Smithfield Birmingham is an incredible opportunity to reshape Birmingham’s city centre.
Located in the heart of Birmingham, the £1.9bn investment will bring up to 8000 new jobs to the city, leisure and culture, retail and workspaces, better connectivity, and, of course, new homes.
But what does this mean for investors looking at Birmingham property?
Well, it can only be a good thing.
We’ve already discussed how HS2 could impact UK property investments with the project creating new jobs and drawing in investors.
And with the Smithfield Birmingham project being located just a couple of minutes away from the new Curzon Street station, it’s easy to see how they will drive property prices and rent up.
For instance, new retail and workspaces are sure to bring in businesses to Birmingham’s City Centre and with that will come people moving to Birmingham. Once completed, HS2 will mean that Birmingham becomes within an hour’s commute to London and Manchester – two massive business hubs.
The big draw for investors is that once Birmingham is within an hour’s commute to London, people who are used to paying rent in London – which is at an average of £2142 per month in London, £1068 more expensive than outside the capital city – can now feasibly commute from Birmingham for their jobs.
The Smithfield Birmingham project will also improve transport links within the city, with a metro stop being added into the rejuvenated area, more bus routes, and better pedestrian and cycle access.
According to Barrows and Forrester estate agents, property prices are also expected to rise because of its improving infrastructure.
Inevitably, for Birmingham to draw people in, it has to offer more than just excellent connectivity.
It needs to offer leisure and culture to those looking at making the move – another thing that Smithfield Birmingham has to offer.
With the quarter set to become the new home of Birmingham’s famous Bull Ring markets, alongside providing a venue for live performances, a public park, and an area for public art, the development project looks set to achieve its aim: to establish Smithfield as a prestigious and globally recognised market district.
Between the improved transport links, drawing in new businesses and jobs, and the aim to become a new cultural hub, the Smithfield Birmingham project looks set to lure investors into the city.
And whether you’re looking to buy now and sell in the future or looking at buy-to-let vs HMOs, investment in Birmingham looks set to provide strong returns on investment.
