Lendlease selected as development partner for US$2 billion regeneration project in Birmingham
Birmingham City Council has announced that it has selected Lendlease to develop the 17-hectare Birmingham Smithfield site, located in the heart of the city centre. The redevelopment project has an estimated total investment of GBP1.5 billion (US$1.91 billion).
Lendlease will form a contractual joint venture with the city council to execute the project. As development partner, the company will lead the creation of an urban quarter that includes a new home for the city’s historic Bull Ring retail markets, a unique family destination including leisure and cultural amenities, a new public square, integrated public transport and more than 2,000 homes with a public park and community facilities.
The development of Birmingham Smithfield is part of the city’s Big City Plan, launched in 2010, which sets out a 25-year vision to grow the city centre by more than 25%. As one of the areas of transformation, Birmingham Smithfield is located directly adjacent to the Bullring and New Street Station; and will be a short walk from the new High Speed 2 City Centre Terminus Station which is set to open in 2026.
The redevelopment of the area is expected to take 15 years to complete. The first phase of the scheme will include new homes, the new retail markets building and public realm.
The city council will now work with Lendlease to finalise the terms of the partnership, commence the preparation of a planning application and produce a business plan for the site’s redevelopment before the formal award of the Birmingham Smithfield Development Partner contract. This is anticipated to happen by late 2019 with development expected to commence in 2022.
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