West Midlands unveils £15bn of investment opportunities at MIPIM
The Mayor of the West Midlands, Andy Street, has launched £15bn worth of housing, regeneration, commercial and infrastructure development opportunities to international investors at the MIPIM property conference in Cannes, South of France.
MIPIM is the world’s leading real estate event, bringing together over 20,000 property professionals from around the world, including over 4,000 investors, representing hundreds of billions of pounds in capital.
Speaking at an event at the UK government pavilion at MIPIM today (March 16), the Mayor unveiled more than 20 diverse development opportunities from across the region, all featured in the 2022 West Midlands Investment Prospectus.
The opportunities include:
- Birmingham Curzon HS2: major investment opportunities around the new HS2 station include commercial, residential, leisure, energy, and education development.
- UK Central Solihull: significant opportunities around the HS2 Interchange Station at Arden Cross, across the UK Central Hub, and broader Solihull, with investment in commercial, residential, leisure and energy sectors
- Key regional growth corridors and hubs: developments guided by the Perry Barr 2040: Vision for Legacy masterplan; Phase 3 of the landmark Paradise Development in Birmingham City Centre; and a new opportunity area linking Coventry and Warwickshire.
- Urban centres and strategic sites: regeneration schemes including Nuneaton town centre redevelopment; the 125-hectare West Midlands Gigafactory site at Coventry Airport; the South Site of automotive innovation cluster MIRA Technology Park; and a significant residential and commercial development on the site of the former MG Rover car plant at Longbridge.
The West Midlands Combined Authority (WMCA) will use its presence at MIPIM to engage with international investors, putting the region on the global stage, and highlighting the best opportunities for investment across all property and regeneration sectors.
Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “We are taking a bold approach to winning investment, anchored by our nationally-acclaimed devolved housing and regeneration programme and our dedicated capital investment strategy – the first of its kind in the UK.
“We have a clear and compelling proposition to put to investors on the world stage, underscored by a genuine demand for affordable local housing alongside inclusive, sustainable places helping our communities to thrive.
“With the Birmingham 2022 Commonwealth Games and HS2 on the horizon and the UK government’s Levelling Up agenda centre stage, we have a once in a generation opportunity to make this a game-changing moment for the West Midlands.
“I know that our stellar public-private delegation will make the most of MIPIM and ensure investors grasp the true scale of the development opportunities available right across our region.”
The WMCA is uniquely placed to bring together and support investors, developers, occupiers, landowners and other partners, who are passionate about placemaking, delivery and innovation.
It has secured close to £5bn of national government investment for the region, and is showcasing levelling up in action, with a nationally leading brownfield regeneration programme, a £1.3bn five-year transport package to decarbonise and expand the region’s network and a comprehensive training programme to give people the skills needed to work in the industries of the future.
Throughout Covid, the region has continued to lay the foundations for inclusive growth through investing in transport corridors to drive development, while pioneering new approaches to affordable, modular and net zero homes. It is also working in partnership with ESG-focussed investors to maximise the best of public and private sector investment and capability.
The West Midlands – fast facts:
- Pre-Covid the West Midlands was the fastest growing economy outside of London, worth almost £120bn.
- The region is home to 950,000 working age people qualified to degree level+
- The region is investing heavily in transport corridors that drive development, with £363 million invested in 2021/22, and over £1bn in transport funding secured in 2021.
- Housing delivery in the region has doubled over the past decade, with the largest house price growth of any UK region in 2020/21.
- The WMCA has secured over £600m in devolved housing land funds, unlocking hundreds of hectares of land and leading a revolution in brownfield development.
- The region has committed to a net zero target by 2041, and is delivering landmark innovations in transport mobility, zero carbon buildings, the environment and affordable housing.
- The region has committed to becoming a world leader in modern methods of construction, with 51% of new homes using advanced methods by 2031
- The West Midlands offers fantastic connectivity, with 90% of the UK population and 92% of UK businesses within four-hours’ drive. The arrival of HS2 will connect the region to Central London in less than 40 minutes.
- The region is home to the UK’s 5G testing hub, with leading 5G coverage.
- Birmingham has one of the highest proportions of green space of any UK city and the region’s natural environment is a major asset.
The region is home to major cultural assets, including globally recognised assets such as the Royal Shakespeare Company, the National Exhibition Centre (NEC), leading sports clubs and facilities, major heritage assets, arts venues, and events. Coventry is the UK City of Culture in 2021/2022 and the Commonwealth Games are being hosted in Birmingham this summer.