EUROPE'S major property expo took place in the south of France last month. MIPIM - which stands for Marché International des Professionnels d'Immobilier - saw 20,000 people converge on Cannes for four days of discussions, keynotes, panels and presentations focusing on property investment, trends and development.
MIPIM brings together the most influential players from property across the world in sectors including office, residential, retail, healthcare, sport, logistics and industrial. And it was great to see that Belfast was represented at the event through a delegation and exhibition by Belfast City Council and local developers.
Belfast has a positive message to tell to international investors. It is a message that we at RICS will be taking to the US in June, when we hold events involving presentations by Northern Ireland property professionals at the New York City Bar Association's landmark building in the heart of Manhattan and at Fordham University.
These follow the event that we organised in Parliament Square, London last year to promote Northern Ireland as a destination for investment.
But whilst Belfast and Northern Ireland have a positive story to tell, there are things that we need to do to back up this message and further improve the offering that we are putting to potential investors from overseas.
For one, we need to seriously invest in our infrastructure. This was one of the key areas of discussion at the built environment debate that we jointly held with ICE, RSUA, RTPI and ACE last week.
The view is that a lack of investment in Northern Ireland’s infrastructure has the potential to undermine the benefits of a lower rate of corporation tax.
Infrastructure investment, as well as housing supply, is a crucial area for the Northern Ireland economy. Without adequate, affordable housing and modern, functioning infrastructure, the ability to attract inward investment will certainly be hampered.
Northern Ireland’s infrastructure is aging and in need of upgrading. To enable the necessary investment to happen, we are calling for, amongst other things, an introduction of domestic water charging and case-specific use of public private partnerships. We are also calling for the establishment of an independent infrastructure commission to give strategic direction regarding the delivery of major infrastructure projects across Northern Ireland.
We also need to look closely at planning and development. Investors need clarity on where to invest, while developers and communities want confidence regarding which sites can be brought forward. All must be supported by better capacity in the planning system and a holistic, professional approach to local economic development.
Local authorities must be supported by the provision of a professional, and sufficiently resourced, planning and development skills base to ensure an efficient planning system. The NI Executive must proceed with the timely creation of the new Department for Communities and continue to work with local authorities in their local economic roles to strategically address the regeneration issues within our city and town centres.
The NI Executive should work with local authorities to develop an openly available public sector land asset register that prioritises brownfield sites and informs local development plans. The executive should also encourage more local authorities in their economic role to establish business improvement districts (BIDs) by continuing to support a capacity-building and training service.
We think the introduction of draft party wall legislation as included within the ‘NI Law Commission’s Land Law Report’ (2010) should also be introduced as soon as possible to help avoid unnecessary disputes arising during development. This would help remove an issue that is often slowing down the delivery of important schemes.
In short, growing the economy in Northern Ireland needs to be underpinned by the interlocking strands of infrastructure investment, housing supply, as well as grade A office space, and high level skills. Effective policies in these areas will help secure inward investment, drive economic growth and build better communities.
:: Ben Collins is director of the Royal Institution of Chartered Surveyors (RICS) in Northern Ireland, which has 4,000 members employed in the land, property and construction markets and in associated environmental issues
