expression of interest from Thursday 8 October at https://www.siteselectionwm.com/call-for-projects