The owner of Bullring, the retail powerhouse in Britain’s second largest city Birmingham, has announced plans to create a 12 acre shopping complex in the city.
Hammerson has proposed a 12 acre shopping complex in Birmingham, Britain’s second largest city, with a retail terrace, garden centre, discount food store, restaurants and a drive-through takeaway.
The idea for a retail space was originally approved in November 2004, and now the British property development specialist will spend £50m on the centre, due to open in Oldbury, in the latest vote of investor confidence for the UK's second city.
Hammerson already owns Birmingham’s high-profile shopping and leisure centre Bullring, and recently bought Grand Central, home to the largest John Lewis store outside of London, for £350m.
"We are strong supporter of the future of Birmingham and this acquisition provides us wih additional exposure to the city's fast-growing economy," said Hammerson's Chief Exec David Atkins after the acquisition of Grand Central.
"Given that the number of young people being priced out of the London housing market and heading north and west is rising significantly" the population of Birmingham could rise further.
The West Midlands is experiencing the fastest growth in disposable income in Britain, with incomes in Birmingham rising 3.5% a year according to government data. The city currently attracts over £2bn of visitor expenditure and more than 30m visits a year.
Not only is it home to retail powerhouse Bullring and Grand Central, but recently completed a £50m renovation of upmarket shopping and office development The Mailbox and a £20m refurb of its Selfridges store.