Birmingham Council has revealed a £600m masterplan which will generate over 200,000 sq m of new office space and create new jobs in the city.

The 20-year Snow Hill Masterplan, which covers the Snow Hill and Colmore areas of the city, was launched by Birmingham City Council and Colmore Business District (CBD).

The plan also outlines the improvement of transport links such as the redevelopment of Snow Hill station which will include new commercial buildings replacing its multi-storey car park. The plan aims to encourage London-based firms to expand in Birmingham, as Deutsche Bank did last year.

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Sir Albert Bore, Leader of Birmingham City Council, said: "Birmingham is putting in place the building blocks for a global business and financial centre. The city is already investing heavily to ensure that firms have everything they need to thrive here.

"The Snow Hill Masterplan provides a bold and exciting proposal for how Birmingham can continue to grow its thriving business and professional services sector. With time, we want the city to replicate the success of Canary Wharf, with areas like the Snow Hill district forming the cornerstone of this vision.

"With the successful £600 million transformation of Birmingham New Street – one of the UK's busiest train stations – due to complete later this year, we are already looking at how other parts of the city can capitalise on upgraded transport schemes.

"Plans such as the revitalisation of Snow Hill station will strengthen Birmingham's position as a destination for national and international BPFS firms that want to expand, attract skilled staff and join other successful companies in their sector."

(CD/JP)