Birmingham is undergoing a remarkable transformation. Originally flourishing during the Industrial Revolution, the UK’s Second City is rapidly evolving into a hub of innovation, culture and economic growth. With its rental market forecasted to grow by 22.2% over the next five years, there’s no doubt that Birmingham is leading the way as a prime city for property investment in the UK.
Along with the city’s impressive universities and growing student population, there are several ambitious Birmingham regeneration projects that are driving the city’s resurgence. From the visionary Big City Plan to the highly anticipated HS2 rail project, these initiatives are redefining the city’s skyline, improving its infrastructure and attracting a wealth of global businesses and high-earning renters. They’re also creating exciting new Birmingham property hotspots that are set to deliver long-term returns for investors.
In this guide, we’ll explore four key regeneration schemes that are reshaping Birmingham’s future and transforming it. Read on to discover how each of these developments is contributing to the Birmingham city centre evolution and why now is the perfect time to consider investment opportunities in Birmingham.
1. Big City Plan
The Big City Plan is the centrepiece of Birmingham’s transformation, described by Birmingham City Council as “the most ambitious, far-reaching development project ever undertaken in the UK”. This ambitious initiative is focused on the long-term, aiming to revolutionise the city and support Birmingham’s growth over the span of 20 years.
Central to the project is the City Centre Masterplan: a comprehensive regeneration and rebuilding of the city centre, with the aim of creating a world-class, well-connected, efficient and walkable space. Over the next two decades, the plan is expected to:
- Create 1.5 million square metres of new floorspace
- Create 50,000+ jobs
- Generate £2.1 billion for the economy each year
- Provide 65,000 square metres of new and improved public spaces (e.g. parks)
- Provide 28 kilometres of walking and cycling routes
- Build 5,000+ homes, alongside new leisure and recreational facilities
- Grow the population of Birmingham by 100,000
Unlike many other regeneration projects of the 20th century, however, the Big City Plan also has heritage and sustainability at its heart. The plan states that it will integrate sustainable development and address the impact of climate change, establishing Birmingham as a pioneer of the low-carbon future.
There are seven key areas covered by the Big City Plan. Many of these locations, including Greater Icknield and the Eastern Growth Corridor, are set to become new sustainable urban neighbourhoods for students, young professionals and families. These promising Birmingham property hotspots will likely play host to many exciting new developments for property investors to take advantage of.
2. The Paradise redevelopment
The Birmingham Paradise redevelopment is billed as “the most important development in a generation.” It marks a significant new chapter in the city’s rich history – and the site of several new exciting investment opportunities in the Birmingham property market.
Another city centre development, this £1.2 billion project has introduced 1.74 million square feet of contemporary office space, attracting businesses that are drawn to Birmingham’s growing status as a hub for innovation and commerce.
With 10 high-quality new buildings and 370 build-to-rent homes, Paradise is more than just a business district. It has successfully established a vibrant urban neighbourhood that reflects Birmingham’s multicultural and youthful spirit. The redevelopment features 120,000 square feet of retail and leisure space, including popular event spaces, squares, restaurants and cafes.
The Paradise redevelopment is broken down into three phases. The first phase delivered two modern office buildings overlooking Chamberlain Square. The second phase is currently underway: the 280,000-square-foot One Centenary Way was completed in 2023, with the rest soon to follow. The third phase, slated for completion in 2025, comprises the construction of the Octagon residential tower and Three Chamberlain Square, a 189,000-square-foot office building.
3. The Enterprise Zone
The Birmingham Enterprise Zone (EZ) was established in 2011. It focuses on 39 sites, spread across seven key geographical clusters, encompassing 113 hectares of new and existing development space. The key areas included in the plan are:
- Westside
- Snow Hill
- Eastside
- Southern Gateway
- Digbeth
- Birmingham Innovation Campus
- The Jewellery Quarter
Utilising business rates and income growth from the 39 sites, the EZ Programme funds projects that are driving economic growth and improve quality of life across Birmingham. It targets four sectors in particular: professional and financial services, IT, the creative industries and digital media.
Supported by strong government and financial guidelines, the programme encourages investment in infrastructure, job creation and overall economic development – and now, as a result of the EZ projects, the business rates income growth across its 39 sites is expected to exceed £2 billion by March 2046. If you’re considering property investment (UK), these up-and-coming areas of Birmingham are certainly worth looking into in the near future.
4. HS2
High-Speed 2, better known as HS2, is a £106 billion railway line that will form the “backbone of Britain’s transport network”, creating a “corridor of economic and social opportunity” for rail users throughout the West Midlands and the South East. Birmingham, as the hub between north and south, is a prime beneficiary of the country’s most advanced high-speed rail line – the other being London, the UK’s booming capital.
Cutting the commute time to London to just 52 minutes, HS2 is set to transform Birmingham into an attractive commuter hotspot for millions of Londoners seeking more affordable rent and better amenities. Not only this, but the development is predicted to create thousands of new jobs and homes in the region – over 28,000 people have already been employed in HS2’s construction.
The works, planned at Curzon Street Station and the new Interchange Station in Solihull, will no doubt cement Birmingham’s position as a top investment city for decades to come. New property developments have already begun to spring up alongside HS2, highlighting the huge boost to economic growth the project will bring to the city.
Discover investment opportunities in Birmingham
With a wealth of exciting regeneration projects in Birmingham and new developments on the horizon, Birmingham’s remarkable transformation has firmly positioned it as the most promising city for property investment in the UK. The Big City Plan, Paradise Redevelopment, Enterprise Zone and HS2 are not just reshaping Birmingham’s landscape – they’re creating a vibrant, connected and economically thriving urban centre that continues to grow year on year.At Select Property, we specialise in matching buyers with prime investment opportunities in the UK’s fastest-growing cities. If you’re looking to capitalise on Birmingham’s bright future, contact us today to arrange a chat with one of our property consultants. Learn how we can help you secure your place in Birmingham’s success story. Not ready to invest in property yet, download our Birmingham investment guide today!