Birmingham council advised by Cushman & Wakefield has launched the search for a developer for Birmingham Smithfield, the site of the city’s former wholesale markets.
The selected developer will work with the city council in “realising the vision for the 42 acre site set out in the Smithfield masterplan for a landmark, sustainable, mixed-use development including a family and leisure hub, supported by retailers, restaurants, hotels and a public square as well as a residential neighbourhood and integrated transport facilities”.
Located in the heart of Birmingham city centre, adjoining the Bullring shopping centre, New Street station and the new HS2 rail terminus, the development of the site is expected to deliver over 3m sq ft of commercial, 2,000 homes and 3,000 new jobs and an investment value of over £1bn.
Councillor John Clancy, Leader of Birmingham City Council, said: “We are excited to launch the search for a world class Developer/Investor who has a shared vision and can bring the necessary expertise and resources to partner with the Council in delivering the transformational re-development of the Birmingham Smithfield area.
He continued: “Birmingham Smithfield will be one of the largest and most attractive city centre development sites in Europe and is a once in a generation opportunity for the Council to partner with a private Developer/Investor to redevelop a major city centre site covering 42 acres where the Council is a major land owner. Creating 3,000 new jobs, it sets the standard for inclusive economic growth and sustainable development and is a major part of the unprecedented change happening in Birmingham as billions of pounds of investment transforms the city’s economy.”
Waheed Nazir, Corporate Director of Economy at Birmingham City Council, said: “The development of Smithfield marks our ambition to strengthen Birmingham’s national and international standing through the creation of a truly exemplar mixed-use sustainable development that will attract millions more visitors to the city. The development will promote the city’s own unique character and protect the rich market heritage of the city with the creation of a new vibrant market complex and a major family led leisure and cultural destination and residential area which is supported by high quality public realm and transportation links to the wider city centre and beyond.”
David Tonks, Head of the Birmingham office of Cushman & Wakefield, added: “We are delighted to be working with Birmingham City Council to bring forward this once in a generation development opportunity to transform a key city centre site. We anticipate interest from a wide range of developers.”
The procurement process has now formally commenced and developer/investment partners have been invited to submit a request to participate by the deadline of 12 September 2017. The Council is intending to run an efficient and timely procurement process with a target to select the preferred bidder by March 2018.
Source: CoStar UK