Birmingham has launched a 20 year vision to transform the city’s Snow Hill area into a global business hub to ‘replicate the success of Canary Wharf’
The £600 million scheme, which hopes to create 10,000 new jobs, aims to encourage London-based firms to expand in Birmingham, where rent can be up to 55 per cent cheaper than in the capital.
Drawn up by Birmingham City Council, the masterplan includes 200,000m² of new office space and 4,000 new homes, aimed at appealing young professionals relocating to the city.
The plan also outlines improvements to various transport links, including the reconfiguring of the A38 to create a ‘new urban boulevard’, as well as the redevelopment of Snow Hill station.
Birmingham is currently the largest business hub outside of London, with more than 21,000 companies employing some 220,000 people across the region. In recent years, Birmingham has become a popular destination for young professionals fleeing the capital. In the 12 months to June 2013, Birmingham attracted 5,480 Londoners in their thirties to relocate to the city.
Albert Bore, leader of the council, said: ‘Birmingham is putting in place the building blocks for a global business and financial centre… The Snow Hill Masterplan provides a bold and exciting proposal for how Birmingham can continue to grow its thriving business and professional services sector’.
This development falls alongside existing investments into the city, including the £600 million transformation of New Street Station, and the 141ha regeneration of the area around soon-to-be HS2 Curzon Street station, which will include a public park to mimic New York’s famous High Line.
A six week period of public consultation on the Snow Hill masterplan will run from 9 February. The full plan can be found, here.