Cardiff Question Time: More investment must be focused on infrastructure, according to Ken Poole, head of economic development at Cardiff council.
He said: “One of the issues we would like to see addressed is more investment into the city to improve the infrastructure and give Cardiff the scope to expand and grow more, therefore making a bigger contribution to economy of Wales and the UK.
“That is certainly one of the principles behind granting Cardiff the £1.3bn City Deal and hopefully that process will continue.
“Regarding marketing, what we need to do is focus all of our strengths and continue the strategy of targeting London and the most important source of investment, which is less than two hours down the road from us.
“We work very closely with the private sector to enable Cardiff to have necessary infrastructure put in place. We don’t have a lot of cash around at the moment but what we do have is a lot of land and buildings and we are prepared to be smarter with those to enable development.
“A classic example would be Central Square where, in a joint venture with Rightacres, we invest in the land and they invest the capital.”
Raising profile
There’s a dinosaur model at the National Museum of Cardiff that roars as you pass it. A lesson perhaps for the city when it comes to marketing itself. Speaking at EG’s Question Time, which was held at the museum, Llinos Griffin-Williams, head of content at Green Bay Media, said there was much more to be done to put the work being done in city on the global stage.
“We are terrible at it,” he said. “What we hope to do next year is really shout about what we are doing. If we don’t we are hindering ourselves. We have a 58% rise in employment in the creative sector alone. We are so close to London and business is done internationally. There is still that perception that Cardiff is the other end of the world – that needs to change.”
While hosting big sporting events like this year’s UEFA Champion’s League earlier this year helps raise the profile of the city for some investors, Ken Poole, head of economic development at Cardiff Council, suggested that Brexit will also be a key opportunity in repositioning Wales to attract new business.
Recently announced long-haul flights from Cardiff to the Middle East by Qatar Airways are a step in the right direction.
Ross Griffin, director and head of Cardiff commercial investment at Savills, said: “We are getting more investors from the region over the last few years. International investors want to see a return on their money. A lot of them are moving away from London; compared to other UK cities Cardiff is still good value.”
Caroline O’Flaherty, commercial property partner at Hugh James, added: “Wales exports £26m worth of goods to Qatar each year. That line could open up China, Australia and the rest of Asia.”
But she called for a more “joined up approach” from the private and public sectors.
“It would be nice to see a coherent approach in attracting businesses into Wales. It is difficult between local authorities and the Welsh Government; there are lots of different people involved. We need the Welsh Government to provide a lead; we can’t be overly dependent on them either though.”
Past efforts aren’t all to be dismissed, however. Mark Bowen, managing director at Andrew Scott, said he was a big fan of the economic investment agency, the WDA which become defunct in 2006, its function moving back to the Welsh Assembly.
He wasn’t alone in sharing that sentiment but perhaps for the sake of moving forward a fresh approach is necessary, learning lessons from the past and leaving certain fossils buried.
Student demand
One sector that seems to be booming in Cardiff is student accommodation – but is there a danger the city could become a student village?
Poole said a rising number of students was driving demand but a diverse range of uses was important: “We still need to provide good quality accommodation and sites for businesses and employment in the city centre. There has to be a balance of retaining good quality sites as well as providing growth for student accommodation.”
But Ross Griffin, director and head of Cardiff commercial investment at Savills, argued there could be a knock on benefit for commercial investors. He said: “The prime office market is shifting and you aren’t going to get occupiers to places like Newport Road anymore. If you didn’t have that student sector come in, those buildings wouldn’t be viable for anything else. Planning is also tricky as it can very expensive – a student scheme may not have as high costs.”
Janet Bell, commercial engagement director at Specific, Swansea University, added: “From a university perspective, anything that increases the quality and the calibre of students is a good thing. It goes back to attracting inward investment and bringing a lot of money in terms of fees and spending of money in areas. Students are now paying customers which means they will be picky in where they want to go and where they want to live.”
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