A scheme to regenerate a 17 hectare site in the heart of Birmingham city centre has moved a step closer after Birmingham City Council, together with property consultants Cushman & Wakefield, launched the search for a developer to transform Birmingham Smithfield.

The site of the city’s former wholesale markets, which will become one of the largest city centre regeneration opportunities in Europe, is expected to deliver over 300,000sqm of new floor space, 2,000 new homes and 3,000 new jobs and an investment value of more than £1bn.

The selected developer will work with the Council in realising the vision for the site set out in the Smithfield masterplan for a landmark, sustainable, mixed-use development including a family and leisure hub, supported by retailers, restaurants, hotels and a public square as well as a residential neighbourhood and integrated transport facilities.

Reflecting on the proposed scheme in the heart of Birmingham city centre, adjoining the Bullring shopping centre, New Street station and the new HS2 rail terminus, councillor John Clancy, leader of Birmingham City Council, said: “We are excited to launch the search for a world class Developer/Investor who has a shared vision and can bring the necessary expertise and resources to partner with the Council in delivering the transformational re-development of the Birmingham Smithfield area.

“Birmingham Smithfield will be one of the largest and most attractive city centre development sites in Europe and is a once in a generation opportunity for the Council to partner with a private Developer/Investor to redevelop a major city centre site covering 42 acres where the council is a major land owner.

“Creating 3,000 new jobs, it sets the standard for inclusive economic growth and sustainable development and is a major part of the unprecedented change happening in Birmingham as billions of pounds of investment transforms the city’s economy.”

The development of Smithfield marks Birmingham City Council’s ambition to strengthen the city’s national and international standing through the creation of a truly exemplar mixed-use sustainable development that will attract millions more visitors to the city, according to Waheed Nazir, corporate director of economy at Birmingham City Council.

He said: “The development will promote the city’s own unique character and protect the rich market heritage of the city with the creation of a new vibrant market complex and a major family led leisure and cultural destination and residential area which is supported by high quality public realm and transportation links to the wider city centre and beyond.”