INVEST Quarterly investment bulletin from Scotland’s capital
AUTUMN 2009
EDINBURGH
THE APPLIANCE OF BIOSCIENCE SPOTLIGHT ON EDINBURGH’S WORLD-BEATING RESEARCH CAPABILITY
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inside issue 30 » Jeremy Peat on nurturing sustained economic recovery » 10 questions for NORMAN BONE » tax increment financing » EDINBURGH FOR FREE
In this issue
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elcome to the latest issue of Invest Edinburgh, the quarterly investment bulletin which brings you up to date with the latest developments across the Edinburgh City Region. In today’s knowledge driven economies the importance of technology and the role of science across all aspects of modern life is impossible to deny. It is this theme that runs throughout this issue of Invest Edinburgh as we look at a number of local high-tech businesses and profile the work they are doing across a diverse range of sectors. In our cover feature, ‘The Future of Animal Bioscience’, we examine Edinburgh’s strengths in life sciences. In the vital fields of animal welfare and food security this city is truly leading the world in its research capabilities and, with the prospect of further collaboration between recognised brands such as The Roslin Institute and the Moredun Research Institute, Edinburgh looks set to further cement its position at the forefront of what has become a globally important research priority. The diversity and depth of Edinburgh’s technology industries is again illustrated when Norman Bone, Senior Vice President Radar and Advanced Targeting and Group Operations Director, Selex Galileo, answers 10 Questions. On page 8 he highlights just how important the aerospace and defence industries are to the City Region’s economic health. Although we might not be out of the woods of economic turmoil just yet, the past few months have certainly seen a steady, if cautious, return of business confidence. There are encouraging signs of a return to health for a number of key sectors, and indicators show that there is a resurgent level of activity in the capital’s usually buoyant residential property market. According to Simon Rettie in our regular Making it Happen column this is resulting in real opportunities for potential investors. And finally, there have recently been some important steps forward in the development of new transport infrastructure in the city centre and on page 14 we investigate a new mechanism for funding urban regeneration and for helping Edinburgh achieve its long term development ambitions. As always, if you have any feedback on the issues we feature, I would be delighted to hear from you.
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18 4 snapshots
A round up of news from across the city
8 10 questions for...
Norman Bone of Selex Galileo highlights Scotland’s aerospace and defence industries (cover story)
10 a position of unique strength
Edinburgh’s animal biosciences cluster
14 ANALYSIS
Financing a World Class Vision
16 the statistics
The latest key indicators for the Edinburgh economy
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making it happen
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added extras
How the City Region’s robust property market continues to provide solid returns Experiencing all Edinburgh has to offer...for free!
For a free quarterly subscription to Invest Edinburgh, or to obtain additional copies, please contact editor@investedinburgh.com. Invest Edinburgh is published on behalf of The City of Edinburgh Council and Destination Edinburgh Marketing Alliance by Engage Group, 24 Ainslie Place, Edinburgh, EH3 6AJ 44 (0)131 225 9979 www.engagegroup.co.uk
Tom Buchanan, Convenor of the Economic Development Committee
All rights reserved. Material contained in this publication may not be reproduced, in whole or in part, without prior permission of the City of Edinburgh Council (OR OTHER COPYRIGHT OWNERS). Whilst every effort is made to ensure that the information given herein is accurate, no legal responsibility is accepted for any errors, omissions or misleading statements.
Editorial team:
Kenneth Wardrop, Ailsa Falconer, Lindsey Sibbald, Susan Robertson, Kyle Drummond and Stuart Seaton. Please contact us at: editor@investedinburgh.com
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The VIEW from HERE Jeremy A. Peat, Director of the David Hume Institute, suggests that the competitiveness of Edinburgh’s businesses is central to a sustained recovery. In this period while our economy struggles to find firm We have reached that difficult stage in the terrain – with Edinburgh working through the economic economic cycle. Some data are supportive of and psychological impact of the HBOS and RBS trauma – the view that gentle recovery is underway and we must beware of any tendency to move away from a market can be expected to be sustained. Other data based approach. are far less encouraging. No wonder the phrase Use of the word ‘market’ can cause shudders in some ‘double dip’ is getting significant exposure in the media. quarters. I am not espousing an unadulterated – quasiMy view is that sustained recovery certainly cannot be Thatcherite – belief that ‘you cannot beat the markets’. taken for granted. We can be pretty sure unemployment will Regulation and other forms of intervention are essential in continue to rise through at least the first part of 2010, while many areas, to adjust outcomes away from pure market – often house prices at best stabilise. So consumers will continue imperfect market – outcomes. to strive to repair household But market based outcomes balance sheets via high savings “In the private sector a competitive do tend to be more efficient ratios. Business confidence is than the alternatives. The so low, and excess capacity so market in key sectors will enhance market system, appropriately rife, that investment will remain competitiveness and innovation, controlled and overseen, weak for many moons – lagging [ensuring] that Scottish companies provides the incentives that rather than leading the recovery drive enhanced productivity, in most sectors. And we all now are best placed to compete efficiency and lower prices for know that the public finances are internationally” end users. shot, so fiscal contraction is the In the private sector story for the next several years a competitive market in key sectors will enhance rather than fiscal expansion to engender economic demand. competitiveness and innovation, ensuring best use is made of The first key message I take from this story is that now is not key and scarce resources and that Scottish companies are best the time for any economic policy heroics. Ultra low interest placed to compete internationally, taking full advantage of the rates must be retained for several quarters, and quantitative low level of sterling against dollar and euro. In the public sector easing sustained rather than rapidly withdrawn. Renewed introducing or proxying market systems can again result in recession is the key risk, not any upsurge in inflation. Likewise, incentives for efficient delivery of key goods and services. while the state of the public finances requires a commitment In the tough world ahead we need competitive companies to correction in the fullness of time, that should come about to deliver jobs and profits. In tomorrow’s tight public finance in a managed manner over the medium term and should environment we need exceptionally efficient delivery of public not mean any drastic action in the near term. Tax rises of any services, so that actual service delivery can be reduced as little significance next year, especially accompanied by notable as possible. More bangs for the limited bucks will minimise public expenditure reductions, could stop recovery in its tracks the damaging effects of tighter public sector and cause a second economic descent. That second dip could budgets. Scotland and Edinburgh need to learn be even worse than our experience in 2008/09 and even more to love the market, but to understand where it difficult to extricate ourselves from. ‘Beware the double dip’ needs to be controlled as well as where it can should be the phrase on politicians’ walls; a return to virtue can yield real benefits for all. and should be deferred. Jeremy Peat is Director of the David Hume Institute
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Fibre optic broadband boost Edinburgh’s key sectors are set for a major boost as the capital becomes one of the first cities in the UK to access BT’s superfast broadband. Work is already underway in Stockbridge and the New Town where businesses and homes will be able to access the lightningfast service from their service provider early next year, followed by Craiglockhart and Corstorphine. Super-fast broadband downloads at more than 10 times the speed currently being experienced by most households and small businesses. Brendan Dick, Director of BT Scotland and Chair of the Edinburgh Business Assembly, said:“For many businesses it’s vital they are able to send and receive vast quantities of data quickly and securely and the new technology will play a huge role in ensuring Edinburgh’s success and competitiveness not only in the current tough economic climate, but to put the city on the front foot when we emerge from it.” He added:“While Edinburgh is beginning to show glimmers of recovery in the property market with four successive months of increases in house prices, demand for building warrants and
EARN update The last few years have seen a huge increase in e-commerce, with 17 pence in every pound now spent online. In this new climate, it is essential that businesses be net-savvy if they are to engage with new customers and remain globally competitive. That’s why the City of Edinburgh Council is teaming up with global technology giant Google to advise Edinburgh’s businesses on how to optimise their web presence in a seminar taking place on 5 November. Google will introduce various free tools that businesses can use to establish an online presence in just half an hour or increase traffic to their website. The seminar will also help businesses acquire up-to-date information on their customers and competitors and enhance their digital marketing. The seminar is the latest in a series of recession management initiatives being undertaken by the City of Edinburgh Council and its partners in the Economic Action Resilience Network (EARN). EARN has been established to help businesses and families cope during the global economic downturn and ensure Edinburgh is in the best possible position to respond when the economy recovers.
an improving footfall in some of the retail sector, hard-pressed businesses still need all the help they can get. Super-fast broadband will form a key driver as it forges a competitive edge and sets them in good stead to emerge from the recession.” >F urther information: www.openreach.co.uk
SHOWCASING RETAIL RESILIENCE AT MAPIC This November, delegates from Edinburgh will once again be attending MAPIC, the world’s largest international market for retail real estate, in Cannes, France. With over 2,000 retailers and 1,000 investors in attendance from more than 65 countries, it will enable Edinburgh to showcase the opportunities for expansion and investment in the city centre. The delegates will be promoting Edinburgh’s economic resilience, increasing airport passenger numbers, high hotel occupancy rates, strong international investment interest and the city’s developing integrated tram/transport network and major rail investment – all crucial factors in creating confidence for retailers and developers to invest. Additionally, they will be publicising the Edinburgh Prospectus, which details the four major development areas in the wider city – the city centre, Waterfront, West Edinburgh and South Edinburgh. >F urther information: www.mapic.com
> Further information: www.edinburgh.gov.uk/buildingoureconomy www.google.com/domorewithless
FACT:
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Edinburgh Airport is now the fastest-growing airport in the UK, recording a 5.6% annual increase in passenger traffic in July 2009. source: BAA Edinburgh
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Tracking progress on Princes Street Monday 8 June marked a historical date for the Edinburgh Tram Project with the laying of the first sections of track on Princes Street. Councillor Gordon Mackenzie, Transport Convener of the City of Edinburgh Council said: “This is an extremely significant milestone for the Edinburgh Tram Project. Retailers, businesses and visitors to Princes Street can now see physical evidence that we have taken another major step towards the delivery of a fast and efficient integrated transport system for Edinburgh.” Following slight delays earlier in the year, major progress on the Tram Project has been made across Edinburgh recently, including the beginning of bridge construction at Carrick Knowe and a new viaduct at Haymarket. Work is also continuing on the A8 underpass at Gogarburn, where a new interchange station will connect the airport and tramline with the important Edinburgh-Fife rail line. Plans for the development, which will be managed by Network Rail, have been showcased across the city at public exhibitions.“We’re keen to incorporate the thoughts and considerations of the general public prior to submission,” said Ron McAuley, Scotland Route Director of Network Rail. The £34.7 million Gogar interchange is being funded by Transport Scotland as part of its £1.1 billion investment programme to improve service levels and rail infrastructure across the country’s central belt. And there was further good news recently, when it was announced Edinburgh could benefit from a proposed nationwide high-speed rail network connecting Britain’s major cities including Manchester, Birmingham and Glasgow. The network, which would halve rail times between London and Edinburgh to just over two hours, has been targeted for completion by 2030.
1 to watch What do they do? CIQUAL is the developer behind Session Insight, software that gives mobile broadband operators access to accurate real-time session data on the level of service users are experiencing. This information enables operators to rapidly address issues affecting service quality, helping them meet the increasingly high expectations of customers. Why are they worth watching? In just over two years, CIQUAL has developed an innovative new product and brought it to market, building relationships with global distributors and entering strategic partnerships with fellow telecommunications software providers. Since March 2009, CIQUAL has received £2.75 million in funding in the form of venture capital and grants, helping it reduce product development times and boost global sales.
Bite size Edinburgh has been voted the best place to live in the UK in a survey of 10,000 people conducted by YouGov, while a survey of 8,000 people in 16 countries carried out by OnePoll has found that Edinburgh is considered the friendliest city in the UK and the second friendliest in Europe. The John Hope Gateway, the new £15 million visitor centre of the Royal Botanic Garden Edinburgh, has been opened free to the public. Airline Flyglobespan has announced that weekly direct flights from Edinburgh Airport to Orlando Sanford International Airport in Florida will be launched in summer 2010. Automobile retailer Arnold Clark is to create 130 new jobs in Edinburgh by February 2010. Two restaurants in Edinburgh, Martin Wishart and The Kitchin, have been ranked in the top 50 places to eat in the UK in the Good Food Guide 2010. The first phase of a £60 million renovation of the Main Library of the University of Edinburgh has been completed. The Edinburgh Festival Fringe, Edinburgh International Book Festival and Royal Highland Show have all reported record ticket sales for 2009. Trustmarque Solutions, a leading software management company, has opened a £0.5 million office in Edinburgh Park. Edinburgh has been voted top in a list of cities to “see before you die” in a poll by Travelodge, which has announced plans to open a ninth hotel in Edinburgh.
Where have they come from? CIQUAL was founded in September 2007 by telecommunications industry veterans David Bonner, John McElroy and Tom Walls, a team possessing a combination of business acumen, marketing expertise and engineering skills. Its flagship product, Session Insight, was certified for use with the Symbian mobile device operating system and the Blackberry in mid-2008 and launched commercially in December of that year.
The Stamp Office on Waterloo Place has been fully let, just 18 months after the completion of a £2.6 million refurbishment.
What does it mean for the area? The rapid growth of CIQUAL has created new job opportunities in Edinburgh’s telecommunications sector. The company has been awarded a grant from the Scottish Government to help it more than double its workforce from 15 to 35.
Edinburgh’s Potterrow Development has been named “Best Corporate Workplace” in the 2009 National Awards of the British Council for Offices.
>F urther information: www.ciqual.com
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The Café Royal on West Register Street has been named the best bar in Britain in the Good Pub Guide 2010.
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Murrayfield drives home its advantage Murrayfield Stadium, the home of the Scottish Rugby Union (SRU), boosted the Scottish economy by nearly £130 million in the last year according to reports, £72.9 million of which benefited Edinburgh. The report, produced by Edinburgh Napier University and economic and social development consultancy EKOS, looked at how all events held at Murrayfield, including rugby and concerts, influenced spending patterns and hotel occupancy rates. 2009 has seen a rise in the number of sporting events hosted at the home of Scottish Rugby. ‘Magic May’ saw a full round of Rugby’s Super League, the European Rugby Cup final and Emirates Rugby World 7s events hosted at the stadium, followed by a concert by rock
band Oasis in early June. Commenting on the economic impact, SRU chief executive Gordon McKie said, “Murrayfield Stadium is a generator of significant revenue to Edinburgh and the surrounding communities, and the experiences visitors enjoy have encouraged them to return to Scotland.” The review’s findings follow a commendation from the Scottish Parliament in January 2009 for the positive impact of the stadium upon the Scottish economy. Stadium improvements in 2008, including the installation of two high-
spec LED screens and a £2 million upgrade of neighbouring training pitches, boosted the stadium’s attraction for both sporting and non-sporting events. This will be further enhanced in late 2009 with the introduction of specialist pitch growth lights to improve turf, improved accessibility and facilities for disabled spectators and a new stadium entrance to be linked to the nearest tram station. Hospitality areas will also undergo significant refurbishment to provide both high-quality match-day offerings and attract conferences and events. MADE in EDINBURGH
No 21
Molecular analysis: as easy as 1-2-3 Formed in 2002 when Joel Fearnley (pictured) and Stuart Polwart (two automation engineers from Motorola) joined forces with Professor Peter Ghazal and Dr. Douglas Roy (two research scientists from the University of Edinburgh), Lab901 epitomises Scotland’s emergence as a leader in life science. The business has enjoyed rapid growth since the launch of its highly successful patented ScreenTape® technology in 2007. The system, comprising of a consumable plastic tape – ScreenTape, an instrument – TapeStation and a software package – ScreenPlex, is widely used in the molecular diagnostics industry. Based to the south of Edinburgh, Lab901 manufactures its ScreenTape products in a dedicated production clean room. The company’s DNA ScreenTape® remains the original product in a pipeline of consumables utilising the TapeStation instrument. The system has many applications in life science research, as well as molecular diagnostic testing for respiratory viruses (e.g. influenza) and sexually transmitted diseases (e.g. chlamydia). It continues to deliver proven cost, time and commercial benefits for infectious disease testing in more than 20 countries through a network of 16 distribution partners. Supported by local investors Alliance Trust Equity Partners, Scottish Enterprise SVF, Archangel Informal Investments and
TriCapital, as well as Foresight3 VCT, Lab901 raised £2.4 million in its latest equity funding round in September 2009. This funding has enabled the business to build on the success of its earlier DNA ScreenTape technology with the recent launch of two new versions of ScreenTape for protein and RNA analysis, targeting the significant global market for biomedical research in pharmaceutical companies, universities and research institutes. Both products are currently being sold directly throughout Europe, with global roll-out commencing in 2010. > Further information: www.lab901.com
FACT:
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Hotel occupancy in Edinburgh was 91.3% in August 2009, a rise on the previous year. source: PKF
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MY CITY
VISION
Looking to recruit students or graduates? Advertise for free! University Careers Services in Scotland has launched a free ‘one-stop-shop’ Shared Vacancies Service for all employers to help them bring vacancies to the attention of students and recent graduates. This now makes the service the biggest provider in Scotland of graduate vacancies and offers employers instant access to talent faster, cheaper and more efficiently. If you would like to find out more about the service, please visit: www.hw.ac.uk/careers/employers9.php or contact Lorraine Chambers at the Careers Service of HeriotWatt University on 44 (0)131 451 3395.
New Arrivals Continuing our regular feature about the latest companies investing in the capital Who’s on the move? Headquartered in Stockholm, Sweden, Vattenfall is the fifth largest generator of electricity in Europe, supplying more than 4.8 million customers throughout Europe from hydro, nuclear, wind, fossil and bio-fuel energy sources. Vattenfall has announced plans to relocate its UK head office from Hexham to Edinburgh. Why the change? Vattenfall aims to become the fastest-growing wind energy provider in Northern Europe and increase its wind energy generation from 1.5 to 49.0 terawatt hours by 2030. Already well-established in Central Europe and Scandinavia, Vattenfall declared an interest in expanding its UK presence in June of last year. Why Edinburgh? David Hodkinson, the Head of UK Development for Vattenfall Wind Power, has stated that the UK possesses “strong winds, a deregulated and competitive market for electricity, an openness to foreign investment and a well-functioning support system for renewable energy”. Edinburgh’s proven academic and commercial strengths in wind energy have previously attracted investment from world-leading companies such as REpower Systems and Wind Prospect. When will the move happen? Vattenfall signed a five year lease on a third floor suite in The Tun, Edinburgh in June 2009. The new office will open this autumn once Vattenfall recruits suitable staff. >F urther information: www.vattenfall.co.uk
www.investedinburgh.com
Pamela Grant Development Director New Edinburgh Limited What sort of city would you like to see? The slow down in office developments is unsurprising considering the current economic climate, but there is a real need to attract business names to Edinburgh and allow the city to become one of the leading European destinations for inward investment. Due to the restraints of the city centre’s World Heritage status, we need to look at how we can unlock time consuming planning processes and seek to develop more architecturally challenging buildings to allow for growth. Developments must continue to be regenerative, ensuring sustainability for the city. This will benefit local residents and the local economy, and hopefully act as a catalyst for attracting further inward investment to Edinburgh. How successfully is the city moving towards this vision? If we want Edinburgh to remain a leading European destination for investment, it is essential private and public sectors continue to work together to ensure we offer a complete package – excellent transport links, employment, varied office accommodation and quality of life. The city is definitely moving in the right direction with greater collaboration between sectors, but this needs to further extend across all boundaries, sectors and professions. What more must the city do? Globalisation means competition for inward investors on a worldwide basis. Edinburgh needs to ensure it uses all its resources effectively to market its strengths. We must share market knowledge and innovate by way of tax incentives to encourage investment and create more opportunities for employment, housing and education. New Edinburgh Ltd is the joint venture behind Edinburgh Park, the capital’s premier business park.
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Norman Bone One of the largest private sector employers in Edinburgh, Selex Galileo proves that high-tech manufacturing is alive and well in Scotland. Here, Radar and Advanced Targeting Systems SVP and Group Operations Director, Norman Bone, highlights key sector recognition as vital to the future of Scotland’s aerospace and defence industries.
IE> How big is Selex Galileo’s operation in Edinburgh? NB> We have in the region of 1,950 people on our books and probably another 200 from our outsourced services such as security, IT and restaurant staff. Our turnover has grown steadily since 2005 to today’s annual turnover of approximately £0.5 billion. Across the UK, Selex employs just over 4,000 people. In fact, Edinburgh is by far the largest facility we have in Selex Galileo. IE> What do you manufacture in Edinburgh? NB> Edinburgh has primarily been a radar business, but in recent years we have developed an advanced electro-optics and electronic warfare capability as a very healthy expansion to our business. The Radar and Advanced Targeting business is an international set up with operations here in Edinburgh and across three sites in Italy: Milan, Florence and Palermo. Edinburgh is also home to Selex Galileo’s Laser Centre of Excellence. IE> In 2005 the business targeted increased sales in the US market. How successful have you been? NB> There isn’t a big European demand for the type of lasers we build, but about five years ago an opportunity arose to contract with US defence giant Lockheed Martin. That gave us the chance
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to rebuild our laser capability. Since then, we’ve been able to invest in our infrastructure and people and we’re now classified as one of the world’s leading high energy laser manufacturers. Since 2005 we have been able to grow both our laser and radar businesses in the US very successfully. All our sales in high energy lasers are to the US – we don’t sell anywhere else. IE> Who are your main customers? NB> We are one of the few British companies to have a direct input into the new Lockheed Martin F35 Joint Strike Fighter project and last year, we won a contract to retro-fit a new targeting system to the AH-64D Apache combat helicopter. Our lasers are also used in Northrop Grumman’s Litening AT and Lockheed Martin’s Sniper targeting pods, which between them represent 70% of the worldwide targeting pod market. It’s a really good success story, driven by some excellent engineering and careful investment in the business. Our radar business has also been transformed in recent years. We were one of the first companies in the world to invest in electronically scanned radar systems. In fact we’re the first Europeanbased business to sell radar into the US direct, providing surveillance radar systems to the US Coastguard.
IE> How important is the US market to Selex Galileo? NB> The US is the world’s largest defence market. To play in the US you have to be a key contributor in a specific field – you need to specialise. We can never be a prime contractor in the US defence industry, but by working in partnership with the majors we have established ourselves as a trusted supplier. Today, we continue to look at ways in which we can boost our presence and capability in this key market, including small acquisitions. IE> You’ve been actively lobbying the Scottish Government to recognise the aerospace and defence industries as key sectors. How significant are both to the Scottish economy? NB> In Scotland there has always been a quiet understatement about our strengths in both sectors. In the past few years the industry has tried to raise its voice through the creation of a regional presence of the Society of British Aerospace Companies (SBAC) in Scotland. That’s been an undoubted success in giving the industry an identity here in Scotland, but more needs to be done. In Scotland alone, there are more than 170 businesses associated with the defence, aerospace and naval industries, employing more than 16,000 people. Sales are in excess of £2 billion and the
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Hi-tech production of SELEX Galileo GRIFO-Radar (far left) and Seaspray 7500E electronically scanned radar, pioneered by SELEX Galileo in Edinburgh, in operational Service with the US Coast Guard (left).
industry pays approximately 30% above the national salary average. Across the industry, four percent of all defence sales is pumped straight back into R&D; here in Edinburgh we actually reinvest eight percent of our sales.
engineering has become vital to how our business operates. It’s an approach that allows us to take a Selex sensor and one of our competitor’s sensors and combine them into an integrated solution for our customers.
IE> What would key sector recognition bring to the industry? NB> Defence may be a reserved matter for Westminster, but we are here, we want to be here and we want to continue to invest in Scotland and Scottish jobs. It’s an issue I feel very passionate about. Recognition as a key sector helps build international profile and reputation and helps us, as an industry, attract the best commercial, financial and engineering expertise. Scotland has a reputation for producing some of the finest engineers in the world and here, today, we have 1,200 engineers on site. Manufacturing and Engineering are very much alive. Politically, we need more support and engagement to sell the industry.
IE> Do you work with local universities? NB> We work very closely with universities, both here in Edinburgh and across the UK, providing industry insight into course content and helping shape new graduates into the type of engineers we need for tomorrow. One of our most senior engineers, Dr. Alan Colquhoun, is employed full-time as a University Liaison to support universities, and SMEs, across the UK. We also spend a lot of time in local schools. Today’s pupils are far more electronic and computer savvy than ever before, but trying to get them to understand the physics beneath the Xbox or PlayStation remains a challenge. To help boost the profile of science in schools, we host Scottish Robotics every
IE> How does a business like Selex Galileo meet its recruitment challenge? NB> It’s a constant challenge, but a challenge we relish. The military engagements facing our forces today are very different to those envisaged 10 or 15 years’ ago; much of the development on the Eurofighter Typhoon has been to evolve a traditional Cold War asset into a highly versatile combat aircraft. So while we have to focus on delivering that capability, we also have to look ahead at the kind of equipment our armed forces will require in the future. To do that we have to have a recruitment structure in place to meet future research and development needs. System
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year. Our engineers give up their own time to help school pupils build their own robots in the style of Robot Wars and actually do battle in our main entrance lobby area here at Crewe Toll House. IE> What does the future hold for Selex Galileo? NB> Huge opportunities! The nature of modern asymmetric warfare, such as that seen in Afghanistan, means there is an ever increasing operational requirement for new sensor capabilities. In modern battlefield applications such as unmanned aerial vehicles (UAVs), and even unmanned ground vehicles, sensors become invaluable. However, we will also have to be more agile and responsive to customers’ needs. What is certain is that Edinburgh will remain one of the key success stories of the Selex Galileo family.
further information www.selex-sas.com
CV Born and educated in Kilmarnock, Ayrshire, Norman joined the defence industry in 1998 as part of what was then GEC Marconi in Glasgow. In 2003 he moved to the Basildon headquarters of the renamed BAE Systems Avionics before being invited to help establish the new Selex Sensors and Airborne Systems business on a more site-based footing in Scotland. Since 2005, Norman has helped oversee the complete integration of what was BAE Systems Avionics and the Finmeccanica-owned Galileo Avionica. Today, his role as Senior VP Radar and Advanced Targeting is complemented by responsibilities as Group Operations Director across Selex Galileo, both in the UK and in Italy.
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The future of ani Edinburgh: a position of unique strength
The creation of the Easter Bush Research Consortium is set to cement the position of the Edinburgh Science Triangle as a world-leader in life sciences and biotechnology by bringing together unparalleled research capabilities and expertise in the field of animal science. Above and front cover: Section through a developing two-day-old chick eye showing cell nuclei (green), gammatubulin (blue), acetylated tubulin (red) and co-localisation of both in pink. Courtesy of Megan Davey and Lynn McTeir, Roslin Institute and R(D)SVS.
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n Friday 5 July 1996 a certain female sheep was born at The Roslin Institute, signalling a major breakthrough in the development of modern genetics. The revolutionary cloning of Dolly by the team headed by Professor Sir Ian Wilmut, OBE heralded a new dawn for genetic breeding programmes and enhanced animal welfare among production livestock. It also made Roslin Institute a household name around the developed world and underlined Edinburgh’s position as a world leader in animal biosciences.
A new home Now, as the Institute prepares to relocate to a brand new £60.6 million research facility on the Easter Bush estate, a new partnership between it and the globally acknowledged brands of the Moredun Research Institute, Royal (Dick) School of Veterinary Studies (R(D)SVS) and the Scottish Agricultural College will position the Easter Bush Research Consortium (EBRC) as the world leader in animal biosciences. The EBRC represents a cornerstone in the Scottish Government’s Life Sciences
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nimal bioscience Strategy, designed to leverage the biotech industry as a building block for future economic success. The international work carried out by the established research facilities at Moredun and The Roslin Institute, as well as the renowned R(D) SVS, continues to play a central role in supporting and enhancing Scotland’s reputation in life sciences. It’s the latest evolution in the continuing development of the Edinburgh Science Triangle, the collective name for seven research parks in Edinburgh and the surrounding Lothians, also taking in Edinburgh’s universities and research parks. The Edinburgh Science Triangle represents over 300,000 m2 of laboratory and office space, providing top-range facilities for both academic researchers and enterprises working to commercialise the latest scientific and technological breakthroughs. Together, the partners constituting the Edinburgh Science Triangle have firmly established Edinburgh’s position as the beating heart of Scotland’s life sciences sector – over half of all Scotland’s life sciences jobs are located in the Edinburgh City Region. A world class cluster It’s a leading position that will be further strengthened with the completion of phase one work at the Easter Bush estate, in 2011. As Professor David Hume, Director of The Roslin Institute and Research Director of the R(D)SVS highlights, the University of Edinburgh has ambitious plans for the site.
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“We’ll have close to 500 people in the new building,” he says.“We’re just over 400 now, representing just over 5% of the University’s total research spend.” That additional pool of talent generates its own international snowball effect. The Roslin Institute has already seen a rise in the number of people bringing their own research fellowships, and new enquiries continue to be received from those who want to carry out their research at the future Easter Bush site. “Our international reputation continues to grow,” Professor Hume adds.“In fact, together with the Scottish Centre for Regenerative Medicine we have only recently signed a Memorandum of Understanding with Peking University to create a joint Stem Cell Research Centre in China. The same kind of international collaboration can be seen in our work with AgResearch in New Zealand and the livestock industries in Australia and all over the United States and Europe.” Unrivalled research capability The Institute is currently seeking support for a second phase of development at the Easter Bush campus, which, if funded, will deliver a truly unique animal research facility. It’s a move backed by the whole of the Scottish animal sciences research community as a way of enhancing Scotland’s growing reputation in the field.
Easter Bush could, in the near future, boast more than 1,000 researchers, a figure Professor Hume claims would “certainly make us the largest concentration of animal science researchers anywhere in the world.” The phase II development of Roslin would result in a facility with all the benefits of a modern hospital, including sophisticated imaging equipment, world class pathology laboratories, and the ability to monitor the physiology and behaviour of animals to improve animal welfare. It would be a resource for the whole life sciences sector of Scotland. “Edinburgh enjoys a growing reputation in life sciences – up there among the world’s best,” says Professor Hume “but, when it comes to animal biosciences in particular, Scotland can genuinely aspire to be the world leader with appropriate support and investment.” Investment in infrastructure will be vital to maintaining Scotland’s and Edinburgh’s competitive advantage. A modern animal research facility such as that proposed at Easter Bush is estimated to cost as much as £30million to build, and an additional £5-10million to operate annually. But the potential return on that kind of investment is already evident according to Professor Julie Fitzpatrick, Chief Executive Officer and Scientific Director of the Moredun Group.
| autumn 09 | INVEST EDINBURGH 11
“The major agri-pharmaceutical manufacturers are well aware of our capabilities and have already been looking at investment opportunities in Edinburgh to capitalise on the clustering of animal bioscience research expertise at Easter Bush.” She’s in a great position to know. Approximately one third of all of Moredun Research Institute’s funding is generated by external contracts with agricultural and pharmaceutical industries and agencies such as the EU, Food Standards Agency and DEFRA. The remaining two thirds arrive direct from Scottish Government research funding and through the Moredun Foundation. Improved animal welfare With an annual research spend in the region of £18 million and more than 220 full time researchers based at the Moredun Foundation’s wholly-owned Pentlands Science Park, Moredun Research Institute has, since its foundation 87 years ago, been focused on animal disease research and effective husbandry techniques.
12 INVEST EDINBURGH | autumn 09 |
ever likely to see stem cell research “As an institute owned, funded and benefiting humans until the work has been managed by the farming community, proven to benefit animals,” points out Moredun has always been primarily focused Professor Hume. “We’re the only on targeted, strategic research on people that can do that.” the prevention and control A native Australian, of infectious diseases in David Hume epitomises livestock, particularly the kind of researcher ruminants such as The Roslin Institute, sheep and cattle,” and its EBRC describes Professor partner Moredun, Fitzpatrick. are both capable Research carried of attracting. out by Moredun “Edinburgh boasts and the resulting a number of intellectual extremely powerful property is used international brands by organisations – even my taxi driver such as the Scottish in Brisbane was able to Agricultural College connect the name of and other international Roslin Institute with Dolly partners to administer Differentiating human ES cells the Sheep,” he highlights. vaccines, diagnostics and immunostained for beta-tubulin “When the opportunity infection control systems expression (green). Courtesy arose to help shape what throughout the world. Britt Tye, Roslin Cells. was a new organisation “We’re the first with the merger of Roslin Institute with example of a successful biotech park that the University of Edinburgh and R(D)SVS, it has grown up around a research institute,” explains Professor Fitzpatrick. “The Pentlands coincided with the whole issue of animal science becoming a top research priority Science Park has 23 tenants onsite, all with around the world. Not only that, but the a biotechnology and agricultural focus, tied opportunity arose in what I believe is one of into Moredun Institute’s facilities. It’s a great the great cities in Europe.” example of how a private foundation is able to attract multiple sources of funding, Human health benefits including public money through the It is this issue of convergence, raised by the Scottish Government.” evolution of stem cell research, which has the potential to transform human medicine. Commercial potential Professor Hume and his researchers at The Through its own commercial arm, Moredun Scientific Ltd, the Moredun Research Institute Roslin Institute are naturally interested in pigs as they share many characteristics with is able to develop new testing techniques, the human body. services and safe, effective vaccines. The “Of course pigs are also major production commercialisation of primary research has animals, so we therefore work on the normal been further boosted by the establishment immunity, fertility and productivity of the of two consortia involving Moredun, The animals, but many developments have Roslin Institute and the Institute for Animal implications for human health.” Health. Genecom Ltd and the Genomia Today, the Institute is helping to advance Fund are both knowledge transfer vehicles, stem cell research in a number of species designed to boost the value of the Institutes’ including sheep, pigs, horses and cattle. One intellectual property. Roslin Cells Ltd, Big research programme currently underway DNA and The Creative Science Company involves testing the efficacy of gene therapy are just some of the names to benefit from in the treatment of cystic fibrosis in sheep; support and seed funding. sheep lungs share many characteristics with The importance of agricultural research their human counterparts. has certainly been recognised by the Convergence has far reaching implications UK Government. Food security and the to both livestock farmers and human sustainability of domestic food supply are sufferers. The more researchers explore, the back on the political menu. more is revealed, as is the case with scrapie, What makes Edinburgh stand out from a transmissible spongiform encephalopathy the international research community is of sheep, which shares many disease the co-existence of medical bioscience and characteristics and underlying biology with animal bioscience expertise in the same Alzheimer’s disease in humans. area. And that has huge implications for life Through Roslin Cells Ltd, human sciences in Scotland. “I don’t think we’re
<Feature embryonic stem cell research continues apace, supported by both the University of Edinburgh and the Scottish National Blood Transfusion Service, to develop and produce cell lines fit for future human application. The work, supported through Scottish Enterprise’s Stem Cell Intervention Framework, seeks to position Scotland as a global player in the field of regenerative medicine. Measuring success The economic benefits resulting from the work carried out at The Roslin Institute, Moredun and the Scottish Agricultural College can be hard to accurately measure. However, research conducted by The Roslin
Institute points to the impact of primary animal welfare productivity research on worldwide agriculture. The Roslin Institute is partly responsible for the fact that many of the world’s largest animal breeding companies are located in the UK. In a field such as the global poultry industry almost 40 billion birds are reared every year. The Roslin Institute’s work on reducing cases of Ascites Syndrome in chickens has resulted in an additional 40 million birds reaching market every year, with associated benefits to the animals’ welfare. “We don’t get royalties for that work, it’s very much for the public good,” explains Professor Hume. It’s just one of the many practical
applications of modern biotechnology, proving that Edinburgh already has the right genetic ingredients, both in terms of infrastructure and expertise. Dolly may not have been one of a kind thanks to her genetic make up, but with careful nurturing and targeted investment, Scotland’s capital can be.
further information www.investinedinburgh.com e: invest@edinburgh-inspiringcapital.com + 44 (0) 131 529 6600 www.roslin.ac.uk, www.mri.sari.ac.uk and www.ebrc.ac.uk.
Capturing the commercial value
The spin-out of Inocul8 from the Moredun Research Institute in 2009 is indicative of an increased focus on the commercialisation of primary life sciences research and a desire to maximise the resulting returns from intellectual property. The company’s first round of funding was secured via a grant from Genecom as part of a project supported by the European Regional Development Fund and Public Sector Research Exploitation funding from the then-Department of Innovation, Universities and Skills.
Based at the Pentlands Science Park, the business is focused on the commercialisation of world-leading academic research to yield high impact livestock vaccines to satisfy the needs of the farming and veterinary communities, both in Scotland and globally. It’s a vast international market, valued at $3.5 billion USD (£2.2 billion). Thanks to the work of researchers at Moredun, a new approach to vaccine development creates the possibility of the increasingly efficacious treatment of a wide variety of bacterial pathogens, both in the veterinary and medical fields, including the closely related causes of diphtheria and tuberculosis in humans. Inocul8 has been charged with the commercialisation of the new vaccine technology.“Early stage targets
included the development of new or improved vaccines for conditions such as pneumonia, haemorrhagic septicaemia, caseous lymphadenitis (CLA) and haemonchus,” says Dr. Richard Mole, Chief Operating Officer. “The work on CLA epitomises the applied nature of Moredun’s research,” adds Richard. “It’s a bacterial infection affecting small ruminants, including sheep and goats, and it represents a global problem for farmers, particularly in Australia where it’s estimated to cost the industry up to £12 million per annum. Infection results in chronic skin and flesh abscesses in sheep and goats, resulting in significant reductions in production yields for farmers. We estimate the market for an effective vaccine to be in the region of £25 million per year.”
further information www.inocul8.co.uk
www.investedinburgh.com
| autumn 09 | INVEST EDINBURGH 13
Financing a World Class
With encouragement from the Scottish Government and the Scottish Futures Trust, work progresses on plans to implement a new, innovative method of public infrastructure funding in Edinburgh – Tax Increment Financing – a tried and tested mechanism for funding large scale regeneration projects.
G
lobal competition for investment has never been more fierce, and the need for large-scale public investment in new infrastructure and urban renewal has never been greater. However, it can be challenging to finance ambitious urban regeneration projects through conventional funding mechanisms. This has led the City of Edinburgh Council to explore alternative means of funding urban regeneration, such as Tax Increment Financing. Tax Increment Financing (TIF) is an innovative mechanism for funding urban regeneration projects. TIF allows capital for investment in infrastructure within a particular area to be borrowed against the ‘tax increment’ – the increase in tax revenue resulting from the investment. TIF has been described as ‘build today, pay tomorrow’ and ‘bootstrapping’ as it enables borrowed money to fund investment in infrastructure in the present, which can
14 INVEST EDINBURGH | autumn 09 |
then be repaid in the future using the increased revenue generated (see the box on the opposite page for a fuller explanation of how TIF works). Earlier this year, the City of Edinburgh Council submitted a feasibility study into a pilot TIF project at Edinburgh Waterfront to the Scottish Government. This study has met with the approval of senior figures within the Scottish Government and the Scottish Futures Trust (the public body established to improve the costeffectiveness of public infrastructure investment in Scotland). The Council is now progressing a detailed business case for the pilot TIF project in conjunction with key stakeholders including Forth Ports. If the business case is approved by the full Council of the City of Edinburgh Council, work could begin as early as 2011. The proposed introduction of TIF in Edinburgh has attracted support from both politicians and property investors.
The major advantages of TIF are that it enables the benefits of urban regeneration to be reinvested and avoids the need to raise taxes or divert public spending away from other projects. TIF is the latest urban renewal policy to be adopted from the USA following the introduction of the first Business Improvement Districts (BIDs) in Scotland last year. Originating in the state of California in November 1952 as a means of funding urban renewal projects, TIF is now the leading tool for financing local economic development in the USA. Legislation providing for TIF has been passed in 49 states, with Chicago, the third largest city in the USA, raising approximately $555 million (£280 million) through TIF in 2007. In the UK, Edinburgh, Birmingham, Liverpool, London, Manchester and Newcastle have all expressed an interest in adopting the mechanism.
<ANALYSIS
Vision
How will the money be spent? The Leith area of Edinburgh Waterfront has been identified as the optimal location for a pilot TIF project due to the potential for public investment in infrastructure to attract additional investment from the private sector. The City of Edinburgh Council has the ambition to turn Edinburgh Waterfront into a thriving urban quarter, with plans for the construction of new homes, business space and schools, as well as improved flood defences, a promenade between Granton and Portobello and a marina at Leith Docks. The Council and its partners have identified the four most high-priority infrastructure projects in Leith. These projects have a combined cost of approximately £50 million, which it is proposed to meet using TIF. The four projects are: (1) A new road link between Ocean Drive and Constitution Street; (2) An esplanade connecting the Britannia Quay residential development with the Ocean Terminal shopping centre; (3) Upgraded double lock gates at the entrance to Leith Docks; (4) A new finger pier at Britannia Quay, providing both a focal point on the water and mooring space for small vessels.
www.investedinburgh.com
PricewaterhouseCoopers (PwC), the world’s largest professional services firm, has conducted an economic impact study into the Edinburgh Waterfront TIF Project in conjunction with Scottish Enterprise and HM Treasury. PwC projected that the Edinburgh Waterfront TIF Project would become self-financing within seven years via increases in tax revenues and that borrowing would be repaid in between 15 and 33 years. The study found that the £50 million investment in infrastructure would generate: • Additional tax revenues of between £131.2 million and £262.6 million through increases in revenues from council tax, business rates and stamp duty; • The construction of between 2,079 and 2,878 new homes; • The creation of between 46,000 and 84,000 m2 of new business space. TIF has the potential to help rejuvenate Edinburgh Waterfront by increasing its attractiveness as a residential and commercial location. By becoming the first city in the UK to adopt TIF, Edinburgh can deliver a genuinely world-class Waterfront.
Tax increment financing: how does it work? (1) An urban area in need of regeneration is identified and a base year value for tax revenues in the area is established. (2) The local authority invests in enabling infrastructure within the TIF Project area, borrowing against the tax increment (the increase in tax revenues above the base year value that the investment in the area is projected to generate). (3) Over time, this investment stimulates additional private investment, driving up tax revenues in the area above the base rate value. This tax increment is paid into a project fund. (4) This project fund is used to repay the money borrowed. Once the debt is amortised, subsequent tax increments are used to fund further investment into the area.
further information Contact: Jonathan Guthrie e: jonathan.guthrie@edinburgh.gov.uk + 44 (0) 131 529 4254 www.theedinburghwaterfront.com
| autumn 09 | INVEST EDINBURGH 15
Edinburgh: key indicators
2004
Latest source Natural change in population
1) Population & households Population Households Average household size Population density (persons /km2) Natural change (births less deaths) Net migration % of population aged 16 to 64
453,670 209,094 2.12 1,730 111 5,138 69.6%
471,650 217,654 2.10 1,788 1,070 2,512 70.5%
1 1 1 1 1 1 1
228,800 79.7% 5.2% 312,773 2.4% 13.9% 43.3% (2005) 62,220
251,300 79.9% 4.7% 308,791 3.2% 8.3% 45.1% 68,790
2 2 2 3 3 3 4 5
1200 1000 800 600 400 200 0 -200 -400
2000 2001 2002 2003 2004 2005 2006 2007 2008
2) Labour market
Students in higher education institutions
Population aged 16+ in employment Economic activity rate (wkg age) ILO unemployment rate Total employee jobs Claimant unemployment rate Long-term (>1 yr) as % of all unemployment % of pop’n aged 16-64 educated to NVQ4+ Students in higher education institutions
70000 65000 60000 55000 50000
2000 2001 2002 2003 2004 2005 2006 2007 VAT registered businesses
3) Wealth & productivity
15000
Mean gross annual earnings Gross Value Added (GVA) (million) GVA per capita (resident population) VAT registered businesses Funds under management (all Scotland, £bn)
£26,534 £12,528 £27,615 12,370 £325
£33,004 £14,192 £30,620 13,760 £580
6 3 3 3 7
4) Travel & Tourism
14000 13000 12000 11000
2000 2001 2002 2003 2004 2005 2006 2007 Rail passengers (Waverley station)
16m
Airport passengers (arr + dep in millions) Rail passengers at Waverley station (millions) UK tourist bednights (millions) Overseas tourist bednights (million) Hotel room occupancy Edinburgh’s world ranking for conferences
7.99 14.22 6.1 (2005) 7.1 (2005) 77.0% 24
8.99 16.17 5.6 7.5 73.0% 28
8 9 10 10 10 11
70% 2,668 £166,207 14,893 £290.63 92,512 £2,260.44 25
66% 1,864 £216,688 6,695 £312.15 83,144 £2,368.08 18
12 13 14 14 15 15 15 16
15m 14m 13m 12m
2004
5) Housing & commercial property Owner-occupation (% of households) Housing completions Average annual house price Total number of house sales Prime city centre office rentals (£/m2) Office floorspace take-up (m2 gross) City centre ‘zone A’ retail rentals (£/m2) Retail potential UK ranking
16 INVEST EDINBURGH | autumn 09 |
2006
2007
2008
2007
2008
Office space take-up
Source notes 1 General Register Office for Scotland 2 Annual Population Survey 3 Office for National Statistics 4 Annual Population Survey 5 Higher Education Statistics Agency 6 Annual Survey of Hours and Earnings 7 Scottish Financial Enterprise 8 Civil Aviation Authority 9 Office of Rail Regulation
2005
10 VisitScotland 11 International Congress and Convention Association 12 Scottish Household Survey 13 Scottish Government 14 Registers of Scotland 15 Ryden 16 CACI Retail footprint
100,000 90,000 80,000 70,000 60,000
2004
2005
2006
<THE STATISTICS Year-on-year change in airport passenger numbers
% Increase/decrease in passenger numbers
6%
Source: Civil Aviation Authority. The comparator cities figure is an average of year-on-year changes in passenger numbers at Birmingham, Bristol, Cardiff, Gatwick, Heathrow, Leeds, London City, Luton, Manchester, Newcastle and Stansted airports.
3% 0% -3% -6% -9%
Edinburgh Comparator cities
-12% -15% Sep-08
oct-08
Nov-08 Dec-08
Jan-09
feb-09
mar-09
apr-09 may-09
Jun-09
Jul-09
aug-09
Jobseekerâ&#x20AC;&#x2122;s allowance claimant count (%)
% working age population claiming
6%
Source: NOMIS. The comparator cities figure is an average of Jobseekerâ&#x20AC;&#x2122;s Allowance claimant counts in Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, Manchester, Newcastle and Nottingham.
5%
4%
3%
2%
1% Sep-08
oct-08
Nov-08
Dec-08
Scotland
Edinburgh
Jan-09
feb-09
mar-09
Comparator cities
apr-09
may-09
Jun-09
Jul-09
aug-09
UK
known large-scale foreign investments in Edinburgh 350
Investments Jobs created
4
Source: FDI Markets.
300 250
3
200 150
2
100
Number of jobs created
Number of investments
5
1 50 0
Sep-08
oct-08
www.investedinburgh.com
Nov-08
Dec-08
Jan-09
feb-09
mar-09
apr-09
may-09
Jun-09
Jul-09
aug-09
0
| autumn 09 | INVEST EDINBURGH 17
<Making it happen 12
Edinburgh’s unique property credentials How Edinburgh can best capitalise on its reputation as a rewarding destination for property market investment, by Simon Rettie of Rettie & Co. Clichés and metaphors are often abused in the business world to give grandeur to the routine. However, among verbiage are truisms such as ‘timing is everything’ and you must ‘speculate to accumulate’ With these maxims in mind, the opportunities available to both private individuals and businesses to make profitable investments in residential property in the years ahead will be perhaps be as good as they have been for a generation due to the testing economic conditions of the day. As the uncertainty that has prevented many decision makers from seizing the initiative abates and investors re-engage, consideration should be turned to how best capitalise on Edinburgh’s reputation as a rewarding destination for property market investment. The correct timing of capital speculation is the heart of any investment strategy and as the saying goes,‘being early or late is the same as being wrong.’ With this mind, Rettie & Co. believe the market is emerging from the period of correction and will now start to show slow, but sustained growth in both sales transactions and property values. Throughout the summer we have monitored the return of investors and owner occupiers to the property market, attracted by a sense of emerging opportunity and real returns. The midsector of the market, properties between
£250,000 and £700,000 has, during the three months of June to August, seen an increase in trading volumes of 200% from the previous quarter. This return is grounded in the perception that Edinburgh has, and continues to be, a good long term investment. Where average properties have fallen 15-20% from peak values, prime Edinburgh properties in the New Town, West End and Grange have in certain circumstances retreated by as little as 5%. Tenant demand for well maintained properties across the city remains strong with rental revenue between 3 -5% yielding solid investment return. The robustness of this position is favourable when compared to the severity of corrections experienced across many other asset classes. While residential property yields have traditionally been lower than these other asset classes the potential for capital appreciation remains positive and smaller capital sums and disposal flexibility offer desirable advantages in portfolio and risk management. With investors being polarised by risk exposure the combination of a finite supply of quality property as well as Edinburgh’s geographical, physical and socio-economic factors, have helped to maintain these values. The City of Edinburgh consistently
achieves recognition, both nationally and internationally, as a leading location to visit, live and do business. Its combination of leading education and research institutions, business facilities and the fusion of heritage with modern dynamism have seen it collect numerous awards such as Foreign Direct Investment magazine (2008) ranking Edinburgh as Top Small European City and a YouGov poll recently judging Edinburgh the ‘Most Desirable City in Britain” to live. The long term strategy of the City of Edinburgh Council to balance the duality of heritage and modernism is a further reason to back Edinburgh as a strong residential investment destination. There can be no argument against protecting the heritage that makes Edinburgh such a unique and beloved city and recognised as a UNESCO World Heritage Site, but there needs to be the appetite to complement its past achievements, fixed in sandstone, with contemporary architecture reflecting Edinburgh’s credentials as a modern European city of standing. The provision of a first class transport system and courage to embrace cutting edge architecture may then allow Edinburgh to stand alongside the likes of Barcelona or Madrid. While it may take a number of years for confidence to be restored, this should prove an ideal window for mid to long term investors in residential property to take advantage of the compelling future and investment opportunities available in Edinburgh. Rettie & Co. is one of Scotland’s leading multi-discipline surveyors and estate agents with offices in Edinburgh, Glasgow, Melrose and London.
further information www.rettie.co.uk
18 INVEST EDINBURGH | autumn 09 |
<addedextras
The best things in life... ...are free! A cliché perhaps, but a phrase that has enjoyed something of a renaissance in recent months as we all seek ways to tighten our belts. In a year of fiscal frugality, new terminology reflects a focus on ‘doing more for less’. With Edinburgh’s latest visitor figures showing a robust tourism sector, it would appear the people of the United Kingdom have fully embraced ‘staycationing’ in 2009. And with cultural jewels in the crown like Edinburgh, it’s easy to see why. The architecturally inspiring World Heritage skyline, dominated by the imposing Edinburgh Castle, offers the appreciative eye an appealing contrast of old and new. With plaque-bearing buildings pinpointing the birthplaces and homes of pioneering physicians, acclaimed authors and the great thinkers of the Scottish Enlightenment, a walk around Edinburgh is a history lesson in itself. This sense of history is reinforced by Edinburgh’s free-to-enter museums. The National Museum of Scotland provides a must-see offering of Scottish past and its influence on the world, as well as a whole range of interactive exhibits for children. The Writers’ Museum, secreted away in Edinburgh’s Lawnmarket, has stories aplenty waiting to enchant fans of literature, past and present. Followers of religious history can visit St Giles Cathedral; not only an inspiring building, but also the site from which John Knox preached during the Reformation. Ironic when counting the pennies, but a visit to the original home of the Bank of Scotland on The Mound will reveal the history of banking and Scotland’s emergence as the father of modern finance. For younger people, a more hands on experience can be found at the petting zoo at Gorgie City Farm, while the Royal Mile’s Museum of Childhood boasts five galleries full of toys and games, many of which today’s parents would struggle to remember. For art-lovers, Edinburgh offers a rich palette of experiences; from the religious symbolism of Titian to the contemporary consumerist art of Warhol.
The National Gallery of Scotland, arguably Scotland’s most famous gallery, exhibits striking Renaissance and postimpressionist works at its iconic location at the foot of the Mound. Elsewhere, Belford Road’s mirroring Dean Gallery and Scottish National Gallery of Modern Art exhibit traditional artistic sculptures and modern installations in perfect symmetry. The artist-run DOM Gallery, High Street, showcases contemporary sculptures, tapestries and carvings, while the Talbot Rice Gallery, South Bridge, plays home to 16th and 17th century European art. Edinburgh’s atmosphere changes throughout the year. What better place to witness the changing seasons than at the Royal Botanic Gardens, Inverleith Row? Summer sees the arrival of friendly crowds and street performances, offering budgeting visitors a free taste of the festival. On 28 November the city centre hosts one of the highlights of the Homecoming Scotland programme, when an illuminated Art Car Parade celebrates some of Scotland’s contributions to the world including golf, whisky, great minds and innovation. Up to 15,000 people are expected to witness the free festivities, which officially mark the start of the Christmas Festival. Edinburgh’s retail heart comes to glittering life at Christmas. The Prince’s Street German Christmas market has become an annual highlight among shoppers, adding a European flavour to Yuletide celebrations, while neighbouring George Street is lit up with a myriad of illuminations. Why not soak up the atmosphere for free? A couple of day tickets on the bus...£6. A spot of lunch for two....£20. A fun day out in Scotland’s capital...priceless.
further information www.edinburgh-inspiringcapital.com/ visit.aspx
www.investedinburgh.com
| autumn 09 | INVEST EDINBURGH 19
You can get this document on tape, in Braille, large print and various computer formats if you ask us. Please contact Interpretation and Translation Service (ITS) on 44 (0)131 242 8181 and quote reference number 09044/30. ITS can also give information on community language translations. You can get more copies of this document by calling Kyle Drummond on 44 (0)131 529 4849 or emailing editor@investedinburgh.com