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OPPORTUNITIES IN RESURGENT WALSALL SHOWCASED AT MIPIM - 24 March 2009
Walsall Regeneration Company created a stir when it showcased its £400 million Walsall Gigaport scheme and other major transformational projects at international property show MIPIM.
The conversations and contacts made with potential investors, developers businesses and property professionals at the annual gathering in Cannes left WRC chief executive Dr Peter Cromar optimistic that the interest generated will pay dividends for the Black Country town.
He said: “Regeneration is being delivered in Walsall with a new hospital and college under construction, more schemes to start this year and planning permission granted for Gigaport, which is around 1.5 million sq ft of quality office space, business incubation units and hotel and leisure facilities. What sets this dynamic business quarter apart will be its access to a high speed, big bandwidth ‘future proof’ fibre optic communications platform that will support a wide range of high technology industries.
“We launched our Gigaport prospectus at MIPIM and the delegates I spoke to were very interested in what it will offer 21st century businesses. A number wanted to find out more and how they can get involved. I am already making arrangements for people to come and see me to build on those early conversations.”
MIPIM offers a round of networking and introductory opportunities. This year global market conditions had affected the overall mood but Dr Cromar found it the best he had been to in six years because there was less fringe activity and more serious players around.
In a hectic five days of spreading the Walsall story he attended around 30 meetings and was probably the busiest user of Advantage West Midlands’ rented apartment. He found its location opposite the main show venue the Palais des Festivals, and its facilities ideal for business meetings.
Dr Cromar said: “It was beneficial to make contacts with people outside the region and raise awareness of the ambitious programme we are delivering in Walsall. There was a lot of interest in what we are doing.
“It was clear too that the property world has changed. The mood was different and the presence from Eastern Europe, for example, was significantly less. The more enlightened attendees recognised that the old business model was broken and it might not be possible to fix it. The days of development being funded on rising land values and relatively cheap debt are over. While debt may still be cheap it is harder to get the funds.
“There is a need to develop different models that will work in future and there is a growing recognition that regeneration is a different proposition to development. Regeneration requires a multi dimensional approach and needs to take on board increasing issues of skills development while addressing the increasing problems of worklessness and homelessness at the same time.
“These issues can only be addressed in a partnership approach with public and private sector working together in new ways. More than ever the message is how we must find ways to do better things rather than just do things better.”
In addition to Gigaport, WRC is already facilitating more than £500 million of new investment in the physical regeneration of Walsall town centre.
A £65 million new Walsall College is due to open to students in September with a curriculum geared to skills and enterprise. The old premises will be demolished this year to enable the site to be redeveloped for a Tesco superstore.
Construction of the £174 million Manor Hospital PFI development is progressing well and work is expected to start on the Waterfront canalside homes, retail and leisure schemes in the next few months.
Pilot remediation work at the potentially nationally important Darlaston Strategic Development Area is scheduled to start in April.
Ends
Caption: Dr Peter Cromar, WRC chief executive, with the Gigaport prospectus outside the new Walsall College which is under construction.