A development and investment partner is being sought for one of the West Midlands largest regeneration schemes.
Property agency JLL has been recruited to find a partner for the 346-acre, £3.2 billion Arden Cross project in Solihull which is aiming to maximise the benefits of the new HS2 Interchange station near the NEC.
The long-term arm of Arden Cross is to build up to 3,000 houses, six million sq ft of commercial space and new public realm on vacant land around a mile east of the airport next to the M42.
Estimates suggest it could boost the region’s economy by more than £1 billion a year and create and support up to 27,000 new jobs, with the site 38 minutes from central London via HS2.
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The masterplan for the site has been developed by Arden Cross, a special purpose vehicle created by landowners Birmingham City Council, Coleshill Estate and the Packington Estate.
They are working in partnership with various public sector bodies and Urban Growth Company which was set up to lead The Hub, a wider business and regeneration scheme for this specific area of which Arden Cross forms an integral part.
Cllr Ian Courts, leader of Solihull Metropolitan Borough Council, said: “This opportunity is a unique proposition within the UK, creating a gateway location for Solihull, the West Midlands and the nation and a place where international organisations and businesses can interact and learn together.
“It will boost next generation R&D opportunities while complementing the strengths of the region’s existing sectors and unbeatable location, opportunity and lifestyle.”
Alistair Meadows, head of investor and developer clients at JLL, added: “Arden Cross will appeal to international and domestic developers and investors encouraged by the transformational changes in the Midlands’ regional economy and the significant opportunity presented by this extensive, cohesive and connected mixed-use scheme.
“It represents a key part of the Midlands Engine initiative to ambitiously grow our regional and national economy.”