The Long and Short of It: Vision and Delivery in Urban Development
Reflecting on Avison Young’s "In Conversation with City Leaders" event at UKREiiF
During our recent visit to Leeds for UKREiiF, Avison Young had the pleasure of hosting a panel event "In Conversation with City Leaders," which spotlighted the transformative impact of devolution on investment strategies across UK towns and cities. Through a series of discussions, we brought together esteemed leaders from both the public and private sectors to deliberate on the strategic future of urban development and investment in the wake of evolving governmental structures.
The panel comprised some of the UK's most influential industry figures, such as Eamonn Boylan, Chief Executive of Manchester Combined Authority; Jessica Bowles, Director of Strategic Partnerships and Impact at Bruntwood; and Richard Parker, the newly elected Labour Mayor of the West Midlands. These speakers, among other experts from the real estate industry, offered up invaluable insights into the necessity for clear, actionable investment propositions that go way beyond financial returns, and aim to bring about genuinely tangible social and community benefits.
The conversations spotlighted the crucial importance of public-private partnerships and their role in enabling impactful urban development. A key talking point was centred around the clarity of vision required for projects, stressing the need for a unified approach among all stakeholders to ensure successful outcomes. Speakers shared examples of how strategic investments, such as improving local infrastructure, not only meet high-level financial goals but also create immediate, impactful benefits for communities.
Mayor Richard Parker spoke about this critical balance required to foster economic growth while ensuring real enhancements to community life - highlighting several long-term regeneration projects as encouraging examples of how investment can drive forward the government's Levelling Up agenda, improving the quality of life in underprivileged areas.
The second panel of the morning featured insights from Angela Barnicle, Chief Officer Asset Management and Regeneration of Leeds City Council, and Kathryn Pennington, Partner Investment Director at Vistry Group. Here, they discussed the dynamics of effective partnerships, especially those that have endured through various property cycles, emphasising resilience and the ability to continue delivering in challenging times. There was a strong emphasis on the importance of planning – not only for immediate gains – but for long-term regeneration strategies that can continue to be agile and evolving, poised to overcome the obstacles of ever-changing social and economic currents.
Kat Hanna, Co-Managing Director of Avison Young London noted that: "Successful development partnerships are often those that have weathered numerous challenges. It’s crucial, especially in uncertain times, to persist and innovate to ensure the continuous creation of valuable, sustainable urban spaces."
There was also a lot of discussion around the pressing need for investment strategies that address broader societal impacts. It is vital, Angela Barnicle argued, to articulate clearly the community benefits of investment projects, moving beyond the traditional focus on bricks and mortar. This approach not only fulfils financial objectives but also fosters a deeper connection with the community, enhancing the social fabric of the areas involved.
Our "In Conversation with City Leaders" event at UKREiiF was not just a reflective discussion, but very much forward-thinking, contemplating the broader implications for future urban development and investment. The panel talks provided a platform to delve deeper into the complex relationship between advancing economic goals and making genuine enhancements to community life. The key overall call to action was clear: the need for accountability and collaboration among all stakeholders to see past political rhetoric and work together to achieve tangible, impactful urban development - development that does not just reflect on a single event or quick wins - but encourages all stakeholders to think deeply about the long-term impact of their decisions on communities and cities across the UK.
