Mayor of the West Midlands Andy Street has launched £10bn worth of housing, regeneration, commercial and infrastructure development opportunities to international investors at the MIPIM property marketplace in Cannes, South of France.
MIPIM is the world’s leading property market and attracts around 26,000 property professionals from around the world, including more than 5,000 investors, collectively representing hundreds of billions of pounds in capital.
Leading the West Midlands Combined Authority (WMCA) delegation in Cannes, the Mayor unveiled 24 diverse development opportunities from across the region that are seeking investment.
The opportunities, presented on behalf of the region as part of a new West Midlands Investment Prospectus, include:
• £2bn+ UK Central Hub and HS2 Interchange - a 140-hectare development creating a sustainable urban quarter, including thousands of homes, commercial and leisure facilities and unrivalled connectivity around the West Midlands’ second HS2 station
• £350m+ City Centre South Coventry - an urban mixed-use development with significant residential, retail and leisure components
• £800m DY5 Dudley’s Business and Innovation Enterprise Zone - new opportunities in mixed-use industrial, residential and office developments
• £700m Friargate Coventry - office led mixed-use and multi-phase development in central Coventry
• £850m Greater Icknield and Smethwick - a significant residential-led mixed-use development at the heart of the West Midlands region
• £700m Paradise Birmingham - a high quality mixed-use development that introduces new public realm to a historic city centre setting
• £250m The Brewers Yard Wolverhampton - key city centre mixed-use use regeneration site adjacent to Wolverhampton Railway Station and Wolverhampton University
• £300m Walsall Town Centre - town centre mixed-use development including new office, retail, leisure, residential and mixed-use town centre projects
• £1bn+ Birmingham Curzon – mixed-use development centred on a new High-Speed 2 station in central Birmingham
The WMCA is using its presence in MIPIM to raise the profile of the West Midlands among an international investor audience, with the aim of attracting investment to strategically important capital projects across the region.
The Mayor said: “We are building the future and there’s never been a better time to invest in the West Midlands.
“We have a diverse, resilient economy, one of the youngest and fastest growing populations in Europe, great quality of life, unrivalled connectivity, brilliant centres of learning, and world-class businesses, large and small.
“This provides us with a once-in-a-generation opportunity to drive inclusive growth across the region that benefits all our communities.
“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.”
Deborah Cadman, WMCA chief executive, added: “The investor-friendly WMCA is focused on providing our region with strategic leadership and the local knowledge needed to succeed.
“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.
“The West Midlands has all the elements in place to provide investor certainty and strong long-term growth. The region is open for business and the time to invest is now.”
The WMCA, which brings together 18 local authorities and four Local Enterprise Partnerships with the single aim of driving inclusive growth across the region, provides strategic leadership and a single entry point for investors in the West Midlands.
With the region’s population forecast to grow by half a million over the next 20 years -equivalent to a city the size of Bristol or Liverpool - and wage levels expected to rise faster than anywhere else in the UK, the WMCA is delivering an ambitious growth strategy, focused on creating good jobs, real skills progression and a pipeline of developments that will benefit all the region’s communities.
The WMCA’s Strategic Economic Plan and Local Industrial Strategy, which is focused on smart mobility, data-driven health and life sciences, modern services, and creative content, techniques and technologies, is backed by an £8bn 30-year investment programme and a significant annual investment in providing job-specific training.
The prospectus can also be viewed at:
The West Midlands – Fast Facts:
• The region’s £102bn economy has grown by 22.4% in the last five years
• Coventry will host the UK City of Culture in 2021 and Birmingham will host the Commonwealth Games in 2022
• The region is home to the UK’s first testbed for 5G technology and autonomous vehicles, putting the West Midlands at the leading edge of the fourth Industrial Revolution
• Birmingham was voted the UK's most investable city by 500 of Europe’s top real estate investment experts
• Over £5bn is being invested in transport upgrades, delivering an integrated world-class network
• The West Midlands has the UK's second highest ambition for house building − 16,500 new annual completions by 2031. 14,500 additional new homes were built in 2018, up 93% on 2011, 21% on 2017
• The region has committed to becoming a world leader in modern methods of construction, with 51% of new homes using advanced methods by 2031
• Two new HS2 stations will connect the region with London in 38/47 minutes, with journey times to Heathrow Airport cut to just one hour, quicker than from many parts of London
• 90% of the UK population within a four-hour drive – while the region is within four hours by road of nine of the UK’s 13 major ports
• Birmingham Airport is spending £500m in improvements over the next 15 years, growing passenger numbers by 40% from13 million per year today to 18 million per year by 2033, and has direct flights to over 130 destinations in 49 countries with 50 airlines
• The £1.3bn West Midland Metro expansion will triple the network size, adding 50 additional trams by 2026
• Investment in the regional rail network will open nine suburban rail stations and re-open 31km of rail lines
• The region has 1.3 million residents under 25, one of the youngest populations in Europe
• 145,000m2 of prime office space is under development across the region
• The West Midlands is the fastest-growing UK region for goods exports with 27% growth between 2015 and 2017