MIPIM 2024
UK City Guide In partnership with
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Editorial
W
equity and inclusion (DEI) topic is of primary elcome to our UK cities and importance both for society and the future regions publication, a special of the real estate industry. We know that supplement highlighting openriching the country’s workforce and portunities for investing in the UK and the responding to social needs are extremely country’s extra-ordinary potential. important for UK stakeholders, and we also The UK has always been one of MIPIM’s are working to move the needle in the right most important markets, and in the direction with a raft of events at MIPIM on wake of the global pandemic, has this matter. witnessed a resurgence of interest in This year, for the first time, our MIPIM its real estate and infrastructure. As a Challengers initiative will help build global meeting place, MIPIM remains the the next generation of real estate premier forum for UK cities, regions and professionals, by inviting 16 young businesses to showcase their primacy people from the industry to take part in to the international markets. Just as we the full event programme at MIPIM. The provide the platform and opportunities 16 Challengers were selected on the to connect, so the UK brings a wealth of basis of a short essay question — ‘What dynamic business propositions, across its is the most crucial challenge confronting varied regions and communities, which global urban development, and how can will enrich MIPIM 2024. young professionals contribute to its We have seen some important visitors solution?’ to Cannes from the UK over the Over half of the Challengers selected years, sharing vital information with are from the UK, underlining the quality international investors and providing and breadth of the country’s real estate interesting insights into doing business Nicolas Kozubek, MIPIM director industry and its power to attract some of in the UK. Last year, Lord Dominic its brightest talents. MIPIM will complete the circle, by providing Johnson of Lainston, Minister of State in the Department for the UK with increased access to the rest of the world, creating Business and Trade, emphasised the importance of the country’s further connections in the real estate ecosystem and championing real estate market to the UK government. The Department for opportunities for international collaboration. Business and Trade will be at MIPIM again this year as the main partner of the UK Stage, the latest platform to showcase the country’s opportunities. While MIPIM has been hosting a London Inside: Stage for many years, this is the first time the whole country will be represented in such a high-profile way. We expect many more Interview with Lord Dominic Johnson................5 senior decision makers from the UK to be back at MIPIM in 2024. The topics that matter most for the UK market are some of the UK City Guide.........................................................................................................................................................................................7 themes that are affecting global real estate as a whole, which will be brought under the spotlight at MIPIM. Among these, the diversity, Programme.............................................................................................................................................................................................. 15
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Great Investors are building sustainable developments With a strong support system for innovation and creativity, the UK is a leading destination for investment.
To see things differently, choose the UK. Find out more at great.gov.uk
Interview
Lord Dominic Johnson CBE, Minister for Investment and Regulatory Reform, shares some insights into the UK’s brightest opportunities What kind of opportunities can the UK offer international real estate investors? Lord Dominic Johnson (DJ): Brimming with investment opportunities, the UK has exactly what real estate investors are looking for. With a mature, high-spending consumer market and an open, liberal economy, with world-class talent and a business-friendly regulatory environment, there has been no better time to invest here in the UK. The UK real estate market continues to be robust, with performance particularly strong in the industrial and logistics market, the residential and student sectors, plus London and regional offices. We are seeing interesting opportunities across commercial property, particularly in industrial, science and technology. Investors can also get involved in build to rent (BTR) and we want to institutionalise it. In the US, BTR represents about 15% of the market whereas in the UK, it is 0.5% of the market. So, I am encouraging investors to make a proposition which in turn will create more flexibility in the housing market and help attract billions in further investment in the UK. Can you tell us a little about the rich diversity of the UK regions? DJ: The North of England is favoured for its connectivity with four international airports, and it’s one of the most cost-competitive locations in the UK. With a high quality of life, it attracts people to live, work and study there. Just a few of the reasons why investors such as Siemens, Orsted, and Boeing are choosing to locate and invest in net-zero developments. International investors also have a fantastic opportunity to get involved in the 21 large capital projects worth £10.6bn.
UK Minister for Investment and Regulatory Reform Lord Dominic Johnson of Lainston CBE The Midlands region is one of the UKs leading destinations for real estate investment. It has a growing offer across the private rental sector which is one of the strongest clusters for investment outside of London. In fact, 600,000 homes are needed in the next 15 years. The region is home to global firms such as Goldman Sachs, Rolls Royce and HSBC. The South of England is the most affluent region of the UK, where there is a near continuous demand for all types of property which leads to high rents and capital appreciation. With a highly competitive property market, it attracts investors from around the world looking to place their capital in the region’s real estate. What are the UK’s net-zero ambitions, and how can investors get involved in the development of green infrastructure? DJ: The UK is committed to reaching net zero across the UK by 2050 presenting a huge opportunity for the development of green infrastructure. Private investment will be crucial. We estimate that additional capital investment will need to grow to £50-60bn per year through the late 2020s and 2030s. What makes MIPIM an interesting platform for the UK? DJ: It’s my job, ultimately, to be the chief salesperson for the UK and to get as much investment into the UK as I possibly can. Real estate is hugely important for UK inward investment, supporting thousands of jobs in our construction and property services industries as well as their huge supply chains. I am looking forward to connecting with investors and exploring the exciting opportunities the UK has to offer them. I’m determined to let the world know that the UK is open for business and I’m grateful to our CEOs and major investors for their amazing work in helping the UK grow its real estate sector. MIPIM is really set to be a fabulous event.
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A special thank you to all the UK Cities, Regions and Boroughs for attending and supporting MIPIM 2024 Exhibiting: Belfast, Cardiff, Liverpool, London, Manchester, Newcastle, Central South
Attending: London Councils Barking & Dagenham, Greenwich, Hounslow, Islington, Kensington & Chelsea, Sutton, Waltham Forest
London BIDS Aldgate Connect BID, Central District Alliance BID, Cheapside Business Alliance BID, Culture Mile BID, EC BID, Fleet Street BID, Harley Street BID, London HQ
Other UK Regions Blaenau Gwent, Derby, Ebbsfleet, Leicester, Lincolnshire, Merthyr Tydfil, Newport, Portsmouth, Salford, South Gloucestershire, Southampton, Western Gateway, Wigan, Wirral, Wychavon, Torfaen
*correct at time of print
MIPIM 2024
UK City Guide Belfast............................................................................................................................................................................................8 Cardiff.............................................................................................................................................................................................9 Liverpool............................................................................................................................................................................10 London....................................................................................................................................................................................11 Manchester................................................................................................................................................................12 Newcastle......................................................................................................................................................................13 Central South UK.....................................................................................................................................14
Marie Miller
STAND
millermarie@belfastcity.gov.uk
C19.D
investinbelfast.com
Belfast I
t’s an exciting time for the Belfast region. Home to Northern Ireland’s capital city — Belfast — and a well-connected, compact network of vibrant towns and cities. Located between Europe and the rest of the UK, we’re perfectly positioned to grow significantly as a trading hub and global centre of innovation. As the powerhouse of Northern Ireland’s economy, we’re home to a thriving ecosystem of global brands, worldclass researchers and startups. Our two outstanding universities, network of further education colleges and skills academies ensure the highly educated, adaptable talent pipeline needed to meet industry’s demands. A £1bn Belfast Region City Deal is creating world-class visitor attractions, regenerating our towns and cities and enhancing regional
Opportunities at a glance
City data
n £5.5bn worth of investment
Number of inhabitants
and development opportunities available over the next decade
connectivity and infrastructure. We’re also investing in our digital innovation capability through regional innovation hubs and testbeds. Public and private sector partners are working collaboratively to create places and spaces where people want to live, study, work, visit and invest. With an enviable track record of attracting global investors, significant growth ambitions and a £5.5bn investment and development pipeline available over the next decade, we invite you to join us as we build a greener, more inclusive region, together.
“
Belfast –
Why invest ? Retail Average achieved rent
£1,291.67 per sq m
348,005
(CBRE NI, 2023)
Belfast region -
Average yield
1,130,125 Employment rate
71.5% GDP
£33,012 M (ONS, UK Regional GDP: all ITL regions 2021)
8.0%
(CBRE NI, 2023)
Offices Average achieved rent
£269.10 per sq m
(CBRE NI, 2023)
Average yield
7%
(CBRE NI, 2023)
Housing Average achieved rent
It’s an exciting time for the Belfast region. We’ve seen significant £930 p/m – all properties (PropertyPal, Q3 – 2023) development over the past decade — and there’s so much more to come. Our strategic location between Europe and the rest of the UK means we’re perfectly positioned to become a global trading hub and centre of innovation. Join us as we build a greener, more inclusive region, together. John Walsh, Chief Executive, Belfast City Council 8 | MIPIM 2024 | UK City Guide
”
Victoria Beesley
STAND
vikki.beesley@cardiff.gov.uk
R9.K
ccrmipim.wales
Cardiff C
ardiff Capital Region has proven that it can deliver world-class projects such as the 1.5 millionfoot 2 Central Square development, the largest successful regeneration project in Wales. This is just a small part of our development agenda, which includes a £10bn+ pipeline of investible regeneration projects, ranging from a green energy park to world-class leisure-led developments and a whole new city quarter. The South Wales Metro, which will be operational this year, will provide the backbone for the growth of the region, providing a large-scale sustainable urban transport system serving 100 stations and providing over 170 km of electrified track. This will connect communities and business across
Opportunities at a glance n Aberthaw Energy Plant £500m
plus GDV
n Atlantic Wharf £1bn GDV n Bridgend town centre £150m n Caerphilly hotel and leisure
quarter £45m
n Blaenau Gwent the
Works  £150m
n Northern Gateway, Newport
£100m
“
The Cardiff Capital Region is creating the most investible, green and inclusive region in the UK with opportunities including Aberthaw Energy Park, a new cultural destination at Atlantic Wharf and a range of new developments linked with our South Wales Metro programme.
”
Cllr Huw Thomas, Cardiff Council and Vice Chair of the Cardiff Capital Region
Why invest ? Retail Average achieved rent
£16.75 per sq m
(£180 per sq ft)
Average yield
7% Offices Average achieved rent
the entire region with a fast, regular and reliable turn-up-and-go service. We have some major sustainable development opportunities too — the redevelopment of iconic former coal power station Aberthaw is a 500acre site and one of the largest green development sites in Wales with the potential for thousands of new jobs in green energy and innovation and to become home for a zero-carbon manufacturing cluster. In the heart of Cardiff Bay the £1bn Atlantic Wharf Regeneration is a 30-acre mixed-use development that includes a 15,000-capacity indoor arena, commercial, food and beverage, residential, hotel and cultural spaces.
City data Number of inhabitants
1,541,000 Employment rate
95.1% GVA
£35.3bn
£2.79
per sq m (£30 per sq ft)
Average yield
6.75% Housing Average House Price
£267,600 (Detached House average £527,500)
Planning Allocations in space
100,000 homes 75,000 jobs
for circa and
n Pontypridd Town centre £100m
MIPIM 2024 | UK City Guide | 9
Joanne Dwyer
STAND
joanne.dwyer@growthplatform.org
C19.A
investliverpoolcityregion.com
Liverpool City Region A
global gateway, a place for pioneers and a cultural and sporting powerhouse. It’s a region built on international trade, driven by innovation, and primed for investment. With more than £500m funding, the Life Science Investment Zone offers opportunities through the creation of high-quality facilities, attractive financial incentives, business support and training. The zone builds on world-leading infection innovation, excellence in therapeutics and digital health, bio-manufacturing clusters, and is underpinned by a fertile innovation ecosystem. Advanced manufacturing, digital and creative clusters complement global excellence in materials chemistry and AI solutions plus strengths in
Opportunities at a glance n £160m Investment Zone n Innovation District
opportunities
n Town-centre schemes n Major residential schemes n Development opportunities on
Liverpool’s iconic waterfront
n Multi-billion-pound Tidal
Barrage scheme
n World-class film, television,
education and creative hub
10 | MIPIM 2024 | UK City Guide
net-zero and maritime. Freeport status offers investors additional customs, tax and regulatory benefits, and broader investment opportunities are catalysed through urban, brownfield and dockland regeneration, largescale residential schemes and major infrastructure projects. IBM, Unilever, the Gates Foundation and many more are already recognising the city region’s potential. With new tailored facilities, low costs and wide-ranging financial incentives, the city region is geared to welcome investors and businesses of all sizes to one of the most famous, dynamic, inclusive, connected and forward-thinking places in the world.
City data Number of inhabitants
Why invest ? Retail
1,600,000
Average achieved rent
Employment rate
Average yield
£20.00 per sq m
72.90%
8.50%
GDP
Offices
£34bn
Average achieved rent
£17.00 per sq m Average yield
10%
“
With world-leading strengths in life sciences, AI and infection control, our area is on its way to cementing our status as an innovation powerhouse. We’re delivering the infrastructure to ensure that our people and businesses continue to flourish, there’s never been a more exciting time to invest in the Liverpool City Region.
”
Steve Rotheram, Mayor of the Liverpool City Region
Planning Space under construction
904,163 sq ft Projected completion in 2024-2029
4.93 m sq ft
Yasmin Malik
STAND
yasmin.malik@opportunity.london
C14
opportunity.london
Why invest ? Retail Average achieved rent
£2,200
per sq m (prime, Zone A – Bond Street)
London
Average yield
L
Average achieved rent
ondon remains the most attractive city in the world to invest because of its people, diversity and dynamism. Inward investment has transformed the city over the last two decades, from the new Elizabeth Line; Old Oak to the Olympic Park; King’s Cross to the City Cluster; Canary Wharf to Wembley Park; Battersea Power Station to Barking Riverside. London’s established industries, including financial and professional services along with growth sectors in technology and science, make London a global leader for talent and innovation, home to some of highest ranked universities globally. These fundamentals, together with high levels of liquidity, continuously make London one of the most sought-after destinations for global capital, with the city receiving more than £20bn in crossborder investment in 2022. With London on the verge of becoming Europe’s only trillion-dollar economy, the city brings purposeful and long-
“
3%
(prime, Bond Street)
Offices
Opportunities at a glance
City data
Unlocking £100bn in investment opportunities in London’s emerging asset classes:
Number of inhabitants
n Low Carbon (retrofit,
workplace, transport, energy supply)
£1,507
per sq m (prime, West End)
Average yield
8.8 million
— estimated to be higher (Source: GLA, State of London)
n Logistics and light industrial n Life sciences and new economy
Employment rate
n Housing (student, co and later
74.2%
living, BTR, affordable)
n Leisure and culture
term sustainable returns and is an investors gateway into the UK. Opportunity London is setting out to guide global capital in a unique partnership, bringing civic and business leaders together to showcase a pipeline of global investment opportunities contributing towards a low carbon, equitable and liveable city.
”
Housing Average achieved rent
£624 per sq m
(prime, Central London)
(Source: GLA Economics)
Average yield
GDP
4.3%
(Gross – prime, Central London)
£527m
Planning
(Source: ONS)
Space under construction
34.7million sq m across Greater London, including 328,000 sq m of residential and 1,607,794 sq m of office space in Central London only
Everywhere you look, London is busy, with the buzz of city crowds supported by data showing that activity has exceeded pre-COVID levels on weekday evenings and on the weekends. Just as importantly, the stats also show that retail spending has recovered which is excellent news for businesses. Chris Hayward, Policy Chairman of the City of London Corporation
4% (prime, West End)
Projected completion in 2024-2029
6,026,755 sq m of office space (Central London) plus 1 million sq m in the pipeline for private sale residential across Central London and 260,000 new homes Londonwide
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Nikki Brown
STAND
nikki.brown@marketingmanchester.com
C15.B
invest.marketingmanchester.com
Manchester G
reater Manchester is an ambitious city region, with a bold vision for development. Manchester has a legacy of being innovative and world-leading, and over the last decade, it has seen unprecedented growth that sets it apart from other European cities. Now, all eyes are on the Northern Powerhouse as it plans to accelerate this trajectory over the next 10 years with a vibrant, diverse offer for international investors. Across Manchester city centre new neighbourhoods are emerging, each with distinct characteristics and priorities that cater to the rapidly growing city-centre population. With the UK’s biggest investment in the arts since the turn of the millennium at Aviva Studios, the English National Opera announcing its relocation to the city, and Chanel showcasing a collection in
Opportunities at a glance n Atom Valley n First Street n Holt Town n ID Manchester n Manchester Airport/
Wythenshawe Town Centre
n Salford Innovation Zone n Trafford Low Carbon Energy
Park
12 | MIPIM 2024 | UK City Guide
“
Manchester’s record speaks for itself. Our transformation from our post-industrial heritage to one of the fastest growing cities, and consistently voted one of the best places to live, to work and to do business. Our potential for further growth is currently unmatched. Over the next 10 years, we hope to build on our recent success and create a truly vibrant destination for people to live, work, invest and thrive. We’re keen to talk to developers and investors who can forge longterm partnerships with us and support us to deliver worldclass homes, jobs and opportunities for our people.
”
Cllr Bev Craig, Leader of Manchester City Council its streets; Manchester is trading hard on its reputation as a global hub of creativity. It’s also gaining recognition as a leader in its frontier key sectors, a top destination for FDI and one the UK’s fastest growing tech hubs. All of this is drawing in world-leading businesses and establishing strong international collaborations to drive an innovationdriven future. Within Greater Manchester, our towns and cities are undergoing transformational change, working with private-sector partners to create desirable places to live and fuel growth. A unified, strategic framework is paving the way for development in the next 15 years including building 175,000 homes, improving infrastructure and accelerating employment opportunities.
Why invest ? City data
Offices
Number of inhabitants
Average achieved rent
2,911,700 (macrotrends.net)
£40 per sq ft Average yield
Employment rate
6%
72.4%
Housing
(ons.gov.uk)
GDP
£87bn
(democracy.manchester. gov.uk)
Average achieved rent
£1,295 Average yield
7.93%
pcm
Richard Dawson
STAND
richard.dawson@ngi.org.uk
C19.C
investnewcastle.com
Newcastle N
ewcastle, the commercial heart of North East England, is on the cusp of significant development following a successful 2023. A bold programme of regeneration projects sets the stage for 2024 to be a year of urban renewal. Newcastle’s ongoing transformation is being led by an ambitious city council, two worldclass universities, and a diverse ecosystem of private-sector partners that are committed to investing for the long term. Newcastle University is bringing forward its Health Innovation Neighbourhood, which combines inter-generational living with commercial and research facilities, and Northumbria University is developing new innovation assets that will raise
Opportunities at a glance n Forth Yards — £725m GVA n Grainger Town — £50m
city-centre transformation programme
n Health Innovation
Neighbourhood — £500m GVA
n Gateshead Quays — £2bn GVA n Stephenson Quarter — £125m
GVA
aspirations for local residents and reshape the city campus. Supporting these initiatives is Newcastle City Council, which is committed to building a more inclusive urban economy for residents. The council is working with partners to imagine a new future for the city’s retail core, with extensive investment going into the high street and Eldon Square shopping centre. 2024 will also see the unlocking of a £4.2bn trailblazer devolution deal for North East England, including a new industrial strategy with the potential to transform the regional economic landscape. Newcastle’s journey is anchored in collaboration, innovation, and a commitment to shaping a brighter future.
City data Number of inhabitants
Why invest ? Retail
300,000
Average achieved rent
Employment rate
Average yield
£160 per sq ft
68.2%
7%
GDP
Offices
£9.9bn
Average achieved rent
£32 per sq ft Average yield
7.25%
“
Our vision for the future of Newcastle is a city transformed by investment in people and places and a city that leads the world in knowledge-based industries. Working with our partners, we look forward to ushering in a new era of inclusive economic growth.
”
Cllr Nick Kemp, Leader of the Council, Newcastle City Council
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Kate Pearce
STAND
kate@businesssouth.org
R7.C11
talkingcentralsouth.co.uk
Central South UK
A
s the gateway to the world’s fifth largest economy, the Central South is strategically placed when it comes to offering the perfect location to establish a business and invest for the future. With three large waterfront communities, two National Parks and historic England’s first capital (Winchester — a city that is often dubbed one of the most desirable places to live in the UK), the Central South UK has an abundance of positives to offer, along with excellent transport links to London and the rest of the UK. When it comes to offering the very best lifestyle opportunities, we quite simply have it all. From stunning coastal settings, to ancient woodlands and an A-to-Z of heritage sites that many regions would covet. Our universities are centres of innovation and world-class research producing the talent that will help our region to prosper. And the Solent Freeport
“
provides us with the opportunity for the region to build on its existing strengths with further job creation and investment opportunities, unlocking billions of pounds’ worth of investment, creating tens of thousands of new jobs and levelling up the coastal communities. We want the world to know about the opportunities for good, sustainable growth that exist in the Central South and we hope you will take the time to have a closer look at what we have to offer.
City data Number of inhabitants
2,700,000 Employment rate Central South has a higher proportion of economically active people compared to England and Wales GDP When it comes to Gross Value Added (GVA), the Central South accounts for 3.9% of output in England and Wales
Opportunities at a glance n Portsmouth’s multi-billion-pound regeneration programme n Southampton — 3 major development schemes covering 22 acres of the city centre n Solent Freeport n World-leading universities n Major development and investment opportunities
Having come to MIPIM I have been persuaded by the importance of the stand-alone proposition of cities and regions such as the partnership represented by the Central South. Lord Dominic Johnson, Minister for Investment
14 | MIPIM 2024 | UK City Guide
”
Programme the London stand & the UK Stage at MIPIM 2024
Programme
The London Stand Stand C14, Palais des Festivals Welcome to ‘The World in One City’. Showcasing London’s investment opportunities and the people behind them. Join us at The London Stand on the Croisette C14 to learn from some of the brightest minds in our industry. We’ll be diving into London’s growth sectors, discussing decarbonisation, and celebrating diversity. You are also invited to attend our drinks reception, view the impressive London architectural model at the stand, and enjoy complimentary beverages.
Tuesday 12 March 10.00 - 10.45 Build-to-Rent and Coliving in the Capital 11.00 - 11.45 Sustainable Transport: Countdown to 2040 12.00 - 12.45 Places that people want to work 14.00 - 14.45 Innovation in the Property Sector
Wednesday 13 March 10.00 - 10.45 The Impact of Major Sporting and Cultural Events 11.00 - 11.45 City Centres - Do or Die 12.00 - 12.20 Keynote: What is the money doing? 15.00 - 15.45 50C Cities Sponsored by Egis 16.00 - 16.45 Where are London’s life sciences hubs?
Thursday 14 March 10.00 - 10.45 Businesses Who Need London 11.00 - 11.45 Inclusive Placemaking 14.00 - 14.45 Opportunities in Outer London 15.00 - 15.45 Greening Urban Design
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The UK Stage Verrière Grand Audi, Palais des Festivals The UK Stage – a dedicated one day event taking place for the first time at MIPIM this year – will explore the latest trends, opportunities and challenges for this dynamic marketplace. With extensive networking and diverse interactive formats – including keynotes, on-stage interviews, panel discussions, closed door events and drinks receptions – this must attend event will cover the key topics of investment strategies, the levelling up agenda, creating the right policy environment, building the innovation economy, decarbonisation, transformational infrastructure, and making UK housing more affordable. Wednesday 13 March 08.30 - 09.15 Welcome breakfast By invitation only
09.15 - 10.00 The new competition for raising finance – How will UK cities succeed? By invitation only
10.15 - 10.35 Official UK stage opening and keynote address 10.50 - 11.30 Driving investment into the UK property market: Creating the right policy environment 11.45 - 12.25 UK Investment Zones - Building the innovation economy 14.00 - 15.40 UKCAP city investor panel discussion and reception - A collective approach to attract large scale investment partnerships By invitation only
15.55 - 16.35 Transformational infrastructure to help realise UK cities of tomorrow 16.50 - 17.30 Making UK housing more affordable 17.30 - 19.30 Closing drinks reception *correct at time of print
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Building our Future
The BPF General Election Manifesto The BPF is the voice of the UK real estate industry. Our ambition is to work in partnership with national and local government, and with local communities, to create places we can all be proud of. Our recently launched general election manifesto ‘Building our Future’ invites the next Government to work with us to: • Build for productivity and growth • Build more homes • Build stronger town centres • Build the green economy
Find out more
Visit www.bpf.org.uk for more information or contact us at regions@bpf.org.uk
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Great Investors are building sustainable developments With a strong support system for innovation and creativity, the UK is a leading destination for investment.
To see things differently, choose the UK. Find out more at great.gov.uk