The Birmingham Smithfield development is set to create a landmark destination and boost the city’s international standing
CGI of Smithfield’s Manor Square showing a ‘Winter Wonderland’ event. Taken from planning application’s design and access statement.
A huge update on the ‘once in a generation opportunity’ to create a landmark destination in the heart of Birmingham has been welcomed by the government.
The massive scheme will transform the former Birmingham wholesale market site in the city centre and is set to include housing, cultural spaces, office space, a theatre/cinema, market, park and more.
For years, there has been hope the enormous project will create an iconic and must-visit site; help unlock the potential of the city and boost Brum’s international standing while also celebrating its heritage.
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However, questions were raised last year after the real estate group behind the scheme announced it would be stepping back from UK construction.
Lendlease, which has been working in partnership with Birmingham City Council on Smithfield, revealed at the time major restructure plans which would see development and construction become ‘Australia only’.
But this week’s twist in the Smithfield saga has sparked optimism for the future, with it being confirmed today, May 19, that Lendlease and The Crown Estate have agreed to enter into a partnership to create a new joint venture.
It will allow The Crown Estate, an independent business belonging to the Monarch, to invest in Lendlease’s undeveloped UK land and land management portfolio, providing support on existing projects.
The portfolio contains six development schemes, including a number in London and Birmingham Smithfield.
Illustration of Manor Square. Taken from a supplementary design document. (Image: Lendlease/Prior + Partners)
The news was welcomed by the government, who said the joint venture will unlock housing and science innovation hubs across the UK worth £24 billion.
“We are pulling every lever to grow our economy so we can put more money in people’s pockets, boost home ownership and make Britain a global hub for life sciences through our Plan for Change,” Chancellor of the Exchequer Rachel Reeves said.
“This includes creating the right environment for organisations like The Crown Estate and Lendlease to partner, helping us to unlock capital to get Britain building and get Britain growing.”
Tony Lombardo, Group CEO for Lendlease, said the partnership would create an alliance “that is expected to unlock value” within its UK portfolio while also accelerating the release of capital for the Group.
“With our expertise in delivering city shaping urban regeneration projects, the joint venture aims to deliver positive outcomes for our securityholders, communities and partners,” he continued.
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Dan Labbad, CEO for The Crown Estate, added: “With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects.
“This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the UK’s long-term national interest, supported by new investment powers.”
According to the government, The Crown Estate has a diverse £16 billion portfolio that includes urban centres and development opportunities; one of the largest rural holdings in the country; Regent Street and St James’s in London’s West End; and Windsor Great Park.
It also manages the seabed and much of the coastline around England, Wales and Northern Ireland.
The Crown Estate is owned by the Monarch “in right of the Crown”.
King Charles III attends the Royal Windsor Horse Show at Windsor Castle in Berkshire in May 2025(Image: Aaron Chown/PA Wire)
This means that while the King owns the estate during his reign, it is not his private property and he does not manage or make decisions about its assets.
According to a previous Birmingham 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 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 at a meeting when the plans were approved.
“It’s also about generating jobs for local people who are struggling.”