why birmingham brochure new design smaller
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why birmingham brochure new design smaller
Why invest in Birmingham City Region? A guide from ERE Property Introduction English county regions Universities Growth in the private rented sector Residential summary Key facts What is happening in Birmingham? Midland metro Sandwell Key facts Fact file Location & connectivity What is happening in West Bromwich? Page 1 Page 2 Page 3 Page 4 Page 5 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14-16 An Introduction to Birmingham City Region Birmingham is a leading European business destination at the centre of a £90bn regional economy. The city has access to a working population of 4.3 million people and provides a wealth of opportunities for companies looking to expand or invest. Birmingham is perfectly placed for business - with exceptional connections to local, national and global audiences. It sits at the heart of the UK’s road network and boasts its own international airport with direct flights to over 100 destinations including in Europe, North America and Asia. Recognised as the best English core city in terms of languages spoken (Cushman & Wakefield, European Cities Monitor 2010) Birmingham tops the ranking table in key language subjects at higher education institutions within a one hour drive of the city. Living in Birmingham Living in the highest consistently ranking English regional city according to the Mercer Quality of Life Index 2014 and being in or on the doorstop of “one of the most exciting destinations for 2015” are just a couple of the reasons which combine to make setting up home in the region a fantastic idea. The city has been commended by Lottie Gross, from Rough Guide who said “'From the vibrant Bull Ring markets to the fashionable creative quarter in Digbeth, Birmingham makes a worthy entry in the 2015 list for its cultural variety, excellent shopping and a buzzing live music scene that's among the best in the UK.” Birmingham is a cosmopolitan, vibrant and modern city with a cost of living 60% lower than London and a diverse housing offer to suit all tastes and budgets. The city is one of Britain’s greenest with more than one fifth of its area consisting of parks, nature reserves, allotments, golf courses and playing fields - many of these are linked by rivers, watercourses and canals. Its role as an economic hub is reflected in its status as one of the UK’s largest financial centres outside London and is an attractive location for business and professional services with a significant number of regional and national HQs. The diversity of the centre’s economic role is supported by its reputation as a hub for creative industries and as the UK’s fastest growing place for digital media ventures. Page 1 English county regions Birmingham Other districts in the West Midlands region Page 2 Universities There are ten universities in the West Midlands region, five of these are located in Birmingham itself; Aston, Birmingham City, Birmingham, University College Birmingham and Newman University. Aston University and Birmingham University achieve higher than the UK average for 2:1 or 1st class degrees and Aston has the highest employability scoring of all regional UK cities - 82% get jobs within six months of graduation. The region includes three Russell Group Universities, namely, Birmingham University, University of Warwick and University of Nottingham. 1 1 - Copy taken from Seven Capital Birmingham Brochure Page 3 Growth in the Private Rented Sector Between the 2001 and 2011 census the number of households renting privately rose in the UK by 2 million to 4.3 million. This structural shift in the housing market, which started in the early noughties and pre-dates the credit crunch, is set to remain. It is estimated that by 2018, one in five households, a total of 5.7 million in England, will be renting in the private sector. This growth in the rental market is being driven by the following factors: Affordability Homes are expensive relative to average earnings as incomes have not kept pace with house price inflation - in conjunction with the cautious approach to lending where large deposits and high costs make the average mortgage more expensive to service than paying rent. Demographic Pressure The laws of supply and demand have driven strong rental growth over the last few years. Population growth adds pressure to the shortage. Projections by the Town and Country Planning Association (TCPA) predicts that the number of households in England is set to rise by a fifth in the next 20 years to 27 million, creating a demand for some 245,000 homes a year. Rental Growth The serious imbalance between supply and demand has pushed up rents in well connected city centres - the type of location most popular with private renters. Savills forecasts indicate that average rents in the main stream market will increase by 18.2% by 2017, with the greater part of that growth delivered in 2016 and 2017. Rental Growth Forecast - 5yr Forecast Source Savills Research Page 4 Residential Summary West Midlands The West Midlands has been identified as a property hot spot for investors looking to cash in on the current boom in the private rented sector (PRS). Analysis by property consultants CBRE found that out of 21 cities across the UK, Birmingham offers landlords the highest rental yield in the whole of England and Wales. The National Housing Federation has commented that the housing shortage in the West Midlands is reaching critical levels as house building fails to keep pace with population growth and wages lag behind housing costs. Residential Sales and Housing Stock The shortage of new property is making housing increasingly unaffordable in the West Midlands and is forcing people into rented accommodation. House prices soared 56% between 2002 and 2012, with the average home now costing nearly nine times the average wage. In the last year, property prices in the region have been rising faster than in 4 London boroughs Kensington and Chelsea and Savills predict that prices will continue to rise - totalling 23.4% by 2018.5 There has also been a sharp rise in housing transactions in the West Midlands – up 29 per cent year-on-year compared to the UK average of 19 per cent. Residential Lettings The rental market has never been more buoyant than it is today. Rents in the region have risen even faster than house prices, increasing 61% between 2002 and 2012 and are set to rise another 39% by 2020, according to the National Housing Federation. The West Midlands, Birmingham in particular, continues to draw young professionals and students into the region. With limited supply going into the rental market due to the lack of new apartments being built, rents look set to increase further as tenant demand continues to grow. 2 + 3 - National Housing Federation 4 - Birmingham mail 5 - Savills 6 - Birmingham post City Page 5 Birmingham Centre The West Midlands region had a population of over 5.26 million in 2011, accounting for almost 11% of England’s total population Key Facts 6 140 direct connections from Birmingham Airport The City’s 5 universities and 4 major colleges provide a world class learning environment supporting over 73,000 undergraduate and postgraduate students A £94 billion regional economy making the city a major In 2014 Birmingham engine of UK was SiteSelection’s With £2.43 billion growth outside of Best to Invest, expenditure in 2010, London second in Western Birmingham remains in the Europe after top three most popular Barcelona The City has a young places to shop in the UK for population profile the seventh year running. with nearly 40% Air, road and rail under 24 years of connections provide access age and a total to 400 million people population of over 1 million citizens In 2010, the Over 98% of the region UK market contributed consumer and over 7% of the business - are UK’s GVA within a 4 hour travel time 7 6 - ONS 7 - Savills 8 - ONS Page 7 What is Happening in Birmingham? Birmingham New Street Station £600 million redevelopment. In September 2015 the new station was opend to the public. Over 170,000 passengers use New street everyday. The busiest interchange station in the UK, with a train leaving the station every 37 seconds. The station islinked with Grand Central, housing the second largest John Lewis store outside of London. Grand Central Birmingham £100 million of investment. A refurbishment of the old Pallasades Shopping Centre, situated above the New Street Station. Over 60 stores including 15 cafés and restaurants. Aims to attract over 50 million people per annum. Up to 1,000 new jobs created for the people of Birmingham. Home to the second largest John Lewis outside of London. Resorts World Birmingham £150 million integrated leisure complex. 178 four star bedrooms with 5 five star suites and an Asian-themed spa. Approximately 55,000 sq m over seven floors. More than 1,100 full time jobs created after completion. Part of the Genting Group, one of Malaysia’s largest multi-national corporations which has a market capitalisation of around £25 billion and employs over 58,000 people worldwide. 10 - Mace Group 11 + 12 - New Street: New Start 13 - Grand Central Birmingham 14 + 15 - Resort World Birmingham 16 - NEW Group Page 8 Midland Metro £127 million extension completed. Plans to extend the tram line at Curzon Street Station to the HS2 station before its completion in 2026. Birmingham City Council have plans to connect all of the city’s rail stations via the Metro Tram Network. 20 extra trams added on to ensure that service is fast and efficient. HS2 could help attract 750,000 extra passengers to Birmingham Airport, delivering £52 million a year and 1300 jobs for the UK economy. A package of improvements to major routes costing £1.8 million are planned from 2015 by Highways England over the next five years. HS2 facilitating easy access for new passengers, unlocking £34m of local revenue and 950 jobs. HS2 will reduce the travel time from 1 hrs 24 mins to 49 mins and will shorten the existing journey time to Manchester by 47 mins. 1Birmingham Post, 7 Capital Why Birmingham Brochure Express and Star, Coventry Telegraph, bqlive Page 9 Sandwell Page 10 Key Facts Recent and future investment in West Bromwich totals to approximately £339.9 million. West Bromwich makes up 24.5% of Sandwell’s population. 19 West Bromwich is the largest town in Sandwell, with a population of 75,405 at the 2011 census. 19 - Sandwell GOV The West Bromwich regeneration programme is opening more job opportunities for the region, along with new leisure facilities, high quality housing and a wider retail offer. Good transport links 10 minute train journey/20 minute drive to Birmingham City Centre Page 11 Investment Highlights: FACT FILE 2 bedroom apartments priced at £105,000 Excellent transport links Modern fully refurbished apartments with new furniture packs Prices from £139 per square foot The Deal The Property The Location West Bromwich - Birmingham City Region This development is located close to the heart of West Bromwich, found within Birmingham’s wider city region. It’s ideally situated for easy acess to M5 and M6 junctions, Tame Bridge railway station, and main bus routes. The Midland Metro tram link is just a 10 minute drive away, connecting commuters to Birmingham city centre in just 14 minutes, and Wolverhampton in 22 minutes. This area is therefore ideal for professionals who choose to commute into Birmingham and Wolverhampton. There are a host of local amenities within walking distance from the development, as well Sandwell Valley with it’s parks, golf course, farms, and picturesque lakes. This development compromises fifty-five, 2 bedroomed apartments, 18 of which have en-suite bathrooms. The 6 floor development includes under-croft parking and 2 lifts for easy accessibility. Décor is modern throughout. All of the apartments have allocated parking and there is also additional visitor parking. We have exculsively secured a number of 2 bedroom apartments, each including their own allocated parking space. Retailing at £105,000 this is a fantastic hands-off investment opportunity in a region where the house prices are expected to grow by more than 20% in next 5 years. Recent sold comparable show that smaller 2 bed apartments in the surrounding area have achieved up to £120,000 on the open market. There are also a lack of similar quality developments in the area which will be of benefit should investors decide to resell. [email protected] www.ereproperty.com +44 (0) 113 380 8930 Location & Connectivity This development is ideally located close to West Bromwich and Birmingham. The two main rail stations are Midland Metro and Tame Bridge railway station, both with direct routes into Birmingham. With the M6 only a 4 minute drive away and the M5 an 11 minute drive away, transport links to the rest of the country are easily accessible. Due to a number of different transport options the city centre can be accessed by car, train or the Midland Metro in less than 30 minutes 2014 saw the arrival of a new fleet of 20 trams, each with a capacity of 200, meaning that more people can commute more efficiently, quickly and comfortably. ‘Work to extend the Midland Metro into Birmingham City Centre has started. When the extension opens in 2015, it will greatly improve links between the Black Country and central Birmingham by linking to the National Rail network at Birmingham Gateway - New Street. It is expected to deliver £50m per annum to the region's economy and create around 1,500 jobs.’ 20 6 B4 51 A457 nie I ck The The Landmark Ne ch ell Birmingham Lekni The l B4125 k y sP el The The Heights Ar en l oo Lan or La y Ci y The ICC Bull Ring Shopping Centre The ICC Ca B4127 ne 21 ay A4 ay le A4 54 0 eM 5 Hi ga gh or r B4 Ha o rb kM i ra Edgebaston an les Five Ways Station ry i Norfolk Marriot Hotel en ck Lee B Co her lo Hagley Bris ol A456 ell B41 00 7 Site connection times: 4 minutes drive to the M6 4 minutes drive to Tame Bridge train station (then 18 minutes via train to Birmingham New Street) 5 minutes drive to the Hospital 19 minutes drive to Bimingham City Centre 13 minutes drive to West Brom’s central Tram station (then 14 minutes via Snow Hill Station, Central Birmingham) 20 - Centro Page 13 What is Happening in West Bromwich? Urban 180 £20 million project. Located between Bull Street, High Street and Overend Street in the town centre. A mixed-use development, providing West Brom town centre with high quality, affordable homes, office space and rental units. Phase 3 began work in May 2015 and this next phase of the project will see more new homes and office space built in the heart of West Bromwich. This next phase in the project plan is set to be completed by autumn 2016. Queen’s Square Shopping 2012 granted planning to modernise Queen’s Square shopping centre. Refurbishment work included a new main High Street entrance and improved malls and completed in autumn 2014. Refurbishment will improve links between town centre retail areas for shoppers and will improve the access to public transport. Nearly £7 million, including a £3 million contribution by Sandwell Council, has been invested to improve the shopping centre in the coming years. New Square Development Opened on July 2013 – Tesco, Next, JD Sports, Bank, Outfit, Deichmann and Phones 4 U, along with a five screen Odeon cinema, restaurants and cafes including Prezzo, Harvester, Costa and Nandos. New Square development: o £200 million of investment for the town o Created 2,000 jobs o Brings evening economy to the town o Turn West Brom into a visitor destination Includes plans for a new hotel. 21 - Sandwell Council 22, 23 & 24 - All bullet points from Sandwell GOV Page 14 Major Road improvements for West Bromwich £25 million project - designed to speed up traffic along the dual carriage way running from the M5 Junction 1 motorway. Increased the capacity of the junction from 70,000 to 115,000 vehicles each day. Improved access into West Bromwich town centre Reduced delays and congestion on the A41. Has improved bus services. It has increased pedestrian and cycle links to West Bromwich town centre as it has created safer and much more convenient routes. Sandwell College Campus Up to 10,000 young people and adults will study at Sandwell College’s new campus on Spon Lane £12.5 million leisure centre and swimming pool. Close to all major transport links. Facilities include: o Automotive Centre o Beauty and hairdressing salons o Computer suites o Engineering laboratories o Fashion and photography studios £77 million building. Completed in February 2012. The new central campus: o Adds on iconic building to the town centre o Attracts thousands of new students Providence Place office development Next to one of the main routes into West Bromwich and is expected to create tens of millions of pounds in new investment. Create hundreds of new jobs which involve lots of different skills. Additional office buildings will be built as part of the Providence Place development. Additional office buildings at Providence Place will: Provide up to 170,000 square feet of office accommodation for West Bromwich. Generate £80 million in new investment. Create hundreds of new jobs and training opportunities. Page 15 25, 26 & 27 - All bullet points from Sandwell GOV New West Bromwich Leisure Centre Partnership between DC Leisure and Pellikaan Construction & once the centre is built it will be run by Places for People Ltd. £12.5 million leisure centre and swimming pool. The centre opened on 2nd June 2014. Located on the corner of Moor Street and Barton Street in West Bromwich. Expected to welcome 60,000 visitors per year, with 100 new jobs created. Facilities Include: o 25m pool with a learner pool o Sauna and steam room o Four-court sports hall o 100 station fitness suite o Two dance studios & activity rooms o Indoor adventure play centre for children o Café Metro Plaza - New Development £8.2 million project aims to increase footfall on the high street Metro Plaza is an innovative scheme to improve links to the town's shopping areas for commuters. The council and partners won funding of £4.1 million from the European Regional Development Fund (ERDF) in April 2011 to match their own contributions. The project has joined up areas around the town centre including a £200m Tesco development, Providence Place office block, Sandwell College and Dartmouth Park. The project has transformed the face of the town centre and will include a public square, sculptures and greenery as well as new paving, seating, bins, lighting and trees. Page 16 28 & 29 - All bullet points from Sandwell GOV +44 (0) 113 380 8930 17 Park Place Leeds LS12SJ www.ereproperty.com [email protected]