48 commercial property Region
needs global branding
The Thames Valley needs to brand itself better to a global market and not be afraid to sing its attributes as one of the world’s largest and most dynamic economic regions, delegates heard at the Thames Valley Property Forum (TVPF), held at Ascot Racecourse last month
The Thames Valley may be a 'super-region' in world economy terms, producing around 45% (£700 billion) of UK GDP, but as Ken Dytor, fresh back from months in the Far East, suggested, many Chinese business and property investors would still “probably view ‘Thames Valley’ as a residential development.”
With six of the top 10 international sovereign wealth funds being Chinese or Singaporean, Chinese overseas direct investment totaling $74b in 2011, and 32% of Chinese companies seeing western Europe providing the best investment opportunities, the importance of global marketing for the Thames Valley was obvious, said Dytor, MD of Regeneration Investments, a British Property Federation committee chairman and a government adviser on regeneration investment and sustainability.
“We have got to get better at selling ourselves. The Thames Valley has some phenomenal attributes and we need to work them,” said Dytor. Windsor, Oxford, Eton, Ascot, Henley were already globally known Thames Valley ‘brands’ and “the Chinese are besotted with brands, so branding yourselves is fundamental”.
The Chinese also like making good value deals, but “you have to spend a lot of time building relationships with the right people,” and be prepared to work with politicians and the national economic culture, he added. Status-driven property purchase, IP delivery, construction opportunities, retail, education and medical premises were all on the Chinese shopping list he suggested.
The Olympics had been a massive success for brand GB; the country was now held in high regard. But, “direct investment into the UK is running lower than it should be; we should be doing better”, added Dytor.
Ruth Bagley, inviting delegates to log WRAtH support on LEP website:
www.thamesvalleyberkshire.co.uk/wrath Progress WRAtH or face threatened future
The Government has endorsed a £500 million investment proposal by Slough Borough Council for improved Western Rail Access to Heathrow (WRAtH), but the momentum towards development needs to be maintained by the active backing of Thames Valley businesses.
That was the message of Slough Borough Council chief executive Ruth Bagley to 170 delegates at this sixth annual TVPF conference as she urged them to promote continued support and lobbying for the WRAtH project.
“WRAtH is good to go, but it is really important that we now get things moving,” said Bagley. Details of the Government’s announcement, and the involvement of stakeholders still had to be clarified, she explained.
Thames Valley Berkshire LEP and Network Rail are already backing WRAtH – a long-heralded rail access from Heathrow to Reading via Slough and Maidenhead – and a completion date of 2020 has been mentioned. “But, I believe that if we get a move on, it could be open by 2018,” said Bagley.
WRAtH is predicted to deliver significant advantages with rail-time reductions of up to 70% from much of the South East – six minutes from Slough, 28 minutes from Reading – with an £800 million Thames Valley economic boost, 42,000 jobs and reduced traffic congestion.
“Why wouldn’t you spend £0.5 billion once on WRAtH to protect a connected economy worth well over £100b every year?” asked Bagley.
The pressing need for an improved western link was ably made by travel strategist Prof Tony Travers, director at LSE London. With the Thames Valley home to so many world- class companies and “one of the world’s most ‘magnetic’ sub-regions because its success attracts more success”, WRAtH was vitally important to the national economy and accordingly the Thames Valley.
Many delegates saw WRAtH of similar importance to the UK as the Olympics, thus meriting a concerted joint effort by government, local authorities and stakeholders to achieve its priority completion.
Thames Valley needs a vibrant Heathrow hub
“The future of Heathrow is by far the biggest issue and threat to the Thames Valley,” said Prof Travers.
WRAtH would not only help to secure and enhance the future of Thames Valley businesses and beyond, but also Heathrow itself. With European hub airports seeking to gain growing global travel business, especially from emerging nations, Heathrow needed to remain competitive. And, with Boris Johnson championing a new Thames Estuary airport east of London, plus sustained local resistance to Heathrow improvements, there were valid concerns that the need for WRAtH may get underplayed and construction delayed.
Modern communities in business parks
Today’s successful business parks are providing town-like amenities and aiming to become “24/7 communities,” the TVPF heard.
Hotels, restaurants, cafes, gyms shops and entertainment are now frequently part of the modern business park development mix as property owners seek to meet occupier needs and provide more than just a place to work. However, reduced-traffic commuting, ample car parking, open workspace, flexibility for growth, and an attractive ‘green’ environment were still key attributes for business parks.
A desirable place to do business, but….
Customer-focused proactive planning rather than reactive and over-regulated development is needed in the Thames Valley. Appropriate infrastructure to support business and residential needs, comprehensive superfast broadband, low running cost buildings with ‘green’ sustainability, and more Grade A space, large open floorplates and mixed use sites were also required, TVPF delegates suggested.
www.businessmag.co.uk
Details:
www.tvpf.co.uk The Forum was sponsored by SEGRO, Rickerbys, Goodman, Barton Willmore, The Old Vinyl Factory and Peter Brett Associates
THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2012
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