The creative and technology industries in Britain are buzzing and as a result, city councils are planning new developments which give these sectors the type of working space they need. A recent report stated that as of March 2017, the tech sector was growing faster than UK economy with 72pc of investment outside London.
Around the same time that this report was released, Typhoo Wharf, one of Birmingham’s major developments was showcased at MIPIM 2017. This key part of a new creative and technology hub just east of Birmingham’s city centre, will be a £200 million redevelopment of a key property portfolio.
Typhoo Wharf will be an addition to Birmingham’s already numerous creative institutions – The Custard Factory is well-known in Birmingham’s Creative Quarter and Fazeley Studios is a workplace for the digital age where creative and digital companies collaborate.
The Wharf will be built in an area which is already known as an established hub for the creative industries but this development will ensure its reputation isn’t lost. It is expected to attract new start-up businesses. Some have even suggested it could be a choice as the new home of Channel 4.
The unusual name ’Typhoo’ is familiar in the UK as a brand of tea and so unsurprisingly the 10 acre site is the former home of the factory where the site takes its name from.
The site will be a mixture of media companies with perhaps some residential and work on the site will get underway in summer 2018. It won’t surprise many that the development is expected to attract workers from across the UK. In fact, at the end of last year more than 6,000 people left the capital for England’s second city, according to internal migration statistics. Birmingham is big news.
A striking advantage for Typhoo Wharf is that it will almost immediately adjoin the new proposed HS2 Curzon Station, making it “one of the most significant development opportunities in the city” says David Tonks at Cushman & Wakefield.
The development has been in the minds of the council for a long time, but it was the announcement around the HS2 station at Curzon Street which has encouraged the developers to move forward with their plans. The action they take now will help to secure Birmingham as a creative and technological hub and continue to attract investment into the region.
Birmingham isn’t only relying on the new HS2 station to improve its transportation infrastructure though. Perhaps inspired by the success of the tram in Manchester, the city plans to be operational with a tram service by 2023.
This is an exciting prospect for investors who are looking for indicators of long-term growth in Birmingham and its wider city region.
ERE’s buy-to-let property, Birmingham City Region, is a perfect commuter property for tenants looking for an apartment with lower rents than in the city centre but that is still easily accessible to places like Typhoo Wharf. Find out more about the property here.
Source: West Midlands gets an ‘oo’ with Typhoo Wharf, Property Week, 21/04/17; MIPIM 2017: A step forward for Peddimore and Typhoo Wharf developments; Tech sector growing faster than UK economy with 72pc of investment outside London, report says; Birmingham remains top destination for Londoners.