Major projects in Birmingham, including Paradise Circus and Arena Central, will see development kick-started following the approval of an £128m investment plan for the city centre’s enterprise zone.
The plan, approved by the board of the Greater Birmingham & Solihull Local Enterprise Partnership, will unlock development in the Westside area of the city, helping schemes such as the 1.8m sq ft Paradise Circus and 2.3m sq ft Arena Central to move forward.
Some £61.3m has been earmarked for the Paradise Circus mixed-use development, plus £25m for the extension of the Metro tram line from New Street to Centenary Square and £40m to support site development and business growth activity.
Around £15m of direct investment will go to cover the 25 other city centre EZ sites, which are spread across the city.
To help the delivery of key sites within the EZ, £76.3m will be invested on site access and development – the focus for this investment will be Paradise Circus. A further EZ investment of £22m is envisaged in 2018/19-2021/22 to complete the scheme.
Match funding will be sought from both public and private sectors.
Andy Street, chairman of the GBSLEP, said: “The enterprise zone provides us with an unrivalled opportunity to drive regeneration.
“The headline figures are impressive and emphasise why it is vital we get this right. Not only will we create a further 40,000 jobs, add £2bn a year to the value of the economy and make available 4.3m sq ft of floorspace over the lifetime of the EZ, but ultimately we will deliver our ambition of becoming a truly world-class city region.
Sir Albert Bore, leader of Birmingham council, added: “The investments will be funded through the uplift in business rates generated by the zone and will help deliver 2m sq ft of floorspace [in Birmingham].”
lisa.pilkington@estatesgazette.com
