IM Properties and Birmingham city council have completed a development agreement to build a new home for Birmingham’s wholesale markets – the UK’s largest combined wholesale food market – at The Hub in Witton.
The 242,000 sq ft scheme will be housed on an 18-acre site at the The Hub. Once completed, existing traders will relocate from the existing site on Pershore Street in the city centre. Work will start on the new facility at before Christmas and completion is due in Q4 2016.
The agreement paves the way for ambitious £500m plans to transform the old wholesale markets into a major mixed-use regeneration project known as Smithfield. The site is located close to the Bullring shopping mall.
IM Properties won consent for the new wholesale markets facility in September.
Richard Lawrence of IM Properties said: “The completion of this agreement with Birmingham city council means that we are now able to progress with the delivery of a truly bespoke and fit-for-purpose new home for the wholesale markets.
“With work due to begin shortly, this will be a significant development for IM Properties and we are looking forward to working with the council.”
CBRE, Savills and Knight Frank advised IM Properties; LSH acted for the council.
