Birmingham is a hive of activity right now as investment and regeneration spreads across the Midlands city, and property investors are noticing the new opportunities.
The Birmingham Big City Plan is well underway, having started back in 2010 with an anticipated time-frame of 20 years. The scheme is described as “the most ambitious, far-reaching development project ever undertaken in the UK” as the city is regenerated and rejuvenated to create a world-class centre to rival London.
Redirecting the focus of investment away from the capital city is further being made possible by the upcoming high-speed railway line (HS2). Once up and running, which is estimated to be in 2029, the line will link the two cities in as little as 52 minutes. This will open up Birmingham not only to some of the biggest business players in the UK, but internationally.
So where are the biggest improvements in the city taking place? New Street Station – the city’s main train station – already had a facelift back in 2015, which marked the start of a big change as the new welcome point for visitors. And with the Commonwealth Games fast approaching, the New Street area, as well as Lower New Street and High Street, are also on the cards to receive improvement.
New neighbourhoods for Birmingham
The Paradise project is a huge redevelopment taking place in the centre, that will be rolled out in phases until 2028. Located right in the centre of Birmingham, the new offices in the area have already attracted some big names in business, bringing thousands of jobs to the city.
The area covers around 17 acres of space between Chamberlain Square and Centenary Square. PricewaterhouseCoopers is one of the tenants of the new office space, among others.
To the south of the city centre, the Smithfield project is another game-changer. A £1.9bn scheme from the council will see 3,000 new homes, an updated Bull Ring Market, a hotel and a new public square.
Slightly further afield, the Eastside area is also benefiting from a facelift. Improvement plans include the development of new homes, restaurants, bars, shops and leisure facilities. This is taking place specifically in Digbeth, and will certainly make the area more appealing once it is complete in 2035.
Getting around will get easier
Birmingham is set to become an even more liveable city for those who live and work there with some major transport improvements underway. In up-and-coming Digbeth, for example, a new tram route will connect it to the city centre from around 2026, which will massively boost the area.
A spokesman from Midland Metro Alliance said: “This Birmingham Eastside Metro extension will provide new and improved public transport links to the east of the and its creative quarter. It will also connect the Curzon Street HS2 station to the Metro network, maximising interchange opportunities with various modes of public transport.”
Across the city, environmentally friendly public transport has also been a key focus. The Clean Air Zone is in full swing, and the council has multiple plans to improve bus and tram connections for people to access and move across the city.
Where to invest in Birmingham
For prospective investors, property values in all the areas that are set to benefit from redevelopment are likely to soar in the coming years. With many of the works still in the planning stages, you are likely to be able to secure property at a significantly cheaper price now than in the years to come.
Conducting thorough research into the city’s future regeneration and improvement plans is likely to pay off for investors looking to maximise their purchases. Overall, though, Birmingham and the surrounding area are already proving hugely popular among both UK and international buyers, and there is huge scope for improvement.
BuyAssociation has been involved in some significant landmark residential developments in recent years. These include 304-unit block The Axium, 225-unit Arden Gate, and The Bank Tower 2, one of the largest residential buildings in the city and now a feature landmark. We currently have opportunities across the city, including the up-and-coming South Central area. Get in touch for more details.
