Birmingham City Council has unveiled a £600m masterplan to transform its business district and win further investment from global business, professional and financial services (BPFS) firms.
The plan is part of the city’s aim to replicate the success of Canary Wharf, laying down the gauntlet to the likes of London, Frankfurt and Zurich as it seeks to attract firms to join growing investors such as DTZ, Deutsche Bank, RBS and Hogan Lovells.
The 20-year Snow Hill Masterplan, which covers the Snow Hill and Colmore areas of the city, was launched by Birmingham City Council and Colmore Business District (CBD). It provides a framework to create 10,000 new jobs, generate over 200,000 sq m of new office space, and boost the local economy by over £600m each year.
The plan also outlines the improvement of transport links such as the redevelopment of Snow Hill station – the main connection between the business district and London – which will include new commercial buildings replacing its multi-storey car park. The plan aims to encourage London-based firms to expand in Birmingham, as Deutsche Bank did last year.
Sir Albert Bore, Leader of Birmingham City Council, said, “Birmingham is putting in place the building blocks for a global business and financial centre. The city is already investing heavily to ensure that firms have everything they need to thrive here.'