COMMENT In 2024, to be “investor-ready” or “development-ready” means that cities must first take a long-term perspective, understanding their specific demographic nuances and the ambition to instigate socio-economic transformation.
The approaches of local authorities in the North may also align with the broader objectives of devolution and enhanced connectivity, creating a more fertile ground for investment.
At the heart of the North’s collaborative resurgence and ambition are projects such as the Strand in Bootle, Strangeways in Manchester, Talbot Gateway in Blackpool, Durham Innovation District at Aykley Heads and Forth Yards in Newcastle. These regeneration endeavours, often buoyed by “levelling up” initiatives and government funding, are testament to the critical role of establishing a clear vision and outcomes in market viability.
Public sector stakeholders, by spearheading such projects, are not just facilitating infrastructure development but are also setting the stage for private investment, displaying stewardship and fuelling the region’s ambition to become a powerhouse.
Navigating urban challenges
The UK’s northern cities, each unique in its growth trajectory, face a range of individual challenges on the path to becoming investor-ready – from managing urbanisation and demographic shifts to addressing climate change and infrastructure needs.
The need for critical urban infrastructure, efficient transport systems, reliable energy supplies, clean water and quality public realm and amenities are all paramount in creating sustainable cities that can attract impactful private investment and nurture economic growth. It is important that each city can put forward a defined case for its individual potential, and is able to understand and prioritise where vital investment and key improvements need to be made.
In the case of Forth Yards in Newcastle, public sector partners are leading on transforming this brownfield western waterfront site into a great place and key city gateway. By showing clear leadership and vision, and considering the viability and delivery challenges ahead, the public sector is taking important de-risking steps so that it can attract the private sector investment needed for this transformational mixed-use scheme.
The Strand in Bootle is another successful example of ambitious regeneration posed by the public sector. With Sefton Council laying the groundwork by initially purchasing the site in 2017, it is now set to become a transformed, multi-purpose centre, with enhanced public realm opening up the canalside, linking to existing transport infrastructure and creating a more community-focused town centre. Crucially, collaboration on this project began at an early stage, helping to establish a clear vision and defined outcomes, which has enabled the pace of progress on the Strand to be maintained. This has already led to more impactful outcomes that are aligned, considering the voice of the local community from the very start.
Both projects exemplify how public sector vision, leadership and planning fulfil a critical role in attracting private investment. The partnerships driving forward these schemes highlight the need to combine public ambition and leadership with private sector resources and capital to deliver investment that is transformational for places, the people who live there and the planet.
Creating investor confidence
For northern cities to thrive and secure investment, a clear vision underpinned by strategic objectives is also essential – one that is supported by robust governance and legal frameworks. Ultimately, investor confidence hinges on a city’s ability to present a coherent narrative around its growth, showcasing legal and regulatory frameworks that support investment. Cities must prove that they are ready not only to adapt to future needs but also to retrofit and upgrade existing infrastructure to meet today’s standards and tomorrow’s expectations.
The right leadership is crucial in selling the city’s vision to investors – as local authorities must prove they can showcase a commitment to sustainable development and competitive positioning in a globally connected market. This is something that we have seen modelled particularly well in the North, with the mayors of multiple regions collaborating to adopt a “stronger together” approach.
The journey towards creating investment-ready cities in the North is both challenging and rewarding. It requires a balanced approach that considers immediate infrastructural needs while planning for future demands. By leveraging public-private partnerships, embracing technology and fostering a culture of innovation, our northern cities are not just preparing for investment but are actively shaping their destiny for years to come, benefiting everyone in the city.
The truth is that there is no silver bullet when it comes to attracting investment into our northern towns and cities, but investors are rational and do respond when they see quality opportunities for both financial and ESG returns. The Strand and Forth Yards are great examples of what can be done to lay the foundations for future investment when vision, collaboration and strategic planning converge.
As northern towns and cities continue to navigate the viability challenge, their efforts spotlight a collective ambition: to transform the region into a thriving, sustainable destination that stands ready to welcome the future. The journey is ongoing, but the direction is clear – towards a prosperous, resilient and vibrant northern powerhouse.
Stephen Cowperthwaite is managing director of UK regions and Liverpool at Avison Young
