More than half of leading property professionals in the region believe that it will take more than five years for the proposed redevelopment of Birmingham New Street to take place according to new research from RICS West Midlands. However, the overwhelming majority (89%) do believe that the proposed development will go ahead.
The research, which was conducted among 100 property professionals from across the region sought to identify views on the future of the West Midlands built environment. Unsurprisingly, transport and infrastructure are the top priorities, with 74% supporting the introduction of a congestion charge for Birmingham city centre as a traffic-calming measure. In addition, there is an increasing sense of dissatisfaction with existing transport links, with the majority of those surveyed calling for a better transport infrastructure to support the city.
Last April, plans were finally unveiled to transform New Street station under the banner ‘Birmingham Gateway’. The £500m project is set to accommodate for a significant increase in passenger capacity by providing a new-look station with up-to-date facilities for rail users.
Gurdip Chamba, RICS West Midlands regional chair, comments:
“Birmingham is an attractive city to live and work in, with a much improved retail offering with the success of the Bullring and a number of new developments such as Fort Dunlop and the growing transformation of Eastside coming to the fore. We now need the supporting infrastructure to maximise the potential of these developments. For the future success of the West Midlands, the development at New Street is a critical first step. We should not underestimate the impact that the long-awaited plans to transform Birmingham New Street will have on the region. First impressions count, and as anyone who has travelled into the station will know, it is in dire need of repair.”
“Nevertheless, there appears to be a growing frustration within the city about the timescales for redevelopment at New Street. However, there is a role for businesses to play in backing the proposals, so that this long overdue development can get underway."
