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Destination of the Future – creating an even Greater Birmingham
March 14, 2014Article by Ray Withers
Having grown up in and around Birmingham, it has always been a city that has fascinated me. Now, it seems that England’s ‘second city’ is eyeing up the top spot and giving London a run for its money as the UK’s best location for business. All while idly batting off any ideas Manchester may have about taking second place.
From great to Greater
A new initiative that focuses on tempting overseas investment away from London in favour of the Greater Birmingham area has seen politicians and business leaders unite, as a £150 million regional taskforce fund has been unveiled.
The plan is to build on Birmingham’s growing reputation as a global hub for business, which has already seen a boom in the number of high tech companies based in the city, in order to win over businesses that might traditionally have chosen to be based in London.
As a Birmingham boy, it’s going to be interesting to see my home city go head to head with the nation’s capital. Birmingham has already had some big successes when it comes to businesses in the life sciences and ICT sectors. As BBC Director-General Tony Hall announced at the end of 2013, regarding the BBC’s £23.5 million investment in digital broadcasting at its Birmingham studios,
“Make no mistake, if you’re interested in new skills and digital innovation, this is the place to be.”
Reviving old traditions
Interestingly, one of the key drivers behind Birmingham’s substantial renaissance is the resurgence of the city’s manufacturing sector. Gone are the traditional smoking factories and in their place are soaring, contemporary architectural delights, to which the UK’s newly revived advanced manufacturing industries are flocking.
Indeed, much of the focus of the new Greater Birmingham taskforce will be to support 500 advanced manufacturing companies to double their growth over the coming four years. The initiative, along with the successes already achieved, has led Andrew Mitchell, Conservative MP for Sutton Coldfield, to proclaim,
“Greater Birmingham is the home of a second industrial revolution.”
It seems that overseas investors agree. Birmingham was the only UK city to take home an award at the recent international FDI Association Awards, being named FDI Destination of the Future. During 2013, the city attracted an increase of 52% in foreign direct investment, as well as drawing in many digital start-ups and leading e-tailers, such as fashion emporium ASOS.
Perfect professional pads
The influx of new professionals to Birmingham that the changes are bringing about are bringing with them increased spending power and giving rise to unprecedented demand for luxury, modern housing developments in and around the city centre. The population is set to grow by some 150,000 people by 2031, meaning around 80,000 new homes will be required over the years ahead.
As ever, Property Frontiers is at the forefront of property investment opportunities within the UK. Our latest development of prime Birmingham city centre apartments will see a mixture of superbly appointed studio, one and two bedroom apartments available for purchase in an iconic building, just minutes from Birmingham city centre.
Perfect for the young professionals flocking to the city, the apartments are available from just £95,000 (£38,000 cash required). A pre-launch discount of 10% (available before 1 April 2014) and yields of up to 9% with guaranteed returns available make these some of the most exciting residential properties currently available in Birmingham.
Given that nearly half of the units have already sold to local investors and partners during the past few weeks, the time to act is now!
For more information on high yielding buy-to-let opportunities in Birmingham, contact Property Frontiers today or call +44 1865 202 700.