Lendlease has secured £172.8m in grant funding for its Smithfield Birmingham development in the heart of the city centre.
The 17-hectare scheme, which Lendlease is delivering in partnership with The Crown Estate, will provide 3,000 new homes, a new home for the Bull Ring Markets, commercial spaces for start-ups and small businesses and cultural and leisure attractions.
The total cost of the grant will be met from the business rates income the development is expected to generate over the life of the Birmingham Enterprise Zone, which covers 113 hectares of the city.
Lendlease will continue to work up the detailed design of the first phase, which includes the new markets, first residential and workplace buildings and new public realm, and will also discharge planning pre-commencement conditions, undertake site surveys and finalise the site set-up plans.
Sharon Thompson, deputy leader and cabinet member for economy and skills at Birmingham City Council, said: “This £1.9bn development will transform the area, creating a vibrant landmark in the heart of Birmingham – that will elevate the city’s economic growth and enhance its international reputation.
“Smithfield is the largest single city centre development site in the UK, and is a key strand of our plans to transform the city centre. Approval of this grant funding is a significant milestone that will kick start the delivery of 3,000 homes for Birmingham, create 9,000 jobs, and will make Birmingham’s city centre an even more exciting and lively place for people to live and work.”
Colin Murphy, portfolio development director and project lead Smithfield (Birmingham) at Lendlease, added: “This funding brings added momentum for the next phase of Smithfield and the long-term regeneration of Birmingham city centre. It’s a vote of confidence in the city’s future and a clear signal that delivery of this once in a generation scheme is on its way.”
