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As world economies struggle to get to grips with the current downturn, the temptation to pursue short-term fixes can be hard to resist. However, delivering sustainable economic growth requires a strategic vision; a long-term strategy; a masterplan such as Project Edinburgh
Project Edinburgh is focused on delivering regeneration and sustained growth in key locations across the city. Headed up by Jonathan Guthrie, Strategic Development Partnership Manager at the City of Edinburgh Council, the project team is responsible for attracting new inward investment
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from both public and private sectors,helping to shape and deliver a homogenous strategy anchored around four development centres: West Edinburgh, South Edinburgh, the Waterfront and Edinburgh’s city centre.
Each development area has its unique set of opportunities and comes with its own set of challenges, as Dave Anderson, Director of City Development, explains. “If we take West Edinburgh first, we have Scotland’s busiest international airport, with more than nine million passengers per year and 19 new direct flights added this summer alone. We have to be ready to support the airport’s expansion, which is predicted to see passenger numbers rise to 13 million annually by 2013.”
The performance of other UK airport zones, such as Birmingham, highlights the business benefits to the surrounding area, as international business travel drives demand for exhibition and conference centres: “the potential for which now needs to be considered in West Edinburgh,” says Dave.
“Enhanced transport infrastructure, including the electrification of the main line between Edinburgh and Glasgow, the re-opening of the Airdrie to Bathgate line and the creation of Gogarburn station will complement a tram station at the Airport and link with Edinburgh’s current transport infrastructure. Opposite RBS at Gogarburn, we have approximately 500 acres of prime development space earmarked as a long-term business gateway for major European and global businesses.”
This strategic approach to Edinburgh’s development, which ensures correct infrastructure is in place, is already reaping rewards south of the city, in Edinburgh’s BioQuarters.
“There we have a unique set of assets,” says Dave. “The clustering of high tech research facilities, a teaching hospital and the presence of the University of Edinburgh, makes this area one of the world’s top 20 locations for life sciences.”
A partnership deal on the development of the BioQuarter, with US-based Alexandria Real Estate Equities, seems to underline this message. As the largest international real estate investment trust focused principally on the ownership, operation and management of real estate for the life science industry, and with a total market capitalisation of $5.2 billion as of 31 December 2008, Alexandria was attracted by the commercialisation potential represented by Edinburgh’s BioQuarter. Announcing the deal, Alexandria CEO Joel S. Marcus stated: “We believe Edinburgh BioQuarter will become a life science magnet that not only supports local emerging businesses, but will attract more established international companies as well.”
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