FOCUS FEATURE
PROPERTY AND CONSTRUCTION
‘Investing in people and places brings about increased productivity’
New models of financing such investment are currently
being deployed. The combination of pension funds, insurance funds and sovereign wealth funds have made trillions of pounds available to invest in the UK’s economy, through SME financing, housing and infrastructure projects, and urban regeneration schemes. The problem is not one of finance availability, it’s more
about unlocking the finance that is available. This whole agenda is a fast-moving feast. Although local areas are best placed to identify their
People need access to suitable housing
And we continue to create jobs and wealth even in the
face of continuing uncertainty from political machinations around Brexit and HS2, among other things. We’re renowned in this region for our innovation,
strength and expertise in advanced manufacturing and the pioneering use of technology. This will stand us in good stead as the digital agenda
continues to evolve and throw up more opportunities on which to capitalise. As more and more people live and work in towns and
cities, the demands on resources such as housing, transport, healthcare and energy will continue to increase. The extent to which these emerging challenges will
affect towns and cities is unknown, but they already require some kind of recognition and response from policymakers. This will place increasing pressure on towns and cities to
secure the investment they need to address their existing problems and emerging challenges. Earlier this year, the British Chambers of Commerce, in
partnership with insurance giant Legal & General, identified a ten-point framework aimed at boosting investment in towns and cities across the UK. Its guiding principles were:
• Have a vision – Local areas should be able to articulate what they want to achieve and what investment is needed to make it happen.
• Partner and collaborate – The inability of people to work together prevents investment from happening.
• Adopt a global mindset – Drawing in capital and talent from overseas can help towns and cities to realise their ambitions.
• Develop, attract and retain talent – Skills shortages and mismatches act as a barrier to investment.
• Understand local assets – With their capacity to produce human capital and research, universities are obvious assets that can attract investment.
• Cater for growth – People and businesses need access to suitable housing, premises, facilities and infrastructure if they are to be attracted to, or encouraged to stay in, a particular place.
• Think about the future – Economic trends such as automation and disruption of long-standing business models will change the needs of towns and cities.
• Prove the concept – Innovative places pioneer new types of investment and new ways of financing it, helping to prove models which other towns and cities can adopt.
• Gain expertise – Knowledge and experience are required to facilitate the completion of major investment projects.
• Create momentum – When a large investment project takes place, it provides impetus for more investment to happen.
72 business network October 2019
economic strengths, weaknesses and future skills and infrastructure needs, area-based policies are subject to frequent change and, thanks to the transient nature of Government, rarely survive longer than a few years as the pet project of whichever political party is in power. Since 2011, for example, we have seen LEP Strategic
Economic Plans, Independent Economic Reviews, City Deals, Growth Deals, Devolution Deals, Mayoral Manifestos and Local Industrial Strategies. With each new initiative launched, the business
community is told it will be different, only to see it superseded by a new scheme. This creates unnecessary uncertainty and undermines the willingness of businesses to devote precious time to them. Ultimately, it is in the gift of our towns and cities to
determine their own futures. Local decision-makers, businesses, communities and
institutions can create the conditions that allow investment to happen. This is the key to building sustainable communities. Investing in people and places brings about increased productivity. This, in turn, unlocks the prosperity which sits at the
heart of the successful, healthy, inclusive and well- functioning society we all want to see.
CASE STUDY: TRENT BASIN
The redevelopment of Trent Basin, in Nottingham, provides a compelling example of the role that construction and infrastructure development can play in underpinning community well- being. The £100m residential development is
part of the 250-acre Waterside regeneration area in Nottingham. Created by sustainable property
developer Blueprint Regeneration, a Chamber member, it will comprise 500 low energy homes. Offering everything from contemporary
apartments to luxury three-storey townhouses and stunning mews homes, Trent Basin is at the centre of the vibrant new Waterside neighbourhood. All of the homes are geared toward
creating a low-carbon environment, with low energy building structures, triple glazed windows and state-of-the-art insulation systems. The European-inspired architecture of
the scheme centres around its generous public realm, scenic walkways and a new public square overlooking the beautiful River Trent. Combining city life with waterside
living, each home, footpath and open space has been designed to maximise viewpoints to the river, while also incorporating low energy principles at every turn.
Trent Basin represents an early and
crucial phase of this major waterside renaissance project and a catalyst for change in one of the region’s greatest but least developed assets. Stretching from Trent Bridge to
Colwick Park and bounded by the River Trent, the area is currently the focus of far-reaching redevelopment proposals. The vision behind the project foresees
a new kind of sustainable neighbourhood. There will be tall elegant houses
fronting well designed streets with a distinct identity and a strong sense of place. Open views over water and green spaces will reinforce the sense of being somewhere special. Located within 1.5 miles of the city centre and even closer to the station accessibility to work, shopping and transport are significant attributes.
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