Leaving this year’s Labour conference on an early train to London, I had a moment to reflect on the main takeaways of the event which, for the real estate sector, are encouraging.
The government’s hopes to secure the highest sustained GDP growth of all G7 countries, as well talk of much needed changes to fiscal rules and an Industrial Strategy, is a clear step change to where our previous leadership placed priority.
But despite the Government’s encouraging focus on development and housing delivery, a guarantee on where the capital to support these ambitious growth targets comes from is the big ask for October’s Autumn Budget.
This is the view echoed by the 300+ leading global investors and developers that came together this week for Opportunity London’s Investment Summit in London’s Guildhall. The appetite by the private sector to deliver generational growth in the capital through the next ‘mega projects’ is insatiable. Investors from around the world continue to express a desire to invest in London, because ‘London is London’.
Yet capital flows to deliver growth is only possible with the certainty of a development friendly approach in government that stretches beyond words.
With more than £10 billion of investible development opportunities, London’s development pipeline provides opportunities for good growth that can deliver the very best and necessary property development, infrastructure and energy.
From London’s first purpose-built film campus, to an 85-acre, waterside regeneration masterplan creating 10,000 homes and 6,000 jobs our investment prospectus demonstrates world leading urban advance.
New innovative growth sectors such as science and med-tech compliment London’s well-established markets, that characterise London’s relentless ability to reinvent itself and it is this quality that sees investors take an unfailing long-view on London
London is one of the best places in the world to invest and do business and has the potential to unlock billions through its future real-estate developments.
It seems we are on the cusp of a new era following a period of restrictive planning regulation which hindered growth. The new government’s pro-housebuilding policies are very encouraging and if delivered, will revitalise the development sector.
It will, however, take progressive leadership, working in a collaborative manner at all levels to ensure that more projects are brought forward to regenerate our city and create thousands of jobs.
As a sector, real estate must work hand in hand with government to support investment, growth, and partnerships with international investors. These are key to our future growth and to creating the jobs that support our communities as we continue to build a better, more prosperous London for everyone.
Jace Tyrrell is CEO of Opportunity London
