Property consultancy Avison Young has been appointed to work on a major housing regeneration project in Birmingham.
The firm has been recruited by Birmingham City Council as lead property adviser on its scheme to breathe new life into 150 acres across the Ladywood district which will include construction of new residential properties and public realm.
Through the proposed regeneration, the council is aiming to create a family-focused neighbourhood connected by a network of streets and public spaces.
A masterplan for the site will seek to enable the delivery of an additional 5,000 housing units, supported by local amenities and facilities which it is hoped will provide a further boost to the local economy.
As part of the appointment, Avison Young will provide property consultancy services to the council, advising on development viability, master planning, land assembly matters, redevelopment and intensification.
Avison Young will also advise on the selection of a preferred development partner to undertake the transformational project, with a target to have a company in place by 2020.
It was of seeking partners to carry out a housing-led regeneration of the area which has not benefited from major investment since the early 1990s.
Carl Potter, managing director of Avison Young's Birmingham office, said: "The redevelopment of the Ladywood area of the city is another great step forward for Birmingham, delivering against the city's vision to create the best possible experience for the people that live and work here.
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"Ladywood is located in a key area of the city - all of it within walking distance of such great landmarks as Brindleyplace, Symphony Hall and the Library of Birmingham, and which could contribute so much more to a city with the ambition of Birmingham. Whilst a regeneration initiative of this magnitude takes time, there are some parcels within the area that could generate some early and significant change.
"This is a genuinely exciting time for Birmingham with the Commonwealth Games on the horizon, increasing inward investment and a significant number of high-profile developments taking place. Ladywood has for some time been seen as a location packed with potential.
"With Birmingham's population estimated to grow by ten per cent over the next 15 years, the redevelopment of Ladywood represents a significant contribution towards the city's need for new homes."