West Midlands unveils £10 billion prospectus for UK’s new growth capital
Published: Wednesday 14 Mar 2018
The world's property market was this afternoon (Wednesday March 14) presented with a prospectus offering up to £10 billion of opportunities to invest in the West Midlands - the UK's new growth capital.
The Investment Prospectus showcases 20 transformational schemes to compete on the global stage and further accelerate the economic and cultural renaissance sweeping the region.
In launching the Prospectus at the MIPIM property show in France, Mayor for the West Midlands Andy Street said the schemes would breathe new life into local communities and continue the region's march to be at the cutting edge of new world industries.
Mayor of the West Midlands Andy Street launches the region's Investment Prospectus at MIPIM 2018
With the West Midlands already topping the UK regional table for foreign investment and home-grown business start-ups, the Prospectus provides investors with a clear road map for joining the hundreds of companies relocating to the UK's most investable region.
The Mayor said: These are exciting times for the West Midlands. Growth is strong and optimism is high.
We have a drum beat of momentum behind us both economically and culturally.
Birmingham will host the 2022 Commonwealth Games and Coventry is set to shine as the UK City of Culture in 2021, offering opportunities for investors to help build lasting legacies.
Our industrial heritage is second to none but we are also home to the industries of tomorrow and are busy creating a new industrial revolution in the very place where it all began.
So now is the time to invest in the UK's new growth capital and its most liveable, investable and competitive region
A number of the sites in the Prospectus build on the unprecedented investment being put into the region's infrastructure, especially transport.
The HS2 high speed rail line will open in 2026 - putting the region just 38 minutes from London - and the West Midlands Combined Authority (WMCA) is using newly acquired powers and funding transferred from central government to further drive the growth and investment needed to fulfil the region's ambitions.
This includes a series of new Midland Metro tram extensions across the region and plans for new passenger rail lines, opening up new sites for housing and commercial development.
The Mayor said the Prospectus showed how the West Midlands had come together to speak with one voice in delivering its message to the world - that the region is THE place to invest, establish a business, study and live.
We are a region of growth and innovation and we have all the fundamentals in place for successful investment along with the determination and talent to deliver," he added.
That's why the UK government is backing us to deliver, our local authorities are backing us to deliver and the private sector is backing us to deliver.
This Prospectus shows how we are creating fresh opportunities in the former industrial communities of the West Midlands, turning brownfield sites into new homes, schools, offices and factories.
But we want this growth to benefit everyone and for this Prospectus to provide the things that really matter to people like good homes, jobs and access to skills and learning.
We are inviting the world today to come and join us in making that happen
The Mayor said the sheer range and diversity of the 20 sites also meant there would be something for everyone.
The launch follows hard on the heels of the UK government's announcement yesterday (Tuesday March 13) of a Housing Deal for the West Midlands.
The deal - worth up to £350 million - includes funding for the Commonwealth Games Athletes Village in north Birmingham which also features in the Prospectus.
The Housing Deal is seen as the first step in an ambitious programme of joint work and investment between the West Midlands and government to deliver 215,000 new homes by 2031.
Other schemes featured in the Prospectus include:
- UK Central Hub and HS2 Interchange - a landmark project in Solihull around a unique concentration of business and infrastructure assets
- Birmingham Paradise - An opportunity to invest in a commercial, retail, leisure and hotel development in the heart of the city centre
- Friargate Coventry - A new development in the city centre next to the mainline rail station delivering prime office space, hotels, homes, shops, restaurants and public space
- Interchange Commercial District and Canalside Living Quarter - A scheme offering investment opportunities for residential, leisure and commercial developments in Wolverhampton
- i54 Western Extension - An extension of the existing business park by up to 100 acres to help continue the expansion of the growing cluster of advanced manufacturing businesses including Jaguar Land Rover and Moog Aerospace
A copy of the Prospectus and details of all 20 sites is available here