Newcastle must promote itself in the best possible way in order to resist negative effects from economic and political upheaval.
According to panellists at Invest Newcastle’s Creating an economically resilient city debate, the North East powerhouse should capitalise on its strengths in the science sector and not look to simply replicate other cities’ success.
“We have rich cultural and historical diversity across our UK regional cities and we shouldn’t be afraid to reflect that when talking about regeneration,” said Chris Cheap, regional senior director for GVA, who gave a view looking in from Manchester.
“The blueprint for success may be the same, but it needs to be tailored to the specific strengths and dynamics of an individual city. Newcastle should be the best version of itself that it can possibly be, rather than looking to imitate.”
Newcastle City Council was also praised at the session for intervening in the local property market by providing speculative development finance in specific instances in order to fill funding gaps and provide much needed high quality offices in the city.
“The evidence is there to suggest that Newcastle has ‘can-do’ local governance which is prepared to work with the private sector to deliver speculative development. Along with harnessing an indigenous mobile, skilled and diverse labour pool which is enhanced by graduate retention and engaging with the exciting and emerging new sectoral demand this is critical to future performance,” Cheap added.
Stephen Black, managing director of local wealth management firm Tier One Capital said developers needed to step up to the plate in providing top quality end product to be successful.
“The internationalisation of the global market in architecture, strategy and interior design continues apace and it is becoming a cultural hegemony to be a part of or fall by the wayside. MIPIM shows that developers either meet the standard demanded to compete against the best or relegate themselves, their developments and indeed their cities in the global eye.”
The panel
■ Tom Warburton, director of place, Newcastle City Council
■ Chris Cheap, regional senior director for Manchester, GVA
■ Stephen Black, managing director, Tier One Capital
■ Anthony Best, managing director, Lacuna Developments
