North East Devolution: a catalyst for change or a hindrance to regeneration?
During September, Richard Farr, head of our Newcastle office, attended a North East Property Roundtable, alongside a group of leading property practitioners and professionals from across the region.
Of particular interest was the discussion around the recent announcement that Newcastle, Northumberland and North Tyneside are on track to have a mayor by the end of the year.
The Roundtable also examined how the North East can best market itself to overseas investors, some of the regeneration projects being brought forward, and what might be in store following the UK’s withdrawal from the EU.
Richard’s key thoughts on the issues affecting the North East are collected below.
North East Devolution: “The mayor must focus on the delivery of timetables for projects. I started working on Sunderland’s strategic transport corridor back in 2006, and I only completed the public enquiry on Phase 3 last week! Projects do happen in time but the process is just far too slow. The mayor should be able to speed things up, not only on the role of funding but also in delivering the site and making it contractor-ready. This isn’t something that is peculiar to the North East, it’s a national problem. There are SMEs for which banks are withholding or reducing loan facilities because they are within the HS2 corridor.”
MIPIN and regional promotion: “We’re split into two camps: there is the confidence of the owner-occupier and the confidence of the providers of stock, and I think we can all agree that there is a lack of stock available in the region. If you haven’t got the stock, you won’t get the offers.
Read the views of the other participants key thoughts by reading the article here.