With the culmination of the recent Tokyo Olympics bringing massive regenerations and investments in the city, eyes are now turning to the Commonwealth Games 2022 held in Birmingham. With the Games just around the corner, Birmingham is prepping itself to welcome spectacular regenerations for the city- making Birmingham Property Investment even more attractive to serious investors seeking long-term benefits.
As a highly anticipated event across the globe, what are the long-term impacts on the host city, Birmingham property investment scene, particularly in prime location hotspots right at the city centre like Snow Hill Wharf?
Massive Tourism and Leisure Regenerations in Birmingham
Long-term effects on tourism and leisure with massive regeneration projects have always been arguably more beneficial for host cities.
Birmingham’s rich culture will be showcased globally as the Commonwealth Games will attract a global audience with over 71 countries participating. It is expected that the Games alone will entice over one million spectators to the city.
After the challenges of COVID-19, this boost to Birmingham’s tourism is significant. Attracting more tourists to the city will shed light on the industry, while thriving tourism will also deliver more jobs across the economy and more regenerations on leisure, dining, arts, and entertainment venues as demand grows.
Continuous Business and Tourism Programmes
The UK government is using the games to facilitate additional investment to the city of Birmingham and wider region. This could be worth a forecasted £650m of additional foreign investment and could generate £7m of other exports until 2027.
A business and tourism programme of £24m will attract more visitors, events, and trade to the West Midlands and UK. This will further boost the long-term economic impact of the Games and will further lift Birmingham as an essential business region.
Birmingham and the West Midlands will benefit through business and trade opportunities, job creation, and tourism. The UK will arrange trade missions, create meetings with potential investors, and organise promotional campaigns as part of this budget.
Dame Louise Martin, president of the Commonwealth Games Federation, explains: “The Commonwealth Games provides a unique opportunity to boost the profile of a city and a country. It creates the jobs, infrastructure, and investment that provide numerous tangible benefits for the local community.”
Ripple Effect of Future Investment
The ripple effect of future investment will drive Birmingham for many years to come. Not only will it solidify the city’s ranking amongst UK hotspots and on the global stage, but the potential for leisure and employment options will continue to increase. With the (soon-to-come) easy access to London, along with a plethora of amenities and jobs, Birmingham – and the wider West Midlands region – will be a hub of opportunities.
Highlighting Birmingham’s Multiculturalism
Kickstarting the global event on March 2022, this festival will commemorate Birmingham’s multiculturalism. It will once again turn the spotlight on the city through the use of artwork, performances, and events, instantly boosting tourism and the economy with an estimated £300 million revenue generated from Games’ contracts.
The employment opportunities will continue to thrive, making more and more people move to the second city to take advantage of this economic boom, making it a prime location hotspot for property investment.
As the focal point of the Games and an integral part of Birmingham’s future, an investment of around £500 million, accessibility surrounding this area will be up for improvement. This will include additional transport, cycling routes, and road work projects.
In addition to making the area more accessible throughout the Games, the increased transport will allow students more opportunities to use these facilities.
With the reach of the Commonwealth Games, and the anticipated surge in tourism, Birmingham will be well and truly in the spotlight. To maximise this exposure, additional projects have been approved to revitalise the city centre.
Focusing on Victoria Square, a £25 million project will renew 40,000 sq. m of the public realm, conduct repairs, increase security, and extend pedestrian access.
When combined with the ongoing HS2 development, these improvements and additions to Birmingham’s built environment will drive further investment into the city. The benefits of this will be two-fold – the city itself will improve with amenities and cultural realms. At the same time, businesses will become more likely to follow the lead of HSBC, HMRC, and PwC and headquarter their companies in Birmingham, subsequently boosting employment opportunities.
Commonwealth Games 2022
Birmingham will host the Commonwealth Games between 28 July and 8 August 2022. Approximately 4,500 athletes from 72 nations and territories will compete in 19 sports and eight para-sports.
For the sporting event, there will be 14 competition venues in Birmingham and the wider region.
It’s the most significant event to come to the West Midlands. And it’s the largest sporting event in the UK since London 2012 Olympics.
The Commonwealth Games is expected to attract over 1m spectators to Birmingham and have a global TV audience of 1.5bn.
This is a once-in-a-lifetime opportunity to showcase the city and region on a global stage.
Neil Rami, chief executive of West Midlands Growth Company, says: “We already know that the West Midlands is a fantastic place to visit, to invest, to trade, and to meet. The international profile offered by the Birmingham 2022 Commonwealth Games will help us take this message to more people than ever before.”
Snow Hill Wharf, Birmingham Property Investment
Birmingham has built a reputation as a top investment city thanks to its educational facilities, ongoing regeneration, fantastic business and employment prospects, and more.
Now, you can invest in one of the city’s most exciting new developments – Snow Hill Wharf, guaranteed to have an excellent investment return, achieving high rental yields and market value appreciation.
Led by leading developer St Joseph, Snow Hill Wharf is a new residential development of a collection of luxury properties – The Colmore, The Regent, The Fazeley, The Lancaster, and The Barker.
Snow Hill Wharf is an exclusive development of luxury one, two & three bedroom apartments set in the iconic Gun Quarter and less than a 5-minute walk to Snow Hill.
Think of Snow Hill Wharf as a luxury village in the heart of Birmingham, providing the perfect base for residents who want to enjoy a combination of busy city life and serene waterside living.
Located in the iconic ‘Gun Quarter’ and less than a 5-minute walk to Snow Hill Station, this city's central area is all set to benefit from the arrival of HS2 in Birmingham.
Read more about our Snow Hill Wharf Birmingham Property Investment Hotspot series below, or if you’re interested in running through our local Snow Hill Wharf new build developments, chat with the team on 02079236100 or book a time.