Three major regeneration projects in Wolverhampton, Birmingham and Hereford came under the spotlight of a global business audience at the MIPIM 2008 land and property show today, reinforcing the West Midlands’ reputation as the centre for property investment in the UK.
Advantage West Midlands launched the tender selection competition to find a developer to bring forward the first phase of the £200 million i54 business park development at Wobaston Road, near Wolverhampton, a 226-acre site that is going to create around 6,000 jobs.
The regional development agency launched a second tender selection competition for the 12-acre Bristol Street scheme, site of the former Matthew Boulton College and one of the key gateways into Birmingham city centre.
Advantage West Midlands also used the MIPIM stage to officially appoint Stanhope as the developer for the first phase of the £210 million Edgar Street Grid retail quarter, a project which will transform the city centre fortunes of Hereford.
The four-day MIPIM 2008 exhibition held in Cannes in the south of France is the world’s leading commercial property show and attracts more than 26,000 of the industry’s key decision makers from 83 countries.
Mick Laverty, Chief Executive at Advantage West Midlands, said: “The West Midlands of today is a world-class region - a great place to invest, work, learn visit and live.
“Advantage West Midlands and its partners have come to MIPIM to find world-class developers and investors who want to become a part of that success story.
“A year ago, we came to MIPIM to find a developer for the Edgar Street retail quarter in Hereford. We have now appointed Stanhope to deliver an exciting project that will transform Hereford as a shopping, business and leisure destination.
“Now it’s the turn of i54. We have invested nearly £30 million into the i54 scheme to date and in partnership with our joint venture partners at Wolverhampton City Council, we are launching a tender selection competition to find a developer by late summer so that phase one work can start in 2009.”
The i54 site has outline planning permission from South Staffordshire Council and Wolverhampton City Council for up to 2,500,000 sq ft of floor space development. The site will benefit from its own dedicated motorway junction.
Councillor Peter Bilson, Wolverhampton City Council’s Cabinet Member for Regeneration & Enterprise, said: “Once again, Wolverhampton is on the world development stage and there is tremendous potential for new jobs and investment at i54.
“I’m confident that Wolverhampton will continue its economic growth and position itself as one of the strongest investment areas in the region.”
Councillor David Billson, South Staffordshire Council’s Portfolio Holder for Strategic Services, said: “The Council welcomes the new job opportunities that will be created in a high quality landscaped setting. The i54 site can play a vital role in the future regeneration of the area.”
The Bristol Street site in Birmingham lies between the Belgrave Middleway ring road, the A38 Bristol Street South and Sherlock Street. A £1.5 million programme of demolition work is expected to start later this year to make way for a high quality mixed-use development of residential homes, offices, a hotel, retail and leisure facilities and health and educational facilities for the local community.
Mr Laverty said: “Birmingham is riding high on a surge of regeneration which is why we have put Bristol Street on the tender selection table.
“Less than half a mile away, the Gateway Plus project will transform New Street station. It will be a catalyst for regeneration in that part of the city centre and its importance is reflected in our investment of £100 million into the scheme – the biggest investment in a single regeneration project by any regional development agency in the country.
“Birmingham. Wolverhampton. Hereford. Three cities. Three tremendous investment opportunities. This is regeneration on a world-class scale as we work with partners to develop the West Midlands region as a global centre where people and businesses choose to connect.”
Stanhope will start work on the Edgar Street Grid (ESG) retail quarter in the spring of 2010 after the relocation of the city’s livestock market to a new site to the north east of Hereford.
The Council will relocate its Info Shop within the ESG civic quarters. The plans include Hereford’s first multi-screen cinema, a host of cafes, bars and bistros, a department store and high quality retail outlets. A new link road is planned to help ease the city’s transport congestion.
Clive Richards OBE DL, chair of the board of ESG Herefordshire Ltd, said: “The Edgar Street retail quarter is a marvellous success story to bring to MIPIM. The project has won overwhelming support from local people, who see it as a golden opportunity to help create a new Hereford for the 21st century.”