Invest Dudley, the inward investment arm of Dudley Council, has revealed that it will be showcasing many regeneration projects in the area that will appeal to high-level investors, developers and companies at the upcoming MIPIM event in March.
MIPIM (Marché International des Professionnels de L’immobilier) is a leading international property exhibition and construction event in Cannes, France, which brings real estate professionals from across the globe to showcase opportunities for investment and development.
Before making an ‘undisclosed, significant announcement’ at its main event on 12 March, Invest Dudley is set to provide further details on a string of immediate opportunities totalling nearly £250 million.
This includes the £82 million ‘Portersfield’ mixed-use retail, leisure and residential development, which will comprise up to 400 apartments - including student accommodation - and the potential to include shops, restaurants, bars and offices.
In addition, there is the £100 million revitalisation programme of Brierley Hill, which is set to deliver up to 800 new residential units and 14.7 hectares of improved brownfield land.
Elsewhere, there is the 52,000m commercial expansion of DY5 Enterprise Zone (which spans a total of 70 hectares), featuring mixed-use office space, industrial and residential opportunities, and the 1,000-home Urban Garden City development of Lye – part of a wider £6 billion Black Country development covering 1,500 hectares. This development is destined to be the biggest housing scheme since the Second World War.
Away from the residential side of things, Invest Dudley is set to announce the £9 million Autonomous Vehicle Initiative, a research facility for the testing and development of intelligent and autonomous vehicles, and the £13.39 million expansion of Dudley Zoo, Castle and Castle Hill Woodland, offering eight key regeneration projects including Dudley Castle and a visitor and education centre.
What’s more, there’s the £40 million phase two development of the Black Country and Marches Higher Institute of Technology, providing specialist Science, Technology, Engineering and Maths education.
These projects form part of Dudley’s ‘unprecedented’ £1 billion regeneration makeover. Dudley Borough is a metropolitan borough in the West Midlands formed in 1974, which covers a number of areas on the outskirts of Birmingham, including the large market town of Dudley itself, as well as Stourbridge and Halesowen.
Strategic town centres in the borough are being redeveloped, with work recently commencing on the £449 million Wednesbury to Brierley Hill Metro extension to link Dudley with Birmingham – forecast to bring up to 30% more permanent jobs into the local area.
Dudley, perhaps most famous for being the birthplace of comedian and actor Lenny Henry and one of the birthplaces of the Industrial Revolution, has a number of key tourist attractions – including Dudley Castle and Dudley Zoo – and a range of natural open space. It’s also well-served by road, rail and air transport links.
This, and its close proximity to Birmingham – the UK’s Second City and an increasing hotbed for investment – could make Dudley, often considered to be the capital of the Black Country, particularly appealing to investors.
Councillor Patrick Harley, leader of Dudley Council, certainly thinks so, saying: “We are really excited about Dudley’s future. Significant regeneration activity in Dudley has already begun and there are lots more ready-to-go opportunities we want to discuss with real estate professionals looking for cost-effective and high-return investments.”
He added: “But the icing on the cake will be the major announcement we will be making at our event on Thursday 12 March. This is set to completely transform Dudley, the historic capital of the Black Country. The time is most definitely now to invest in Dudley!”
The Invest Dudley team will be located in the Palais des Festivals (exhibition stand no. P-1.C 2) at MIPIM and will also have a presence in the Midlands UK pavilion (Stand C.16D).
Established in 1990, MIPIM is a 4-day real estate for all sectors of the international real estate industry. For more information, you can visit www.mipim.com