Bring on the Big City

With its intense commitment to making Birmingham a world class city, the council is expecting a major boost to its plans from the creation of an Enterprise Zone, (EZ) in the city centre.

The logic of its Big City Plan is that the 304 acre centre covering five areas (Southern Gateway, New Street Station South, Westside, Snow Hill and Eastside) is the key to the economic future of Birmingham.

So it maintains its long term ambition which has already seen considerable change with the EZ offering the prospect of 1.49 million sq.metres (16.1 million sq.ft.) of new floorspace. The EZ also includes the site of a new railway station for the High Speed 2 rail link to London. That, combined with a rebuilt New Street Railway Station, will give the city exceptional transport links to boost economic growth.

Jones Lang LaSalle’s Peter Leaver commented: “The city core is the most effective location for an EZ because it will have the greatest ripple effect.” Like other property professionals, he believes an EZ will speed up regeneration.

Certainly the lessons of the 1980s are that EZs can play a significant role in boosting economic growth and changing cities, as witness London Docklands and Salford Quays. As far as the Midlands is concerned, Nottingham has already been granted an EZ for the Boots campus.

Meanwhile, Hines and Ballymore are to directly develop the key site of Two Snowhilll which Colliers International said would alleviate the looming office supply crisis. The firm’s Craig Satchwell, who advised Hines, said: “Two Snowhill will be the first significant office development outside London constructed post credit crunch with an element of speculative space. It will come to the market in 2013 when most of the existing Grade A space is likely to have been absorbed. This will not only help to boost supply it will also help attract inward investment.” Colliers International’s figures show that take up of office stock in Birmingham is the highest for five years with total occupancy up 20,608 sq.metres (221,825 sq.ft.) in 2010. Hines has already shown its commitment to Birmingham in joining with Moorfield to buy eight buildings at