August 2015 | Insight | 1 AUGUST 2015
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Foreign direct investment opportunities in the UK
Insight Welcome… to the first issue of Insight, in which we highlight the unique opportunities for investment across an impressive range of dynamic business sectors The UK is second only to the USA in attracting foreign direct investment: the majority of this has been focused on London, but there is a UK outside of London. In this, the first issue of Insight produced exclusively for al-Araby al-Jadeed, we've looked beyond the capital to learn about investment opportunities in the rest of the country and, more specifically, Scotland. We hear about Dundee, one of Scotland's seven cities, undergoing a £1bn transformation changing the former industrial city into a world-leading creative and arts centre that can claim to be the UK’s only UNESCO City of Design. We'll also discuss how Scotland's cities and its government are collaborating, under the banner of the Scottish Cities Alliance, to highlight the investment potential of cities. With all these possibilities, it will come as little surprise to learn that in a recent survey, EY said that Scotland punches above its weight in securing global FDI.
The proposed transformation of the Waterfront at Dundee
The prospects are dazzling With a proud industrial heritage, Scotland is facing the future with energy and innovation by Mike Cowley
inverness aberdeen
dundee perth stirling glasgow
edinburgh
in association with
scottishcitiesalliance Aberdeen • Dundee • Edinburgh • Glasgow • Inverness • Perth • Stirling
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cotland has always punched above its weight in terms of innovation. Think engineer John Logie Baird and television, pharmacologist Alexander Fleming and penicillin, economist Adam Smith – and then there’s Alexander Graham Bell and his impact on communications. With a population of just 5.2 million – 3.4 million less than London – Scotland is not resting on its historic laurels in terms of world impact either, having twice been voted “European Region of the Future” in the past four years by the Financial Times Foreign Direct Investment Magazine. That’s why blue-chip foreign companies such as IBM have been present for more than 50 years and more recently why Amazon chose Edinburgh to develop its e-commerce platforms Scotland had its third best year on record for foreign direct investment in 2014 in what is an increasingly uncertain world market, making it the second most attractive region in the UK after London. Innovation relies on research and Scotland delivers this through a world-class education sector, with its 19 universities creating an annual economic impact of £6.5bn. Scotland scored 5.8 out of 7 for university-industry collaboration in R &D – ahead of OECD countries such as the US, Germany and Japan The Americans continue to view Scotland, like London, as a gateway to Europe. US firms
accounted for 37 out of a total of 88 incoming investment projects last year, making it the most successful year in the past decade for FDI from North America. Scotland’s unrivalled engineering history, including R&D, design and manufacturing, makes it a magnet for high-technology companies. Today this is best reflected in areas such as shipbuilding and repairs, aircraft maintenance and space technology, which combined form an industry worth close to £6 billion. And Scotland is at the cutting edge of the defence industry, engineering massive aircraft carriers, as well as developing the latest in aeronautical defence technology. Meanwhile the Scottish space industry has true lift-off with international customers including the Chinese National Space Administration and RosCosmos of Russia, who are queuing up for innovations such as Space Wire – the language which allows different systems on spacecraft to communicate with each other – and space thermal batteries that function under extreme conditions. Back closer to terra firma in the North Sea, oil and gas – despite the recent drop in oil prices – is a traditional Scottish sector that has experienced a rollercoaster ride of late but still makes a strong case for FDI. Estimated to have the largest oil reserves in the EU, Scotland remains an important player on the global scene because of innovation, with 40 years’ worth of expertise to call upon. It not only supports 2,000 supply chain companies but exports to 100 countries worldwide. The city of Aberdeen is widely regarded as the ‘oil capital’ of Europe.
Scotland is also on the money in terms of life sciences, with 650 organisations making it one of the largest clusters in Europe. Again seen as a pioneer in terms of innovation, breakthroughs of note include the cloning of Dolly the sheep, the development of MRI scanners and the discovery of the P53 cancer suppressor. The nation’s unified health care provider, the NHS, provides coordinated access to clinical investigators and patients through a single point of contact for industry, accessible clinical research support infrastructures and streamlined and timely clinical trial approvals. All life science projects benefit from a range of funding mechanisms to support R&D that could help drive then to clinical trials. These include a £50 million venture capital fund, launched by Epidarex Capital venture with investment from major strategic partners including Eli Lilly, which is dedicated to investment in promising Scottish life sciences start-up companies. Investment incentives along with “favourable tax regimes” across the board for FDI in Scotland were the key factors in it being chosen for the second time as “European Region of the Future.” The judges were “impressed with Scotland as a whole” but singled out Scotland’s “large and very active investment promotion networks that have successfully targeted high value sectors.” It’s no wonder then that Mark Harvey, EY Partner, insists: “Scotland is continuing to punch above its weight in securing global FDI though the challenge now is to build on its achievements to date…”
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2 | Insight | August 2015
Vibrant new investments see cities raise game
© KKAA/Design Dundee Ltd
The world-renowned V&A Museum of Design will be opening in Dundee in 2018
by Clare Ross
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he Scottish Cities Alliance is the unique collaboration of Scotland’s seven cities and the Scottish Government working together to promote the country’s great economic potential. The Scottish Cities Alliance Investment Prospectus highlights opportunities from the cities’ £10bn investment plans and the Alliance aims to attract external investment, stimulate economic activity and create business growth. The vast breadth of opportunity available highlights Scotland’s seven cities – Aberdeen, Dundee, Edinburgh, Glasgow, Inverness, Perth and Stirling – as modern places in which to invest and do business. The Alliance’s ambitious plans range over the short, medium and long term to create the conditions to deliver expansion, by strategically focusing on infrastructure, low carbon and Smart Cities initiatives, aligned to City Investment Plans. By utilising the strengths of Scotland’s seven cities in partnership with the Scottish Government, the Alliance engages with investors around the world to attract investment to Scotland’s cities. Scotland's huge international ambition is achievable through successful cities taking the lead and developing opportunities together. This allows all of Scotland to compete globally for investment and trade opportunities in a much more assertive way, by utilising the collective natural assets and infrastructure. Working collaboratively, the Alliance promotes the work of the cities to international audiences, most recently at an investor breakfast in New York City, where Scotland’s First Minister, Nicola Sturgeon MSP was the guest of honour. The First Minister is very positive about the work of the Alliance and said: “The recent EY Attractiveness Survey, named Scotland as the most attractive place in the UK to invest outside London. "We are keen to build on that track record and we’ve got the people, the natural resources, the research base and the international reputation to achieve greater success in the future. Investment is a key priority and strong, successful cities are vitally important. “The Scottish Cities Alliance is a
Ambitious plans backed by £10 billion worth of propositions are seeing Scotland’s cities collaborate to attract investment from around the world unique collaboration of Scotland’s cities and the Scottish Government that aims to attract investment and jobs to our cities and surrounding regions. The current focus is on securing investments so that city regions can thrive and prosper as our economy grows. “In June 2015 the Deputy First Minister announced the first investment success from the Alliance’s £10 billion Investment Prospectus, the £30 million Mill Quarter project in Perth City Centre. This success clearly demonstrates the benefits of cities and Government working in partnership. “As a partner in the Alliance, the Scottish Government is working with our cities to promote Scotland’s unique investment opportunities nationally and internationally.” By working together, the Alliance partners are able to share knowledge and create projects which offer great investment potential across the business spectrum. The prospectus contains opportunities across all of Scotland’s cities. Here are just a few examples of the range of investment opportunities on offer. Dundee The City of Dundee is undergoing a £1 billion redevelopment of its stunning historical waterfront, which is unlocking major investment opportunities for businesses and entrepreneurs. The world renowned V&A Museum of Design will be opening in Dundee in 2018 and is at the heart of Dundee Waterfront, which is also the UK’s third largest regeneration project. A vast area of the city is being transformed with a new railway station, port and marina developments, housing, leisure and business propositions. A large
A vast area of Dundee is being transformed with new businesses
number of new businesses have been attracted to the city and local entrepreneurs are also investing in new enterprises. All the infrastructure works have been completed and the current phase is focusing on building and investment opportunities. There are a number of sites available for investment within the Central Waterfront. Site 10 is just one of these areas. Located in the Central Waterfront near to the new V&A Museum, developments will include commercial and office space on eight plots ranging in size from around 238 m2 (2561 ft2) to 616 m2 (5812 ft2). Meanwhile, the waterfront location of the 5,480 m2 (58,986 ft2) available for investment on site 12 is expected to include commer-
Scotland’s First Minister Nicola Sturgeon is very positive about the work of the Alliance
cial/office, leisure/cultural activities and specialist retail use. Dundee Waterfront is a strategic, focussed and forward-looking 30-year project (2001-2031) that is propelling the city to international acclaim. There is a range of flexible investment opportunities at the site which is already receiving worldwide media attention. Edinburgh Scotland’s capital Edinburgh continues to be an attractive destination for international investment. Edinburgh has the highest educated workforce of any UK city, which attracts high value jobs complemented by an award winning quality of life. The growth of Edinburgh’s knowl-
edge and tourism economy has led to a number of prime development opportunities across the city. This includes the development of the Edinburgh BioQuarter which is a key site for the UK’s life sciences sector, and the continuing international investment in hotel and leisure due to the city’s reputation as having one of the highest hotel occupancy rates in Europe (2014). Glasgow A £250 million project just north of Glasgow city centre is one of the key infrastructure projects within its £1billion City Deal. Sighthill is the largest of eight Transformational Regeneration Areas (TRAs) in Glasgow. The masterplan features 50 Ha of mixed use land which will include approximately 650 new homes, 500 student accommodation places, a new campus school, commercial and community facilities and new infrastructure. This major regeneration project offers significant investment opportunities across residential, student accommodation and commercial and community. Glasgow City Council is seeking a Joint Venture partner and is open to discussion with any interested parties, subject to public procurement regulations. Stirling Sitting in the heart of Scotland, Stirling is the ideal business location and its vast investment potential is highlighted in the Alliance’s online prospectus. The city has excellent road and rail links, is within 45 minutes of Glasgow and Edinburgh airports and has 55 per cent of the population of Scotland living within an hour’s drive. This proud city has great ambitions, as revealed by Stirling Council’s bold £200 million plan to reposition the city as an economic and cultural powerhouse. This state-of-the-art blueprint embraces the city’s heritage with plans for a new city parkland in the shadow of the historic Stirling Castle which will act as a new gateway to the city. This visionary master plan aims to capitalise on the high level of entrepreneurial activity in the city, with around 100 more businesses per 10,000 of the population than the Scottish average. Inverness Capital of the Scottish Highlands, Inverness has seen its life sciences sector flourish in recent years. Inverness Campus – a new multi-million pound
business and learning hub – aims to capitalise on its life sciences work with plots in the park ready for investment and a purpose-built life sciences building available for tenants. Six of the plots in Inverness Campus are designated as part of a life sciences enterprise area, meaning incentives are available for businesses in that sector. The campus is also a home for Scotland’s newest university and offers opportunities for collaboration with academic research. Tailored support packages are available for businesses of growth. Perth Located in central Scotland, Perth Food and Drink Park is ideally placed to thrive. Through the provision of serviced development land and business infrastructure as well as support facilities, the new park offers serviced development plots ranging in size from 1 acre (0.4 ha) to 3 acres (1.2 ha). Individual plots are available by way of a development licence, which converts to a long-term grassum lease on completion of the agreed development. The park is located strategically close to the A9 trunk road and is only a 45-minute drive from Edinburgh International Airport. Chair of the Scottish Cities Alliance, Councillor Andrew Burns, said: “The Alliance has a range of investor opportunities across the country’s seven cities, with more than 40 development opportunities across residential, hotel and leisure and office and industrial sectors, all of which are featured in the online Investment Prospectus. “Scotland offers huge potential to international investors and the Alliance has great ambitions for Scotland’s city economies which are high-quality locations in which to do business. “I am sure that, thanks to our ongoing collaboration and, in particular, to the Scottish Cities Alliance’s £10 billion Investment Prospectus, we can look forward to attracting major investments from across the globe.” The Scottish Cities Alliance recently launched its new Investment Prospectus. To view the prospectus, detailing the potential investment across the seven cities including the propositions above, visit scottishcities.org/prospectus To contact the Scottish Cities Alliance, tel +44 141 222 9737 or email info@scottishcities.org.uk
August 2015 | Insight | 3
The commercial property sector is well on the road to recovery, benefiting from the economy with demand now exceeding supply
Chris Eason
Building bricks of a firm future The school’s students develop leadership skills vital for effective managers in businesses around the world
by Charles Carroll
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s the UK economy continues to recover, investors are being attracted to the UK commercial property market. In order to gain exposure to this particular asset class, however, investors do not have to go out and buy their own buildings because there is a wide range of commercial property funds available which offer an attractive alternative. Valuations of UK commercial real estate were decimated during the financial crisis, which saw an average decline in value of some 44 per cent in an 18 month period ending in March 2009. Fast forward to 2015 and the commercial property sector is well on the road to recovery, benefiting not just from the general economic recovery but also from demand exceeding supply as very little new commercial property has been built in the intervening years. The asset class returned around 19 per cent in 2014, the highest annual return for 16 years, according to the Investment Property Databank (IPD). According to Paul Merchant, Equity Research Analyst at Quilter Cheviot Investment Management (pictured right), investors are allocating capital to commercial property funds once more because attractive yields are on offer at a time when there is a shortage of suitable property and the strengthening economy is beginning to see rental growth once more. Commercial property funds offer a cost-effective way of investing in commercial property together with the advantages of professional management and diversification.
Generic property pic
Paul Merchant (below) says cities in the Midlands and North of England are reporting strong performances
He says: “Funds invest in a portfolio of properties with geographical and sectoral spread, let to a wide range of commercial tenants. By investing in a commercial property fund, an individual gains access to a share of the portfolio’s rental income and any capital appreciation that can result from rental growth.” Merchant, who has more than 40 years’ experience in the fund management industry, is clear that a well-diversified portfolio reduces investment risk without significantly reducing investment return. He adds: “Some funds may specialise in a particular geographic area or focus on a particular sector, such as offices, or industrial, but most funds’ portfolios are spread across the spectrum (and all hold several assets). This means that if rental rates in London start to slow, for example, the fund manager can look to where the economy is at a different and
more advantageous point in the cycle.” One disadvantage of property funds can be liquidity. Because it can take time to sell a building, particularly if all are selling, an investor wishing to take money out of a fund may have to wait for their money. However, lessons have been learned from 2007 -2009 and many property funds deal on a daily basis and are easy to get in and out of. All that said, things are certainly looking positive for the UK commercial property sector in the immediate future. Merchant adds: “While it’s unlikely that 2014’s percentage returns will be bettered in 2015, continued economic growth coupled with a shortage of supply of property will sustain an ongoing recovery of the market. “Crucially, that recovery is no longer limited to London. Cities in the Midlands and North of England, such as Birmingham and Manchester, are
reporting strong performances, particularly from offices and modern distribution centres.” For those with the bank balances to support it, buying a commercial building outright is always an option, of course. In this case again, it is advisable to seek professional advice in order to secure the most appropriate asset. If that level of commitment is not for you but you still want to invest in the commercial property sector, speaking to an adviser about the various funds available is a very good place to start.
Crucially, the recovery is no longer just limited to London
Creating clever ways to transform our cities Smart Cities aims to create new efficiencies around the world and will share new, cutting edge knowledge to benefit the population
PERTH:
THE PLACE TO INVEST
1.98M PERTH’S POTENTIAL RETAIL CATCHMENT POPULATION
There has already been interest in the Smart City strategy and the work of the Scottish Cities Alliance from countries such as China
by Clare Ross
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hrough the Scottish Cities Alliance millions of pounds are being invested to make Scotland’s cities smarter, using new technologies to accelerate and transform the delivery of city services. Smart Cities around the world aim to create efficient infrastructure, aid urban planning and improve the well-being of the population using insights derived from sophisticated data analytics. The Alliance is leading this work in Scotland, developing a programme of projects across all seven cities to make them internationally competitive and boost their economic growth. It is anticipated that Smart Cities technology will help improve air quality and traffic flow, cut pollution and give planners insight into the way cities work, allowing them to better prepare for future
growth, which will in turn improve the quality of life for everyone who lives and works in each city and create opportunities for business innovation. It has been shown that cities which adopt a Smart City approach make services more effective and the cities themselves more attractive to investors. By working together Scotland’s cities are utilising economies of scale to learn individually and share that knowledge collectively, to be at the cutting edge of Smart City technology and the benefits that brings. Having already had interest from countries such as China and Italy in their work in this field, the Scottish Cities Alliance has an ambition to be a collaboration of world-leading cities in smart technology by 2020, supporting the delivery of the Scottish Government’s Digital Strategy, and Scotland’s cities are well on their way to achieving this target, using a range of
funding initiatives to build the data infrastructure required. With a Smart City strategy, cities can harnesses the potential to integrate data and information flows between different service providers. The smart city strategy is underpinned by concepts such as open data, citizen engagement, innovation and establishing new forms of collaboration across the public sector and with the private sector. There are huge benefits to be gained for Scotland’s cities in working together on this emerging agenda in creating scale for investors and identifying common, transferable approaches and solutions. By working together Scotland’s seven cities can position themselves to access investment, accelerate progress through learning and identify innovations. To learn more about the Alliance's Smart Cities work visit scottishcities.org/smartcities
Perth City enjoys the highest concentration of independent retailers among all seven Scottish cities and has a retail vacancy rate well below the national average. The city’s total core catchment expenditure was £631m in 2013, when more than 600,000 tourists visited the city. By 2030, the population is expected to grow by more than 10,000.
338,000
LIVE WITHIN A 30-MINUTE DRIVE TIME > INFO investinperth@pkc.gov.uk t. +44 (0)1738 475364
• Mill Quarter – £30m mixed use development announced in July • St John’s Shopping Centre – 30+ retail outlets in city centre • St Catherine’s Retail Park – recently refurbished units close to M90
4 | Insight | August 2015
Dundee's waterfront harbours serious ambitions – but the plans for renewal of the historic district are underpinned by serious business propositions and major investment by Mike Cowley
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£1 billion regeneration masterplan for Dundee will not only open up its historic waterfront but also significant investment opportunities over the next 30 years, including offering shovel ready prime sites with all infrastructure in place as part of the city’s deal for developers. Nor is Dundee looking for substantial sums up front but is willing to enter into a partnership whereby the council’s asset value in the land that it owns is realised much later in the project, the third largest in the UK. Dundee? Here is the Scottish city seaport – 15 miles north of St. Andrews – which straddles the River Tay and is likely to be in the vanguard for foreign direct investment in a region which is second only to London in terms of being on the financial radar for the UK. A vibrant, diverse city with a large Muslim community, it is already home to the independent Al Maktoum College of Further Education, established by the Deputy Ruler of Dubai to support multiculturalism, education and the study of Islam. With a rich trading history thanks to its links to the river – fishing, whaling, jute – in recent years Dundee has become arguably best known as the home of James Keiller, the first company to produce commercial marmalade, and publishers DC Thomson. That’s why it was often referred to as a city of “jute, jam and journalism” but, adapting to a changing world, it later spawned Grand Theft Auto and Lemmings from its creative sector, which had either had started with a “j”, might well have made it as well. It was an earlier major development project – the building of the Tay Road Bridge in 1966 as part of the access road network – which proved an unintended major setback for the city. That was because it cut the city centre off from the critically important and now very much in vogue waterfront. With the waterfront historically being seen as the gateway to the city, arrivals were left with the far from exhilarating view of an antiquated railway station, the past its sell by date Olympia swimming pool and the impoverished Tay Hotel. Dundee then had become a very stale version of the cake that also bears its name. It was left to the planners to see the potential in a city whose setting was succinctly described by University of Dundee Rector Stephen Fry as “ludicrously ideal”. Discussions began back in 2001 when Dundee City Council met with local residents and businesses in a series of consultation to ensure everyone was on board for the ground-breaking project’s masterplan for the waterfront. This was long before Dundee achieved the major coup of persuading the world famous Victoria and Albert Museum to locate a Scottish outpost there (see facing page) – a move that has proved to be the icing on the city’s development freshly baked Dundee cake. Along with the flagship international museum, there will now be a new railway station, a marina, and projects ranging from significant commercial and domestic development to a proposed beachfront (rumour has it that the plan is to turn it into an ice rink during the cool spring, autumn and winter months by covering the sand with a special plastic). In the past 12 months, five major demolition projects have left only the masts of Captain Scott’s RRS Discovery the sole remaining landmark in the area. The former council headquarters, once voted the least-loved building in the city, was the first to be levelled, because of its prominent position straddling the main east coast train line. Soon after, the city’s down at heel railway station was demolished to be eventually replaced by a £14m five-storey complex complete with shops and a hotel. Next to go was the elderly Hilton Hotel and Gala Casino, followed by the Olympia swimming pool after its £31.5m replacement was built. The overall masterplan is the brainchild of Mike Galloway, Director of City Development at Dundee City Council whose vision has been brought to life by a partnership between Scottish Enterprise and Dundee’s City Council an initial £73m of public investment by the Scottish Government through the Cities Growth Fund. Having previously cut his regener-
In the same boat, with high hopes for the voyage ation teeth on major projects such as Manchester City Centre and London Docklands, the Glaswegian came to Dundee 18 years ago seeing water as the magic ingredient in development potential. “That’s why we have a big open space in the middle of the plan” he explains. “It is not, as some people think, simply a generous gesture, but because it will provide river views from all our development sites.” The Dundee Waterfront project is split into five distinct development sites, each
The Malmaison, a luxury hotel, is evidence of the potential that has been spotted for development
targeting a different area of the economy and property sectors: ❚❚Central Waterfront (Residential, Office, and Leisure) ❚❚City Quay (Residential, Retail, Marina) ❚❚Seabraes (Digital Media and Creative Industries) ❚❚The Port (Renewables Manufacturing and Processing) ❚❚Riverside (Green Space and Leisure) “Serious discussions” have been reported with property firms about the
central waterfront, with hundreds of flats potentially in the offing, along with a mix of bars, cafes and shops to keep the area busy through the day and night. There are also plans for more housing towards the west end of the city and the Seabraes area, which is also home to the city’s burgeoning creative and life sciences sector. Dundee’s port plays a vital role in the masterplan, second only perhaps to the central waterfront itself. The area is already attracting investment, with a new oil rig repair
and maintenance facility recently announced, and it has been singled out by the Scottish Government’s National Renewables Investment Plan as a top location in Scotland for manufacturing and maintaining offshore wind turbines. Thanks to a new road, a shipment of giant wind turbine parts built in Scandinavia has already passed through the city’s port, bound for Aberdeenshire as the offshore turbines are so big they can’t be transported by road or rail in the UK. Meanwhile, several hotel chains have already spotted the potential market developing in the city and Malmaison opened a new luxury location in the former Tay Hotel building right across the road from the museum site earlier this year. As part of the bid to house offshore wind farm maintenance vessels, the city council is in negotiation with Forth Ports to take over the lock at City Quay. With the lock currently out of service, the only vessels inside the quay are the HM Frigate Unicorn, the world’s sixth oldest ship, now converted into a museum, and Scotland’s last lightship. Not only is the new lock being designed with the specifications of offshore service vessels in mind, planners hope to build a thriving marina in the waters of City Quay, offering a five minute walk to the new V&A Dundee. “We are halfway through the project, so now it is a question of dealing directly with investors and developers to see what mutually beneficial deals we can agree,” says Mike Galloway. Details of all development plots available can be found on dundeewaterfront.com
August 2015 | Insight | 5
City where the past is designed to be part of the future
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The Dundee Waterfront project is split into five distinct development sites, each targeting a different area of the economy
he £80 million V&A Museum of Design Dundee is viewed by many as the catalyst for the success of the ongoing regeneration project, bringing with it as it does, international recognition for the city based on the V&A’s global brand. As with all breakthroughs, this started with a conversation. This came in the form of a phone call from Dundee University inviting the director of the V&A to visit back in 2007. But why Dundee – when the world’s greatest museum of art and design could have selected any destination in the world? The answer obviously lies in the same reasons as to why Dundee was chosen as the UK’s first designated UNESCO City of Design several years after the V&A had made its decision. A designation that has previously been awarded to 12 cities, including Beijing, Berlin and Montreal, Dundee found itself added to the UNESCO grouping of “creative cities” alongside European cities Turin, Helsinki, Bilbao and Curitiba in Brazil. The title recognises the design innovations Dundee has contributed to the world, including aspirin, biomedical research which has led to hundreds of new cancer drugs, comics including the Beano and Dandy, orange marmalade, and video games including Lemmings and Grand Theft Auto. It is this history of design – and the importance of cultural involvement to any city that is reinventing itself – as Tate was for Liverpool – that helped clinch the deal for V&A Dundee, according to its Director Philip Long. “It is now recognised around the world that an investment in culture can pay great dividends,” he says. “That is proving to be true once again here in Dundee.” Designed by the renowned Japanese architect Kengo Kuma, V&A Dundee is expected to attract ‘steady-state’ visits
of 270,000 to 350,000 to the Scottish destination every year. Such is the likely influx of additional tourists that the need to house, entertain and cater for them will rise proportionately. Kengo Kuma’s vision for the museum was chosen in an international competition back in 2010. Now the V&A has committed to provide Dundee with its major, world-class touring exhibitions for an initial 25 years. It will have as its centrepiece the Philip Long, director of the V&A Museum of Design Dundee
Oak Room – the largest Charles Rennie Mackintosh interior for Miss Cranston’s Ingram Street Tearooms in Glasgow – which has not been seen for 50 years. Salvaged in advance of a hotel development in the 1970s and taken into Glasgow City Council’s museum collections, it is the first time all 600 surviving pieces of the interior will be reassembled and put on public display. The Oak Room will be displayed in a set of galleries with a particular focus on Scottish achievement. “V&A Dundee will celebrate the best of Scottish and international design creativity” says Long. “When we set about planning the Scottish Design Galleries it was vital Mackintosh, recognised around the world as one of the great and most influential of designers, was represented appropriately. It is extremely fitting that the public will be able to see such a major work by him at the heart of that story.”
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6 | Insight | August 2015
Soaring ambition has a unique touchdown
It takes on average just 10 minutes for VIPs and celebrities to clear the airport and be on their way to their destination
City's airport is an exceptional hub for easy access to the centre of Scotland – and for the rich and famous by Mike Cowley
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s VIPs will be only too well aware, the trouble with flying even on a private jet is the interminable amount of time it takes to embark and disembark because of the ever increasing volume of paper work and security needed to process passengers. Dundee Airport though is different. Its location – being effectively slap bang in the centre of Scotland – already means that it is the arrival and departure point of choice for high rollers heading for arguably the world’s best golf events (The Open at St Andrews being just one) with 62 jets arriving for this year’s event alone. Then there are the incoming hunting, shooting and fishing parties bound for the vast range of private estates within easy reach, which effectively make the airport an all year round destination for private aircraft. And that’s not even taking in the appeal of international rugby at Murrayfield into the equation. However, Dundee airport offers an added bonus for the world’s top golfers, VIPs and celebrities heading for The Open and other corporate competitions in the local area, (St Andrews is 25 minutes, Carnoustie 20 minutes and Gleneagles 35 minutes by road from the airport). It takes on average just 10 minutes to clear the airport and be on their way to their destination. That is because airport manager Derrick Lang and his team work with the relevant authorities to handle both immigration and customs duties which enables them to offer a personal service second to none.
FLY TO DUNDEE AIRPORT
Not that this means that this easy access facility is open to abuse as all relevant documentation for private aircraft has to be received 48 hours in advance so that all required checks can be made liaising directly with regional customs and UK Border Control in advance of touchdown. Yet the appeal of Dundee airport doesn’t begin and end with getting through it in the shortest possible time. The airport team offers a fully customised service – from the front of house meeters and greeters, to providing chauffeur driven limousines to pick up passengers, to servicing outgoing craft with inevitable luxuries such as the finest Beluga caviar.
Come the 1970s, the then operators Tayside Regional Council took the decision to move it some 500 metres to drier ground where an all-weather asphalt runway was laid, initially 900m in length, which then evolved to 1,100m and is now at 1,400m. The significant upgrading of the airport is believed to have been initially influenced by Willie Logan, the construction giant tasked with the major
The airport is appreciated by royalty and celebrities It is little wonder then that Dundee Airport is also appreciated by the world’s royalty – both foreign and British – heads of state, celebrities of all hues and a range of people with vast wealth who would normally end up being closeted in a VIP lounge for longer than they would like in larger airports. Not bad for an airport that started out literally as a grass strip adjacent to the River Tay railway bridge and known as Riverside Park back in the 1950s. It was its close proximity to the river that curtailed any possible expansion in those early days as it inevitably became waterlogged in the winter months.
Make your Scotland experience easy by flying into Dundee Airport: • Closest licensed airport to St Andrews, Carnoustie and Gleneagles golf courses • Gateway to the Angus Glens, Perthshire hills and River Tay • A fully customised and personal airport service
Contact: +44(0)1382 662200 or email InfoDundee@hial.co.uk
• Located just 2 minutes from Dundee city centre
Dundee Airport manager Derrick Lang regularly sees celebrities come through the airport
Tay bridge build who needed to fly in workers from across Scotland and further afield. This not only led to a modern airport facility being built but also to the founding of Loganair which still operates out of and maintains an operational base in Dundee. Dundee airport is also home to one of the world’s best on-site flight training schools run by Tayside Aviation and offering a range of qualifications ranging from a full private pilot’s licence (PPL) through to a Commercial Pilot’s Licence. (CPL) In 2007, Dundee Airport took off once again when Highland & Islands Airports Ltd (HIAL) assumed responsibility for running the operation. Though a public corporation, HIAL is effectively owned by the Scottish Government, with Dundee now part of the pan Scotland airport portfolio with also includes Inverness and such glamor-
ous sounding and far flung outposts as Barra, Benbecula, Campbeltown, Islay, Kirkwall, Stornoway, Sumburgh, Tiree, and Wick-John O’Groats. Dundee airport manager Derrick Lang joined HIAL in 1996 as a firefighter, moving through the ranks to become a regional manager in 2002 before being offered his current post. He also just happens to come from one of those Scottish places with a name that resonates round the world – the Mull of Kintyre. And though his day job now means he regularly sees celebrities in transit through the airport, he is far from star struck – and is a stickler for respecting passenger confidentiality though he does recall meeting the man who immortalised his home town through the song of the same name. “Paul McCartney, now there is a very nice man,” he says. Dundee Airport is appreciated by heads of state for its standards of personalised service
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Call Bewley Homes +44 (0)1344 626 959 or Edwards & Elliot +44 (0)1344 876 363 Email ascot@bewley.co.uk or visit www.bewley.co.uk Open Saturdays and Sundays 10am to 5pm
Elegance redefined GUARANTEED RENTAL INCOME OF 5% FOR FIRST YEAR Set in South Ascot, Byways with grandeur and its flawless style leaves you in no doubt. With an abundance of space to enjoy and boasting a picturesque landscaped garden; this is elegant family living redefined. Beautiful 6/7 bedroom home • 7700 sqft • Triple garage • Swift access to the M25 and M3 • Sunningdale and Wentworth Golf courses nearby • Close to Ascot Racecourse • Close to the International School FRIARY ROAD | ASCOT | BERKSHIRE | SL5 9HD Price: £3,950,000
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Photo courtesy of HIE
Doing Business
Inverness Campus
The population of Inverness increased by over 17% in ten years and as it grows it has developed all the key characteristics of a successful city:
With £100m already invested Inverness Campus is one of Scotland’s most innovative new projects. Developed by Highlands and Islands Enterprise and other key partners it is a very high quality environment for business, research and academia to rival the best in Europe. The 35 hectare first phase of the Campus opened in May 2015 and offers 17 fully serviced plots for investment and excellent opportunities for tenants. Part of the site has been designated a Life Sciences Enterprise Area by the Scottish Government, allowing a swifter planning process and greater incentives for companies wishing to locate their business here.
A connected city: Inverness airport receives flights from a variety of national and international destinations, while regular train services connect the city with the rest of the UK including London. Inverness also benefits from a £146m investment in Superfast Broadband access in the region which enhances the city’s ability to do business across the world. A visitors’ city: The city is a gateway to many of Scotland’s major tourism destinations including historic castles, championship golf courses, spectacular mountain scenery and legendary Loch Ness. High quality cultural venues, shops and restaurants complements a vibrant cultural scene that draws upon modern trends as well as ancient traditions. A knowledge city: Inverness encourages and supports the development of high performing research and educational institutions alongside high value sectors. The city also has a well educated and qualified labour pool that possess the skills relevant to business.
For further information please visit: www.enterprisinghighland.com
Contact Details Stuart Black Director of Development and Infrastructure, The Highland Council, Glenurquhart Road, Inverness, Scotland, United Kingdom IV3 5NX Phone: +44 (0)1463 702251 Email: Stuart.Black@highland.gov.uk Kenny MacInnes Principal Economy Officer, The Highland Council, Glenurquhart Road, Inverness, Scotland United Kingdom IV3 5NX Phone: +44 (0)1463 702553 Email: Kenny.MacInnes@highland.gov.uk
Inverness Airport Business Park Inverness Airport Business Park (IABP) is a planning approved and master planned commercial development of 250 hectares with 15 hectares of serviced land currently available for occupancy. We have designs for a technologically advanced 21st century sustainable business environment that will build on the established success of Inverness and the Highlands of Scotland.
Photo courtesy of Inverness Airport Business Park
An ambitious city: £625 million will be invested over five years to realise the vision of the Inverness City Investment Plan. This includes strengthening the commercial heart of the city, enhancing still further digital and physical connectivity as well as designing and promoting sites that are adaptable to diverse business requirements.
For further information on the Campus please visit: www.invernesscampus.co.uk
Phase 1 Development The access road and site utilities infrastructure are in place meaning Inverness Airport Business Park is very much Open-for-Business. Our Phase 1 development partner Roxhill, can provide bespoke property development solutions, including design and build packages to cater for the individual needs and requirements of potential occupiers. Hotel Development There are 3 hotel sites offering up to 15,800m2 with planning permission agreed in principle. Each plot extends to nearly a hectare and is suitable for development of a c100 bed hotel with adjacent land for expansion. Airside Development The airside infrastructure is largely in place and with immediate access to the Runway, Airport Support Services and Air Traffic Control. This represents an excellent development opportunity for any companies involved in the aviation and/or associated industries. For more information on Inverness Airport Business Park please visit: www.iabp.co.uk
Photo courtesy of HIE