Australia-based property and infrastructure development company Lendlease Group emerged as the winner to undertake work on the £1.5 billion Birmingham Smithfield redevelopment project in Birmingham, U.K.
Birmingham City Council selected Lendlease as its partner to develop the 17-hectare site into a project that will include a new site for the city's Bull Ring retail markets, a family destination, and more than 2,000 homes, along with a public park and community facilities, among other features.
The redevelopment, which is expected to be completed in 15 years, is part of the city's 2010 Big City Plan, which aims to grow the city center by more than 25%.
The parties will now work to finalize the terms of the partnership, begin the preparation of a planning application and come up with a business plan for the site's redevelopment before the formal award of the Birmingham Smithfield Development Partner contract. The parties expect this to happen by late 2019, with development expected to begin in 2022.