An agreement has been made which brings the delivery of one of the largest and most exciting urban regeneration schemes in Europe a step closer.

• Birmingham Smithfield will create a new city centre destination, providing a new home for the iconic Bull Ring Markets, along with spaces for start-ups, small business, and entrepreneurs.

• The scheme will deliver a new residential neighbourhood with more than 3,000 new homes and a park, plus culture and leisure attractions.

• The development is projected to create over 9,000 jobs during the construction phase and more than 10,000 additional roles post-construction.

The Enterprise Zone Partnership Board and Birmingham City Council’s Cabinet have agreed the Outline Business Case and Enterprise Zone Funding for Smithfield Birmingham, which brings the delivery of one of the largest and most exciting urban regeneration schemes in Europe a step closer.

A total of £172.8 million in grant funding has been allocated to the scheme, making the development financially viable, subject to the approval of full business cases for the different phases of the project, which will be submitted as the scheme progresses.

The Birmingham Enterprise Zone, established in 2011, covers 39 sites with 113 hectares of new and existing development space. The zone operates by using the business rates income growth from the 39 sites to invest and drive economic growth and improve the quality of live for Birmingham residents. The total cost of the grant will be met from the business rates income the development is expected to generate over the life of the Enterprise Zone programme to 2045/46.

The first Full Business Case that will release part of the allocated funding is expected to be submitted for approval early in 2026. In the meantime, Lendlease will continue the detailed design of the first phase including the new markets, first residential and workplace buildings and the new areas of public realm Manor Square and Market Square. Lendlease will also discharge planning pre-commencement conditions, undertake site surveys and finalise the site set up plans. The council will ensure that its Joint Venture Agreement with Lendlease for Smithfield Birmingham enables Lendlease’s new Joint Venture Partner, The Crown Estate, to formally participate in the scheme.

Last year the council’s Planning Committee approved revised plans for the 17-hectare development site that will create a new city centre destination, providing a new home for the iconic Bull Ring Markets, spaces for start-ups, small business, and entrepreneurs, a new residential neighbourhood with more than 3,000 new homes and a park, new culture and leisure attractions.

The development is projected to create over 9,000 jobs during the construction phase and more than 10,000 additional roles post-construction. Comprehensive training and support initiatives will be implemented to ensure that residents are equipped to access these employment opportunities.

Deputy Leader and Cabinet Member for Economy and Skills, Cllr Sharon Thompson, said:

“This £1.9 billion development will transform the area, creating a vibrant landmark in the heart of Birmingham—that will elevate the city's economic growth and enhance its international reputation. Smithfield is the largest single city centre development site in the UK, and is a key strand of our plans to transform the city centre. Approval of this grant funding is a significant milestone that will kick start the delivery of 3,000 homes for Birmingham, create 9,000 jobs, and will make Birmingham's city centre an even more exciting and lively place for people to live and work."

Colin Murphy, Portfolio Development Director & Project Lead Smithfield (Birmingham) at Lendlease, said: “This funding brings added momentum for the next phase of Smithfield and the long-term regeneration of Birmingham city centre. It’s a vote of confidence in the city’s future and a clear signal that delivery of this once in a generation scheme is on its way.”

Construction is expected to commence on site in early 2026 and the delivery will be completed in four phases over 10 years.