Prospectus sets out £20bn in investment opportunities in the West Midlands

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UK and international investors and developers have been awarded £20bn worth of opportunities to invest in a wide range of housing, commercial, regeneration and infrastructure projects in the West Midlands.

Building on the success of previous years, the West Midlands Investment Prospectus 2023 shows the profile and prestige of investment opportunities throughout the region.

This includes 29 schemes covering world-leading sectors, transformative infrastructure and exceptional development opportunities within the West Midlands metropolitan region and surrounding cities.

The opportunities set out in the prospectus have been identified in collaboration with WMCA local authorities and reflect the ambition of the leaders to improve the cities and towns of the region.

The prospectus offers investors and developers the opportunity to breathe new life into local communities and generate transformational growth, placing public-private partnerships at the center of the WMCA’s ambition to become a better and more prosperous region. connected.

The schemes listed in the prospectus include large-scale regeneration of town and city centers, diversifying what they can offer by introducing more leisure, office and residential development, including affordable housing to help local people get quality housing. good quality to rent or buy.

Downtown and city schemes include:

• Coventry City Center Cultural Portal
• Royal Leamington Spa Creative Quarter
• Wolverhampton interchange shopping district
• paradise birmingham
• rugby town center
• Shrewsbury Riverside
• Solihull town center including Eastgate
• Telford Town Center Life Group
• Transforming Nuneaton
• Walsall town center
• West Bromwich town center

During a visit to The Junction, a new housing development on the site of a derelict smelter on the outskirts of Oldbury town centre, West Midlands Mayor Andy Street said the prospect offered investors an exciting opportunity to work with the WMCA and local councils to help drive transformational change across the region.

He said The Junction was an excellent example of the public and private sectors working together for the benefit of local people, helping to provide new homes and jobs while supporting the region’s transition to net zero emissions.

The Junction site, which sat vacant for more than 20 years, is being transformed by the WMCA and two of its strategic partners: L&G Affordable Homes and Lovell Partnerships.

Of the 234 new energy-efficient homes, nearly half are classified as affordable based on WMCA’s unique definition, which is tied to real-world local income rather than surrounding property prices.

The plan is also the first of a £4bn portfolio of investments that L&G will make across the region over the next eight years as part of its commitment as a strategic partner of WMCA.

The mayor said:

“More and more major national and indeed global players are recognizing the investment opportunities on offer here in our region, including both L&G and Lovell.

With a young, skilled and diverse workforce, world-renowned higher education institutions and exceptional connectivity, which will be further enhanced in the coming years with the advent of HS2, our economy is well positioned to thrive in the months and years ahead.

This Investment Prospectus builds on the hugely successful Commonwealth Games last summer, as well as the new Deeper Repayment Agreement in March, in which we secured £1.5bn of new Government funding, along with a significant tranche of new powers covering housing and regeneration, transportation. and skills, giving us even more leverage to deliver with the local population and our partners in the private sector.”

Cllr Mike Bird, WMCA portfolio holder for housing and land and Walsall Council leader, added:

“With a combined investment value of over £20bn, this Investment Prospectus sets out the profile and status of opportunities that reflect our ongoing mission to further enhance people’s skills and quality of life, supporting our world-leading industries to drive productivity and innovation and delivering our nation-leading brownfield regeneration program at scale and pace.

The prospectus also supports our drive to provide the high-quality, affordable homes of tomorrow and the modern, low-carbon workspaces that local people and businesses need to thrive.

So we want to hear from investors and developers who share our vision of a better connected, more prosperous, fairer, greener and healthier West Midlands.

The WMCA, our local authorities and other partners stand ready and willing to work collaboratively with like-minded investors to move these exciting projects forward and help fuel the success of our region.”

The schemes featured in the prospectus in previous years have been highly successful in attracting investment.

Work has started on all the sites listed in the 2018 prospectus, which included flagship projects such as Friargate in Coventry and the UK Central Hub and HS2 Interchange project in Solihull, with many already built.

John Godfrey, Director of Leveling-up at Legal & General Group, said:

“We are delighted to be working with WMCA and Lovell to deliver affordable, energy-efficient housing in The Junction area in our first investment as part of our broader £4bn partnership.

This Investment Prospectus showcases what an attractive investment destination the West Midlands is; our role in this is to make UK funds, including pension savings, work here, creating a virtuous circle where UK savers benefit from UK prosperity.

WMCA, under Andy’s leadership, is a forward-thinking and ambitious partner and we have no doubt that our work together will deliver strong economic and social outcomes for the region.”

Stuart Penn, Lovell’s regional managing director, added:

“The prospectus outlined by the WMCA shows the scope of investment opportunities for housing within the region.

We’ve already worked with the WMCA on a number of significant schemes, bringing derelict sites like The Junction back to economic use and offering high-quality, affordable housing.

We are committed to continuing to unlock housing that is responsive to local needs by developing mixed-tenancy, multi-generational housing through our strong partnerships with the public and private sectors.”