Birmingham is one of the UK’s fastest-growing cities and has an exciting few years ahead of it. Mass regeneration, huge infrastructure investments like the HS2 high speed railway, and the preparations for the 2022 Commonwealth Games are turning the city into a global economic powerhouse.
The scale of the development underway in Birmingham is laid on by Deloitte’s Birmingham Crane Survey 2020, released in February this year. 11 major new schemes began in the city centre over the last year – a huge amount of construction work which is having a significant impact.
As with Manchester, much of the development in Birmingham is in the office sector, with more than 775,000 sqft being delivered in 2019 – almost 50% more than in the previous year. On top of that, a further 1.1 million sqft is under construction.
Of this new office space, half of the developments begun in 2019 are undertaken on behalf of co-working providers who offer flexible space for smaller businesses. The companies who require this type of office are often smaller in size and work in the creative or technology industries – exactly the industries Birmingham needs to develop its modern economy even further.
On the residential side, just over 1,000 new units were completed in the city over the course of 2019. While this is the second highest total for a decade, it is still well below the anticipated annual total of 3,000 new homes. With more than 5,000 homes under construction, and 3,100 expected to complete in 2020, it looks on the surface like a good time to invest in Birmingham city centre property – but is this the case?
When digging a little deeper into the Deloitte figures, it is clear that the city centre market is not performing quite as well as it may appear. Out of all the homes completed in Birmingham last year, none were in the city core. What’s more, there are also no units currently under construction in the centre. According to the Crane Survey.
In addition to that, much of the development in other areas of the city is made up of co-living schemes – a far cry from the large luxury apartments demanded by Birmingham’s growing population of young professional workers. Due to this, many are beginning to look to the suburbs for the sort of high quality, modern homes that they simply cannot find in the city centre.
Park Gate at Lyndon Place is our luxury development in Sheldon, the fastest-growing part of the Birmingham region. Located next to Sheldon Country Park, with Birmingham city centre and the nearby HS2 station only minutes away by road or the new Sprint Bus service, this development is ideally located to offer all the benefits of modern urban living alongside suburban tranquility.
Completing in Q2 this year, large floor-to-ceiling windows wrap around each apartment, flooding them with natural light. The stylish, minimalist décor and open-plan designs create welcoming home environments and give residents the freedom to make apartments truly their own.
Park Gate at Lyndon Place raises the bar for residential living in Birmingham, and demand for the final properties is extremely high. Make sure to click here for more information and avoid missing out.