Following the first phase of HS2 receiving Royal Assent, Jon Cookson, Head of Birmingham office at real estate advisor, Colliers International comments:
“For some time, promises of much needed investment in Birmingham’s infrastructure has helped to see confidence in the city as a commercial centre of excellence soar. Today’s decision to grant Royal Assent to HS2 is fantastic news for Birmingham which rubber stamps its position as a leading regional city in post-EU Britain. Of course this is not just good news for the commercial sector, residents old and new can also expect to enjoy the additional ripple effects; more jobs, more housing, better appeal to retailers, restaurants, leisure facilities and so on. HSBC’s relocation to Area Central, the Curzon Street regeneration project and now HS2 are sowing the seeds to a revitalised city that will soon enjoy a very different type of ‘Crossroads’ – and about time too.”
Cookson adds:
“As London starts to overheat, investors are starting to view Birmingham as fair value and there is a wall of money from institutional funds looking for the right opportunities. With access to London likely to become more fluid with the arrival of HS2, we can expect increased interest from international funds from China, Asia, and the Middle East, particularly Qatar, as they open their eyes to the merits of Birmingham. Sites that are in close proximity to the HS2 hub in Moore Street will be particularly sought after. This was demonstrated by LIM’s £100 million deal with developer Nikal to fund its PRS development in Exchange Square.”