A major update has been issued on the ‘once in a generation opportunity’ to create a landmark new destination in Birmingham city centre. The enormous scheme is set to transform the former Birmingham wholesale market site after being approved last year and could include homes, cultural spaces, office space, a theatre/cinema, market, park and more.
There’s hope the massive project will create a must-visit place and boost the city’s international standing while also celebrating Birmingham’s heritage. However, questions were raised last year after the group behind the plans announced it would be stepping back from UK construction.
Lendlease, which has been working in partnership with Birmingham City Council on Smithfield, revealed major restructure plans which would see development and construction become ‘Australia only’. It has now issued a further update this month and confirmed that it has entered into a binding agreement for the sale of its UK Construction business to Atlas Holdings.
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It says Atlas has operational expertise in the construction and manufacturing sectors and its companies are engaged in a variety of industries. The terms of the agreement mean that Atlas is set to acquire Lendlease’s construction business and its operations, including existing employees and leadership team.
Lendlease says this will ensure a “seamless handover” for clients and business partners. Lendlease Group CEO Tony Lombardo said the transaction represents a “positive outcome for our talented people and our valued customers and clients”.
He added it marks a “new chapter under the ownership of Atlas”. Peter Bacon, Atlas Operating Partner, added: “We are excited to acquire one of the UK’s leading construction companies, which has a long track record of successfully delivering large complex projects for both private and public sector clients.
“We look forward to working with David Cadiot and his team continuing to build the business”. Lendlease’s UK Construction business was founded back in 1885 as Bovis Construction and acquired by Lendlease in 1999.
CGI of Smithfield’s Manor Square showing a ‘Winter Wonderland’ event. Taken from planning application’s design and access statement.
The company has been involved in construction projects such as the rebuilding works of Regents Street in 1923, Lloyds of London’s City Headquarters in 1980 and the first phase of Canary Wharf in 1991. Completion of the transaction is subject to conditions precedent, with completion targeted before the end of the Australian financial year in June 2025.
According to a previous council report, the benefits the Smithfield development could bring to the city include the creation of new jobs, further investment in the area, housing, a new public square and publicly accessible open space. “This is an opportunity, in my view, to transform an area of the city that I have represented since 1996,” Councillor Yvonne Mosquito said in June when the plans were approved.
“It’s also about generating jobs for local people who are struggling.”