Transcript Const Excellence Event Oct 15

Reading’s future potential,
challenges and changes’
Cllr Tony Page
Deputy Leader, Reading Borough Council
and
Nigel Horton-Baker
Executive Director, Reading UK CIC
Reading UK CIC
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Economic Development company for Reading
Formerly the Town Centre management company
Economic Development Service outsourced by RBC in 2007
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Now a not for profit company limited by guarantee registered as a CIC
Turnover currently in excess of £1m per annum over last 2 years with 8 staff
Responsible for
• Leadership - business voice on issues affecting the economy
• Coordination – private sector and pubic sector working
• Delivery - direct services for business and the local authority
• Intelligence Gathering - economic trends and stats to underpin our work
and progress
Led by a private sector Board, Chair from Oracle Centre, including: Reading University,
M+G, Muse, Peter Brett, Oracle Corp, John Lewis, BS Mall, Hammerson, Trinity Mirror,
Global Radio, GWR, Oxford Properties, Jacobs, Barton Willmore, RBC
What we do
Direct Delivery
• Business Improvement District 2007-2019 - third term - Xmas lights and
events, extra policing , security on night time, street cleaning, communication
between businesses in BID, theatre, Eat Reading Live, Arts weekend, Heritage
Open Days,
• City Deal – for young people supporting 1000, 16-25’s in to work setting up
the Elevate Me web site and Elevate Hub at the library
• Place marketing for investment and business relocations – RUK Magazine,
Inward investment web site, RDG campaign, RDIR and now online Property
• Manage Employment Skills Plans (27 in pipeline)
• Management of events on Broad Street, Market Place and Town Hall Square
• CHOW, commercial hires, increasing number of events
• Accountable body for 2016 Year of Culture
• Reading UK 2050 Vision for the town. A city of rivers, a city of festivals and a
thriving business community underpinned by green technology and smart
working environments
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Awards: FT FDI top small town of the future 12/13 and top 10 European city of the
future 14/15 and TVPF Town of the Year 2015
Property Markets – current trends
Residential:
One of the best performing property markets outside
London (CrossRail has exacerbated this)
Average rental increase in Reading is 3.9% (1.2% in
South East)
Average price of properties sold in Reading, May 15
was £239,099
(Source: Land Registry)
Permitted development will bring 800+ new apartments
in the centre – and approx 800 new student spaces
Office:
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Grade A town centre office space now achieving
£34 per sq ft (Green Park £30+ per sq ft, IQ
Winnersh £25+)
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1.1 million sq ft Grade A under construction –
within 500m of the Station
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2.5m across Reading
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100 lease deals om properties in Reading in 12m
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800,000sqft - PepsiCo, Rio Tinto, Maybe, Bullitt,
SSE
Retail Town Centre
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Lower than average vacancy rates 7.6%
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Top 20 by turnover in UK many high street
names
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Successful BID
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Success due to mix of uses
Property Markets – Changes
Town Centres – impact of technology
– survival of the independents
- competition from new developments in Bracknell and Oxford
- more people living in the town centre
- demand for more than just shops, leisure, culture, night life
- Success due to the mix of uses
Business Relocation
- Global commercial footprints from overseas a thing of the past
- Foreign direct investment by small teams
- business relocation with in 60 miles overseas companies
- companies consolidating and growing in Reading
Changing workplaces
- 24 /7 operations, flexible workforces, more staff off the payroll
Commercial Property Investment
- location location location –Station Hill, Forbury 1.2.3, R+,
The future 2050 – Town of Rivers, Parks, Festivals and Green Technology
Challenges
Strong and fair economy – new economic strategy being prepared
• Top city region voted by most economic commentators
• High levels of investment in infrastructure and real estate (2.5m sqft)
• Rising number of in-commuters and visitors (20m per annum – 40m by 2030)
• Demand by relocating business – Local as well as global (10,000jobs projected)
Problems of success
• Poverty , homelessness, High national figures of young people NEET
• Demand for land and property exceeds supply - new trends in land use
• Congestion on the roads, sufficient public/ alternative transport
• Skill and labour shortages made worse by lack of affordable housing and community
facilities especially schools
• Competition and punching above our weight gets harder, cultural heritage deficit,
Needs of business visitor and pressures on retail town centre
External drivers
• Decisions on Heathrow, WRATH, Cross Rail, Electrification, Green Park Station,
Reading Gaol, European Union (City of London)
RUK CIC Priorities – call to action
Infrastructure Priority Outcome
Infrastructure Priority Project
Improve the public realm, Town Centre public realm improvements
signage and events
Broad Street, Riverside and all around the Broad Street Mall.
The Station forecourt, Station Hill and Thames Tower area
Business visitor
economy, the arts and
leisure
A regional convention , exhibition, performance venue
Leisure and Arts offer and opportunities for partnership
working, including Reading Gaol and Reading 2016
Infrastructure to support Affordable housing to meet employers workforce needs today
the workforce of Reading School buildings to meet employers workforce needs of
Relieve pressure on the
road network in Reading
tomorrow
Third River Thames Crossing
Mass Rapid Transit System from south of M4 to the Town
Centre
Lobby Government and TVB LEP where appropriate , Reading Gaol,
Heathrow, Green Park Station, devolved funding
RUK CIC Priorities – the future and
getting involved
Reading UK 2050 - towards a vision
Get in touch if you have idea about what you think Reading should
look like in the future in terms of its built environment being more
smart and sustainable
Readings Economic Forum 5th November 5pm Town Hall, PWC
Good Growth Report 2015 launched, business and real estate
investment success, infrastructure for economic success discussion
Reading Gaol petition to Minister for Justice
Green Park Station petition to Dept. of Transport
Thinks tank on innovative methods of funding affordable housing and
schools
Contact RUK CIC
Nigel Horton-Baker, Executive Director
Tel 07921493450
Email: [email protected]
RUK CIC Web site www.livingreading.co.uk
Reading UK 2050 - http://www.bartonwillmore.co.uk/reading2050/