Sector Focus
Property
Map highlights growth of property market
The latest ‘development map’ published by real estate firm GVA has highlighted Birmingham’s continued growth in the property market. The updated Evolving Cities map, which was last issued in 2016,
outlines consented and in-progress office, residential, retail and leisure, and mixed-use schemes. It provides a demonstration of how the city continues to expand outside of the traditional core, encouraging development and regeneration. The map was unveiled at an event was hosted by GVA’s Ian Stringer,
with Richard Cowell from Birmingham City Council’s Economy Directorate providing an overview of the city’s current development opportunities and context for growth. Mr Stringer said: “This latest version of the development pipeline
map provides a clear demonstration of how the city council is driving growth and expansion of the city core out of the traditional bounds of the inner ring road in accordance with the ‘Big City Plan’. “This is very much in line with the city’s ambitious growth agenda,
which is itself a response to the anticipated upswing in population driven in part by rising regional employment growth. This is evident in the current wave of inward investment and northshoring activity, particularly through relocation precipitated by affordability constraints within the south east, which will support a strong future economy. “Population growth and net migration, along with connectivity and
infrastructure investment, and post-graduate retention from our top- rated regional universities are also anticipated to have a key role to play in the ongoing story of Birmingham’s growth.” Alongside the launch of the map, Charles Toogood and Mark Birks –
from GVA’s offices and residential teams – presented on the current drivers and future pipeline trends to support the city’s markets. The offices sector has seen both a rise in occupier demand and
inward investment activity. There has also been a positive movement in rental values, constriction of supply and a fall in tenant incentives, all of which are emblematic of a highly in-demand market.
Property report says city is still on the up
Birmingham’s Gun Quarter is set to become the city’s most attractive area for residential development, according to a city commercial property agent. Mark Lenton, head of property
and asset management at KWB, says that the number of new residential developments underway in the Gun Quarter is growing all the time. For many years a centre of the
world’s gun-manufacturing industry, specialising in the production of military firearms and sporting guns, Birmingham’s Gun Quarter remains a predominantly industrial area to the north of the city centre, bounded by Steelhouse Lane, Shadwell Street and Loveday Street.
‘The Gun Quarter is still largely unexploited for residential development’
However, as manufacturers
relocate out of the area, more developers are acquiring sites for development of residential blocks. Mr Lenton said: “The Gun
Quarter has an increasing number of student blocks, thanks to its proximity to Aston University and Birmingham City University, but it is still largely unexploited for residential development, although it is close to the city’s central business district. “This is starting to change as
developers start to appreciate the potential and location of the Gun Quarter.” Successful planning applications
Mapping the future: GVA’s Ian Stringer (standing) at the Evolving Cities Breakfast presentation
have seen St Joseph Homes win permission to build more than 400 apartments across five canalside buildings rising up to 21 storeys in
New developments: Mark Lenton
Shadwell Street, citing the Gun Quarter as ‘a largely untapped area of huge potential.’ Mr Lenton added: “The Jewellery
Quarter has undergone significant improvement over the past decade with historic buildings being transformed into plush apartments, modern businesses and trendy restaurants and stylish bars, and property website Zoopla has even named the area as one of the top ‘hipster hotspots’ in the UK. “However, the Gun Quarter has
as much, if not more, to offer, including the historical buildings, such as the listed pub The Bull’s Head, with the same, if not more, potential than the Jewellery Quarter. “I believe we will be mentioning
the Gun Quarter and the Jewellery Quarter in the same breath when it comes to city living in the next 10 years.”
64 CHAMBERLINK June 2018
Photo by: Shaun Fellows of Shine Pix Ltd
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