Smithfield
Smithfield Birmingham is a JV between landowner Birmingham City Council and Master Development partner Lendlease to deliver a new city centre innovation, living and leisure destination in the city of Birmingham.
Market Ask
We presently anticipate that the site will be delivered over four mixed-use phases. There is, however, the potential for the site to be delivered over a greater number of phases to meet investor requirements.
A combination of equity and debt investment is being targeted to fund the regeneration of Smithfield with a estimated market ask of £400-500m through a combination of debt and equity.
The precise corporate structure to be established, will be informed by the requirements of investors, with a flexible approach being take to ensure the project remains open to the types of investors best placed to support the realisation of the opportunity.
Depending on investor requirements, the approach could be varied to enable exposure to specific sub-sectors.
Equity
We are seeking to partner with an investor/group of investors to support the successful delivery of the large scale, mixed-use regeneration of Smithfield. We anticipate that these investors would take a 50%+ equity stake in the overall development over time. It is our intention that equity investment will be made via a single unified structure aligning investor interests over the long-term and maximising value. We anticipate that investors would either invest in the overall scheme, with benefits of broader access to all phases of project, or a phase-by-phase investment approach, where investment is made for a specific development phase.
Debt
Smithfield has the flexibility to enable debt financing to be introduced on either a phase, use or plot basis. The debt strategy will be structured to align interests with investor and project requirements, informed by available market terms. At present, we are anticipating that senior development debt would be secured to support delivery at Smithfield.
The site is on the periphery of the city core and will re-shape the outline of Birmingham City Centre as a showcase for sustainability, inclusivity and social value – prompting a healthier and more sustainable lifestyle for everyone in it.
With a destination market at its heart, the site promises a thriving leisure and cultural offer and will deliver 1.3million sq ft of next-generation innovation and collaboration space. These workplaces are designed to ignite a diverse and compelling ecology of great companies and individuals to ensure that Birmingham continues to grow its industry and talent, at pace. It will support over 10,000 jobs in operation once all phases are delivered (3,100 FTE jobs in operation after Phase 1 is complete in 2028).
Phase One will deliver 380,000 sq ft of workspace across two buildings, 45,000 sq ft of retail, 20,000 sq ft of leisure and 95,000 sq ft market. In addition to this there will be 570 family homes and a new primary school. Phase 1 will start onsite in 2025 and complete in early 2028.
Location
Smithfield is located in Birmingham City Centre 8 mins from New Street station, one of the UK’s busiest rail hubs, and 10 mins from Curzon Street station, the City terminus of High Speed Two that connects the city to central London in 45 minutes and will be operational by 2033.
Planning
The hybrid planning application was submitted in Dec 2022; detailed planning sought for Phase 1 and outline planning targeted for latter Phases. Phase 1 includes new placemaking markets, highly sustainable Grade A workspace and residential to the north of the site.
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