Birmingham Smithfield: £1.9bn Approved, 3,000 New Homes Starting 2026

Birmingham City Council's planning committee has unanimously approved Lendlease's £1.9 billion masterplan for Smithfield, the largest single regeneration scheme in the city centre. With £172.8 million of grant funding secured and construction starting on site in early 2026, the project will deliver more than 3,000 new homes across 17 hectares of brownfield land directly next to the Bull Ring and New Street Station.

For Birmingham investors, this is a supply-side story with a 10-year delivery window. This guide explains exactly what the masterplan delivers, the four-phase construction timeline, where Smithfield sits in Birmingham's wider regeneration picture, and what it means for off-plan buyers entering the city centre now.

Key Takeaways

• £1.9bn Scheme, 3,000 Homes: Lendlease's approved masterplan covers 17 hectares of brownfield land in central Birmingham, delivering over 3,000 new homes plus offices, restaurants and public realm.
• Construction Starts 2026: Site work began in early 2026 with delivery split into four phases over a 10-year programme. Phase 1 homes are expected to complete from 2028 onwards.
• £172.8m Grant Funding Secured: West Midlands and central government funding is now in place, supporting affordable housing delivery and infrastructure works.
• Bull Ring–New Street Catchment: The masterplan sits directly between the Bull Ring shopping centre and New Street Station, the highest-footfall corner of Birmingham city centre.

1. What the Smithfield Masterplan Delivers

The approved Smithfield Birmingham masterplan covers 17 hectares of brownfield land on the site of the former wholesale markets, between the Bull Ring and Digbeth. Lendlease is the lead developer, in joint venture with The Crown Estate, working in partnership with Birmingham City Council.

The headline numbers, drawn from the planning submission and Lendlease's project documentation:

• More than 3,000 new homes, of which 10.87% will be affordable (rising to a potential 20% if grant funding is fully secured)
• Approximately 50,000 square metres of office space
• 30,000 square metres of retail, leisure, cultural and food and beverage space
• New public squares, including a re-imagined Manor Square
• A new festival square capable of hosting large events

The scheme is hybrid in planning terms: parts of the masterplan have detailed consent, while other plots will return for reserved-matters approval as each phase comes forward. That structure is normal for a project of this scale and gives the design team flexibility to adjust later phases to market conditions.

Q: When will the first Smithfield homes be ready to occupy?
A: Phase 1 site work began in early 2026. Based on typical UK new-build construction periods of 24 to 36 months for high-density schemes, the first apartments are likely to complete from 2028 onwards. Lendlease has not yet released specific apartment-completion dates by phase.

2. The Four-Phase Construction Timeline

Smithfield is being delivered in four phases over 10 years, a structure that matches Lendlease's approach to other large UK regeneration schemes such as Elephant Park in London.

Phase 1 (2026 onwards) — Site enabling works, infrastructure, the new Manor Square public realm, and the first residential plots closest to the Bull Ring.

Phases 2 and 3 (late 2020s) — Major residential delivery, office space, and the festival square. The bulk of the 3,000 homes will sit in these middle phases.

Phase 4 (mid-2030s) — Final residential plots, completion of public realm, and ongoing place-making activity.

The phasing is significant for investors because it spreads the supply impact. Rather than 3,000 homes hitting the market in a single year, the delivery is paced across the 2028 to 2036 window. For Birmingham city centre, this means a steady flow of new stock rather than a single supply shock.

3. Why Smithfield Matters for City-Centre Investors

The location is the single most important factor. Smithfield sits within walking distance of New Street Station (the UK's busiest interchange outside London), the Bull Ring, the soon-to-open Curzon Street HS2 terminus, and the Digbeth creative quarter. For tenant demand, that combination of transport, retail, employment and culture in one walkable area is rare.

The scheme also strengthens Birmingham's gravity for inward investment. Major regeneration schemes draw further commercial investment to neighbouring sites, a pattern visible in Manchester's NOMA and Liverpool's Waters schemes. Existing Birmingham city-centre developments adjacent to Smithfield should benefit from the wider place-making investment, even though they sit outside the masterplan boundary.

For Rothmore investors specifically, the Smithfield approval reinforces the case for Birmingham city-centre new-build. Our Birmingham property market forecast projects 19% growth by 2028, and Smithfield is one of the structural drivers behind that forecast.

Q: Will Smithfield push Birmingham city-centre prices up?
A: Probably modestly, and slowly. Smithfield adds supply over a 10-year window, which counteracts the upward pressure that the location and quality usually create. The bigger price effect is likely to be on adjacent sites — existing apartments within a 10-minute walk should see stronger demand as the area's profile rises.

4. Smithfield in Context: Birmingham's Wider Regen Picture

Smithfield is the largest scheme but not the only one. Birmingham city centre has three active regeneration zones investors should track:

Smithfield — £1.9bn, 3,000+ homes, central south of the city.

Paradise — MEPC's (formerly Argent's) £700m mixed-use scheme already partially complete, west of the city centre. Office-led with apartments above.

Curzon Street HS2 District — The wider Eastside masterplan around the future HS2 terminus, with multiple developer-led schemes in detailed planning or early construction.

Together, these three zones represent £4 billion+ of investment in Birmingham city centre over the next decade. For investors entering now, the choice is not whether to back Birmingham but which neighbourhood within the centre matches the investment thesis. Smithfield's proximity to the Bull Ring and New Street makes it the strongest retail-and-transport catchment of the three.

Q: How does Smithfield compare to Manchester's biggest regen schemes?
A: In scale, Smithfield is comparable to NOMA (Manchester, ~£800m) but smaller than MediaCity Salford or Manchester's Victoria North (£4bn+). What sets Smithfield apart is its absolute city-centre location — most large Manchester regen sits in the wider city rather than directly adjacent to the main retail and transport hubs.

5. What This Means for Off-Plan Buyers Now

The 10-year delivery window changes the calculation for off-plan buyers. Three practical points stand out.

Buy adjacent first, Smithfield itself later. Phase 1 plot launches will likely command a premium reflecting the headline scheme. Investors looking for value can target adjacent developments now and benefit from rising area profile as Smithfield delivers.

Watch Phase 1 apartment launches in 2027–28. When Lendlease begins releasing residential plots, expect competitive pricing on Phase 1 launches as the developer establishes demand. Later phases typically command higher prices as the scheme matures.

Factor in 10-year construction noise. Smithfield will be an active construction site for the rest of the decade. Apartments closest to the active phase will face noise, dust and disruption, which affects rental positioning. This is normal for any large regen project but worth pricing in.

Q: Is now a good entry point for Birmingham city centre?
A: Yes, with the caveat that the strongest gains will come from holding through the delivery window rather than flipping. The combination of Smithfield approval, the Birmingham 19% growth forecast and HS2 progression supports the case for a 5 to 7 year hold from a 2026 entry point.

Explore: Birmingham New-Build Developments

Browse our Birmingham new-build developments for current off-plan and completed schemes positioned to benefit from Birmingham's £4 billion city-centre regeneration pipeline. Each listing shows expected completion dates, yield profiles and walking distance to key amenities so you can match the timeline to your own buying window.

How Rothmore Property Can Help

Rothmore Property is an award-winning UK estate agency with deep experience in Birmingham's new-build market. Our team can walk you through which developments sit within the Smithfield, Paradise and Curzon Street catchments, explain the typical Phase 1 versus Phase 4 pricing curve for large regen schemes, and connect you with mortgage brokers and accountants familiar with off-plan Birmingham purchases.

If you are weighing up a Birmingham city-centre off-plan purchase ahead of Smithfield's delivery, get in touch for a personalised conversation about which schemes best fit your investment horizon.