Multimillion-pound redevelopment in West Midlands backed by Chancellor

 

Major construction projects around the West Midlands costing around £10bn are set to be revealed by Mayor Andy Street, after the government announced a £350m deal to help build 215,000 homes over the next 10 years.

Yesterday’s Spring Statement saw Chancellor Philip Hammond commit £350m towards regeneration in the West Midlands that would create 215,000 new homes by 2030 – a huge boost to the country’s new homes target of 300,000 per year until the mid-2020s.

Included in the plans are 1,000 new homes being created as part of the new Commonwealth Games athletes’ village at Perry Barr. Alongside a £100m grant from the government’s land remediation fund, a further £250m is expected to be committed towards preparing brownfield sites in the West Midlands for new housing.

West Midlands Mayor Andy Street said: “Fantastic news that the Chancellor has signed off our housing deal and announced it in the Spring Statement. This £350m will be focused on remediation of brownfield sites and see 215,000 homes built by 2030.

“As the centre of the UK’s economic growth, housing has been one of the key priorities for the West Midlands. Therefore the Housing Deal, announced today by Government, is a huge milestone for the West Midlands.”

“Everybody acknowledges the housing challenges we face in this country. We have been clear with Government that here in the West Midlands we are a key part of the solution.”

HS2 bringing major changes

Meanwhile, in preparation for the arrival of HS2, the Mayor has outlined 20 different construction projects in the region, expected to cost around £10bn, that will see huge redevelopment of land around the new HS2 stations, with the West Midlands Combined Council hoping to attract funding from domestic and foreign investors to finance the schemes.

The new high-speed train line in the West Midlands is expected to open in 2026, and one of the projects includes the creation of offices, retail and residential buildings near the new Birmingham International and city centre stations. Another is the regeneration of the Canalside area in Wolverhampton city centre, as well as a new manufacturing plant in Nuneaton.

Street added: “We have a drum beat of momentum behind us both economically and culturally. This prospectus will show 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.”

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Multimillion-pound redevelopment in West Midlands backed by Chancellor

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