The arrival of huge numbers of tax officials in the centre of Birmingham would be a massive boost to both the city and the property sector, according to Century 21 Bigwood.
And the city centre estate agency and letting agent has revealed that it is currently dealing with a large number of inquiries from overseas investors and from the South-east due to the favourable yield conditions currently available in Birmingham.
Senior branch manager Justyn Horton said: “It is a buoyant market already and this would be another vote of confidence.”
He was commenting on speculation that HM Revenue & Customs is looking at taking some or all of the Three Snowhill office development – scheduled for completion in 2018 – to bring together thousands of tax staff from across the West Midlands.
The plan is to consolidate around 170 tax offices nationally into 13 regional hubs.
“We must wait and see whether all this materialises, but as leaks go it sounds as if it is on the right lines,” said Mr Horton.
“And of course this is a consolidation so whether it means new jobs is hard to say. But it is good news for the Birmingham housing market and in particular city centre flats.
“Such a public sector relocation, on the back of private companies such as HSBC’s new spin-off bank moving into Arena Central, would be another feather in the cap of Colmore Business District and build on Birmingham’s national coverage.
“We are yet to know the full impact however it is another major positive and shows long term government commitment to the city. It is a great yardstick for the office sector and builds on the growth being experienced across Birmingham.”
And he added: “The city is experiencing a lot of development and refurbishment which could lead to speculative building as a result.
“With HS2 high speed rail on its way, further interest from overseas and domestically from the South-east, on top of current levels, seems to be very much on the cards.”
