“The appeal of South Edinburgh is also reflected in the new £60 million investment to establish the Scottish Centre for Regenerative Medicine, a facility that positions Edinburgh at the heart of world stem cell research,” says Dave.
Across the bypass, the presence of neighbouring Roslin and Moredun Institutes greatly expands the range and scope of the research undertaken, creating a world-class life sciences cluster and knowledge hub.
As with all inward investment and growth, the need to deliver sustainable development remains paramount, as is the need to extract maximum value from the land available. Edinburgh’s Waterfront represents a rare opportunity to bring 500 acres of rundown brownfield land back into productive use – helping to support the city’s growth ambitions without the need to encroach into green belt space.
“The Waterfront epitomises Edinburgh’s long-term vision towards sustainable development,” says Dave, as he outlines Project Edinburgh’s 20 to 30 year ambition to deliver mixed use regeneration including commercial, residential and retail areas. “In developing the area’s masterplan we have to consider the whole suite of factors underpinning development strategy such as transport infrastructure, sustainability and waste management,” he adds.
The size of the challenge is reflected in the scale of the opportunity. “In today’s climate of depressed housing markets and a struggling retail sector, the public sector has a vital role to play in maintaining momentum. We need to demonstrate to developers – both commercial and residential – that the correct infrastructure is in place. We need to provide plug-in development opportunities, supported by an effective strategy and clear vision for the area,” explains Dave.
The same approach is being applied to Edinburgh’s city centre, with significant emphasis placed on the capital’s String of Pearls project to deliver fresh inward investment opportunities in the heart of one of the world’s most historic and iconic urban environments. It is one of six frameworks established across the city centre, creating a jigsaw of individual masterplans that reflect a wider city centre development strategy.
The need to continually regenerate and re-invent the city centre is crucial to Edinburgh’s future evolution and the creation and maintenance of a vibrant retail hub. “Through high profile real estate summits such as MIPIM and MAPIC, we’re beginning to see a real ‘flight to quality’ from investors and developers seeking long-term projects with good potential,” confirms Jonathan Guthrie. “Strong fundamentals, such as access to a skilled workforce and stable local economies, are proving to be enticing prospects for prospective investors. Edinburgh’s highly educated population proves a big draw in today’s global knowledge economy and the cost of living compares very favorably with other leading financial services centres such as London and Frankfurt.”
All of which adds up to an enticing proposal to present to would-be investors at events such as the recent MIPIM. As the world’s premier real estate summit, it introduces the most influential decision-makers in the market to the largest available showcase of development projects in the world.
“We’ve been attending events such as MIPIM and MAPIC since 2004 and,
as a way of demonstrating that Edinburgh is open for business, they are hard to beat,” says Jonathan. Not only do the events offer the chance to see how other cities market themselves, often operating under very different ownership models, they also help highlight latest industry trends.
“Edinburgh’s pulling power continues to be demonstrated by the popularity of our trade stand,” says Jonathan. “We’ve also become synonymous with a daily 11am reception that provides an ideal informal networking opportunity. It’s thanks to such events that we’ve managed to attract interest from international investors such as Henderson Global Investors and ING, as well as up to 30 hotel chains.”
Ultimately, as Jonathan points out, investors will be attracted to Edinburgh if the city can demonstrate clarity in its strategic vision, strong leadership in its delivery and confidence in its own offering. Thanks to the strategic approach of Project Edinburgh, coupled with early engagement with the markets using high profile international events, interest in Edinburgh as an attractive investment opportunity continues to buck the current economic trend towards short-term fixes and provide large dividends for the city and its investors.
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