PRZOOM - /newswire/ - Birmingham, United Kingdom, 02/06/2007 - Work has started on Ventureast, the groundbreaking £45 million development in Eastside which represents one of the biggest regeneration schemes in Europe and is set to create 5,000 jobs on the outskirts of Birmingham City Centre.

The 16 acre site has been put together as part of a unique joint venture between regional development agency Advantage West Midlands and Birmingham City Council.

The aim is to bring forward a one million sq ft high quality, sustainable mixed-use scheme which will boost the wider regeneration of Birmingham’s Eastside.
Bulldozers have begun clearing the site in preparation for building work starting in 2009 subject to planning permission being secured.

The City Council and Advantage West Midlands (advantagewm.co.uk) have worked together to assemble the Ventureast site which is adjacent to Millennium Point, with extensive frontage onto the canal, the new City Park and the ring road.
The proposed mixed-use scheme will anchor the proposed Learning and Leisure Quarter and the City Park, also aiding the integration of Millennium Point as part of the city centre.

Arlington Securities has been appointed to carry out the development by the City Council and Advantage West Midlands. Arlington is one of Europe's leading investment management and property development businesses operating across the United Kingdom, Europe and wider international markets.
Mick Laverty, Deputy Chief Executive of Advantage West Midlands said: “Ventureast is one of the most exciting development opportunities anywhere in the West Midlands or in Europe and represents a once-in-a-lifetime chance to create a sustainable scheme that will serve Birmingham for generations.

“Advantage West Midlands and the East Birmingham North Solihull Regeneration Zone are committed to working towards a world-class development at Eastside which will create an extension to Birmingham’s thriving city centre and generate high-quality employment.

“There was intense competition to take on this development and Arlington offered a scheme which exceeded our requirements for this important site, and we are delighted to be working with them.”
Jim Johnston, head of Arlington’s UK development team said: “We are delighted to be appointed to work in partnership with Birmingham City Council and Advantage West Midlands on this important and exciting regeneration scheme.

“Arlington has been looking to evolve its business space offering into a more urban and vibrant mixed use context and Ventureast represents an exciting opportunity to do so.

“We look forward to delivering a sustainable mixed community that will integrate with the wider regeneration of Eastside, boost the local economy and provide an environment for growth.”
Cabinet Member for Regeneration Councillor Ken Hardeman said: “Appointing a developer partner for Ventureast is another major step forward for Eastside and for the city.

“I am sure that Arlington will deliver a scheme which will meet all our aspirations in terms of quality, job creation and sustainability.

“Working in such a positive way with Advantage West Midlands to progress a further major stage of development to add to Masshouse, City Park Gate and other new city centre projects has increased the momentum and given the market yet more confidence that Eastside continues to be a fantastic development opportunity.”

Agency / Source: Advantage West Midlands

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