Cannes show brings £550m to Glasgow
GLASGOW has secured more than £550 million of investment since 2014 thanks to deals resulting from meetings at world’s largest property market.
The scale of investment is revealed as Glasgow City Council prepares to sends a delegation to MIPIM in Cannes in the south of France for the sixth consecutive year.
More than 24,000 participants from more than 100 countries will be represented at MIPIM 2018 next week.
Since Glasgow began exhibiting at the show in 2014, a number of major deals have been signed to bring investment to the city.
And while the council has faced criticism from unions for sending a delegation to the event on the French Riviera as the authority faces budget cuts, this has always been defended given the scale of inward investment on offer.
Previous visits to MIPIM and similar events such as MIPIM UK and Expo Real have directly led to more than £550 million of investment since 2014, said the council.
Annemarie O’donnell, chief executive of Glasgow City Council, said: “Glasgow continues to punch above its weight in terms of attracting jobs and investment to the city.
“In order to maintain and develop this position in the face of competition from other cities, we have to show developers and investors exactly why this is a great place to do business, and MIPIM is the ideal platform for us to do so.”
Recent examples of investment coming to the city as a result of attending MIPIM include multi-million pound sites at Central Quay, Custom House, Holland Park and Beith Street. Central Quay, on the north bank of the River Clyde in the city centre is earmarked for development into a mixed use office scheme. Part of the site includes one of the city’s first private rented housing developments after Platform_ acquired a two-acre site from Harbert Management Corporation and XLB Property.
Custom House is another waterfront site. It has been acquired by Artisan Real Estate Investors, which has lodged a preplanning application to develop the site into a £90m hotel. The development has faced opposition as its plans include the proposed demolition of a B-listed tenement on Clyde Street.
The Holland Park site at the former Strathclyde Police headquarters at Pitt Street is also expected to be converted to rented accommodation after Moda submitted plans for a 433 apartment development in January. The Beith Street site in the west end is being developed into student accommodation.
The council said nine of its staff are among the 12-strong delegation from Glasgow heading to the event.
Stuart Patrick, chief executive of Glasgow Chamber of Commerce, said it was important the city has a presence at the show: “It remains one of the best ways to present the case for attracting private property investment in housing, offices and hotels, and is the quickest way to get a fuller understanding of how competing The Mipim property and real estate show in Cannes has become a regular addition to council leaders’ diaries. cities are developing their economic infrastructure.”
This year’s delegation also includes Glasgow Chamber, and the Universities of Glasgow and Strathclyde, which will join the council for the international launch of the city’s two Innovation Districts, located in the west end and the city centre.
Renfrewshire Council representatives are also attending to showcase the Advanced Manufacturing Innovation District Scotland at Glasgow Airport.