A funding agreement has been reached for the major Smithfield regeneration in Birmingham city centre.
The Enterprise Zone Partnership Board and Birmingham City Council’s Cabinet have agreed that a total of £172.8million in grant funding will be allocated to the scheme, which will deliver over 3,000 new homes, culture and leisure attractions and a new park.
The Birmingham Enterprise Zone, established in 2011, covers 39 sites with 113 hectares of new and existing development space. The zone operates by using the business rates income growth from the 39 sites to invest and drive economic growth and improve the quality of life for Birmingham residents. The total cost of the grant will be met from the business rates income the development is expected to generate over the life of the Enterprise Zone programme to 2045/46.
Lendlease will continue the detailed design of the first phase, including the new Bullring markets, the first residential and workplace buildings and the new areas of public realm, Manor Square and Market Square. The council will ensure that its Joint Venture Agreement with Lendlease for Smithfield Birmingham enables Lendlease’s new joint venture partner, The Crown Estate, to formally participate in the scheme.
The development is projected to create over 9,000 jobs during the construction phase and more than 10,000 additional roles post-construction. Comprehensive training and support initiatives will be implemented to ensure that residents are equipped to access these employment opportunities.
Deputy leader and cabinet member for economy and skills, Cllr Sharon Thompson, said: “This £1.9billion development will transform the area, creating a vibrant landmark in the heart of Birmingham—that will elevate the city’s economic growth and enhance its international reputation.”
“Smithfield is the largest single city centre development site in the UK, and is a key strand of our plans to transform the city centre.”
“Approval of this grant funding is a significant milestone that will kick-start the delivery of 3,000 homes for Birmingham, create 9,000 jobs, and make Birmingham’s city centre an even more exciting and lively place for people to live and work.”
Colin Murphy, portfolio development director and project lead for Smithfield (Birmingham) at Lendlease, said: “This funding brings added momentum for the next phase of Smithfield and the long-term regeneration of Birmingham city centre.
“It’s a vote of confidence in the city’s future, and a clear signal that delivery of this once-in-a-generation scheme is on its way.”
Construction is expected to commence on site in early 2026 and the delivery will be completed in four phases over 10 years.
