The West Midlands Combined Authority Investment Board met on Monday 20 July 2026, approving £8 million in grant funding for Phase 2 of the Kingshurst Village Centre Regeneration project, subject to several conditions. The Board also approved grant funding up to a specified value for the development of housing at Smith's Garden, Camp Hill, Birmingham, and agreed to extend a loan to Redford Developments.

Kingshurst Village Centre Regeneration Phase 2

The Board approved the Full Business Case for £8 million in grant funding towards Phase 2 of the Kingshurst Regeneration project, which will deliver a community, health, and retail building. This approval is conditional on Solihull Metropolitan Borough Council's Cabinet approving the project's progression to Phase 2 on 17 September 2026, and the submission of updated Benefits Realisation and Monitoring and Evaluation Plans. Authority was delegated to the Executive Director/Investment Programme SRO to negotiate the terms of the Grant Funding Agreement.

Concerns were raised regarding the clarity of project objectives, the optioneering process, and the affordability of the scheme, with the appraiser noting that the appraiser is unable to independently verify the BCR or VfM category. There is a risk that VfM conclusions may be unreliable, potentially undermining the investment decision. ¹ The appraiser also highlighted that a significant proportion of the funding was not yet secured and relied heavily on loans. Despite these concerns, the project was deemed to represent high value for money with a Benefit-Cost Ratio (BCR) of 2.7:1, provided that the tenant mix remains consistent for the building's 60-year lifespan and no further public funding is required for increased costs. The project is expected to address significant health and social inequalities in the Kingshurst area, contributing to inclusive growth and the WMCA's strategic priorities.

Smith's Garden, Camp Hill Regeneration

Approval was given for the West Midlands Combined Authority to enter into an agreement with an unnamed Company to provide grant funding for the development of up to 550 housing units at Smith's Garden, Camp Hill, Birmingham. This development will include a minimum of 19 affordable housing units. Authority was delegated to the Director of Commercial and Investment to negotiate the terms of the agreement. The WMCA will also charge £164,000 in project costs to the Brownfield Infrastructure Land Fund or another suitable fund.

Redford Developments - RIF Loan Extension

The Board approved the extension of a loan made under the Commercial Investment Fund/Residential Investment Fund to Redford Developments (formerly Rainer Developments) for a term of 18 months. Authority was delegated to the Director of Commercial and Investment to negotiate and approve the final terms of the loan.

Investment Programme Update

Ian Martin, Executive Director of Commercial and Investment, provided an update on the Investment Programme. It was noted that since the previous Investment Board meeting, no business cases or change requests had been approved under delegated authority by WMCA Officers. The Board also noted the WMCA Investment Programme funding status and current affordable limit, as well as the Regional Investment Programme delivery update. Councillor Lynnette Kelly raised questions about change requests and projects that had missed their completion dates, prompting a discussion about the need for robust training on the investment programme's mechanics. It was agreed that a private session could be arranged to provide this training.

City Regions Sustainable Transport Settlement (CRSTS) Update

Philip Havenhand, Programme Lead for the City Region Sustainable Transport Settlement, presented an update on the CRSTS programme for Quarter 4 of the financial year 2025/26. Good progress was reported, with £639 million of the total £1.182 billion CRSTS grant spent by 31 March 2026. An additional £64 million of funding was approved for delivery in the last quarter, bringing the total approved funding to £1.277 billion. The programme is over-programmed to £1.467 billion to maximise spend and delivery by March 2027, with remaining funding to be carried forward into the Transport for City-Region (TCR) spend period, extending delivery through to 2032. Councillor Steve Clark inquired about the allocation of funding between previous administrations and new pipelines, and Councillor Dave Pinwell suggested a future report should detail underspends in local authorities to ensure maximum utilisation of funds.

Commercial Investment Fund, Residential Investment Fund, and Brownfield Land & Property Development Fund Dashboards

Nick Oakley and Ed Bradburn presented the public information dashboards for the Commercial Investment Fund (CIF), Residential Investment Fund (RIF), and Brownfield Land & Property Development Fund (BLPDF). These reports detailed committed and repaid investments, jobs created, brownfield land utilised, homes and commercial space created, and business rates generated. The Board noted the information presented in these dashboards.