Back at MIPIM for the first time since 2019, Scotland kicked off its week with a session outlining billions of pounds of investment opportunities across the country and underlined its commitment to working collaboratively to unlock growth.
Speaking on the UK Stage, representatives from Scottish government, Glasgow, Edinburgh, and Dundee pitched their places and projects to an international audience.
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Grade A offices, leisure-led masterplans, and billions of pounds worth of housing stimulus were all put forward as reasons to invest.
The national picture
Richard Rollison, director of international trade and investment at Scottish government, explained how his department and the wider administration is laying the foundations for investment in Scotland.
This includes putting the planning system on a “detox” – a move that has seen more than 1,000 pages of dated advice removed to make the process simpler for developers – and creating More Homes Scotland, aimed at speeding up housing delivery.
“When you think of Scotland I am sure you think of beautiful lochs and glens, of whisky and shortbread, and of kilts and tartan,” Rollison said.
“There is another Scotland too – a Scotland where you can invest with confidence in one of Europe’s most vibrant and innovative economies.”
Scotland, for the 10th successive year, was named by EY as the most attractive UK nation for foreign direct investment, he added.
Edinburgh
Chris Dougray from the Edinburgh Development Forum put forward West Town as one of the cities largest regeneration opportunities.
With an end value of £2bn, the project represents “one of the most exciting urban extensions in Europe” and is being led by Drum Property Group, Dougray said.
Proposing 7,000 homes, 2,500 to be designated as affordable, the scheme aims to address the city’s housing shortage amid a 12% population increase over the last 15 years.
A £1.6bn investment by the city council, revealed exclusively by Dougray on stage, will also help to move the dial on residential delivery.
A cultural powerhouse, Edinburgh has plenty more to offer in sectors such as life sciences and professional services, which employs 30,000 people across the city.
“In what other city can you walk over two extinct volcanoes, along Georgian Streets, past a medieval castle and 10 minutes later be outside the international headquarters of Ballie Gifford, an internationally successful investment manager with over £205bn of assets under management?” Dougray said.
Dundee
Dundee is primed for cross-sector investment, said Cllr Mark Flynn, Leader of Dundee City Council.
The city is keen to build on the success of the £1.6bn regeneration of its waterfront, which is home to the V&A, a new train station, a headquarters for BT, and an urban beach.
Looking ahead, Flynn outlined the opportunity presented by Eden Project Scotland, due to open around 2030.
This scheme could unlock the next wave of regeneration for Dundee’s waterfront, he said.
It is not all about the waterfront, though. Life sciences, cyber, and innovation are all key sectors for the city, which has also set out an ambitious 30-year city centre strategic investment plan, which identifies sites for development.
Dundee’s location – 90 minutes from 90% of the population – is also a key strength, according to Flynn.
“Dundee is open, ambitious, and ready to work with long-term investors, developers, and operators who are interested in regeneration and sustainability,” he concluded.
Glasgow
A growing build-to-rent sector, clusters in quantum engineering, low carbon industries, fintech, and precision medicine, as well as two globally recognised universities are among Glasgow’s strengths as an investment proposition.
The extension of the city centre to accommodate its growing population, as well as regeneration within the city core, form part of the plan for the city, named by Colliers recently as the number one location for residential investment in the UK.
The next phases of the 10-year-old SEC campus is also a priority, according to Cllr Ruairi Kelly, city convener for housing and development at Glasgow City Council.
The venue, which hosted COP in 2021, is part of a scheme that is only 40% developed, presenting a £450m investment opportunity, Kelly said.
Following the pitches, attention turned to how the cities and Scotland as a whole can deliver on its ambitions.
Jackie Sadek, chair of UK Innovation Corridor – a more than £200bn public private sector partnership in the South of England – knows exactly what it takes to attract inward investment and unlock an area’s potential.
She commended the public sector representatives on returning to MIPIM to promote the country and build a strong narrative with the power to unlock capital.
Sadek also highlighted what she sees as a clear willingness for the cities and national government to collaborate.
“Do more with what you have got,” she said, before delivering a simple message to her fellow panellists and the watching delegation.
“More, more, more!”
