Investors should not be concerned about political uncertainty in Scotland, according to the panelists at Estates Gazette’s Glasgow Question Time last night.
The experts defied the majority sentiment of the audience, 67% of whom said in a live poll that investors were right to be wary.
The prospect of Scottish independence was not a major inhibitor to non-domestic investment into the city, the panelists said.
Bruce Patrick, director of UK investment at Savills, described the referendum as “old news” and an excuse for investors who hadn’t even set their sights on Glasgow in the first place.
“It needs to be treated as noise,” he said. “For every investor that is scared away by the discussion over the referendum and continuing Scottish support for the SNP, there are two or three waiting to get in. It is a fantastic country and global city and it is a great place to invest.”
Martin McKay of Clyde Gateway agreed, saying the issue of political uncertainty had “very rarely” come up in his conversations with investors and developers.
However, Dougie Peters, managing director of BAM Properties, warned a large chunk of investment into Glasgow came from south east England, where there was a sense of political risk attached to Scotland.
He added: “I think it is overstated in peoples’ minds. I think what is more important is the new powers coming into the Scottish government are used. If these powers are used well this perception will recede.”
Investors have to “play it as they see it”, but nations have to think beyond property to the wider issues, according to Shona Maciver, a brand consultant with Locofoco, who has advised private developers and housing associations.
“If Glasgow could have been brought into the room and made into one person, it would have voted yes. And in some ways, we have to go with that.”
Estates Gazette’s Glasgow Question Time was held at the Strathclyde University Centre for Innovation and Technology on 14 January, in partnership with Savills, CRS, Glasgow City Council, the Scottish Property Federation and UKPP.
Listen to the full debate below
Panelists
Richard Bellingham Director of the Institute for Future Cities
Bruce Patrick Director of UK invesment, Savills
Dougie Peters Managing director, BAM Properties
Shona Maciver Brand consultant, Locofoco
Martin McKay Executive director of regeneration, Clyde Gateway
Chaired by Damian Wild Editor, Estates Gazette
