Council's global bid to get property tycoons to invest in York

ECONOMIC chiefs from York were today heading to France to meet property tycoons, hoping to attract millions of pounds of vital investment to the city.

Officials from City of York Council are joining a delegation from the Leeds City Region at a huge international conference, to sell the city to the world and try to kickstart some of York’s stalled developments, such as York Central, Castle Piccadilly and Nestle South.

The international MIPIM 2013 conference in Cannes runs from tomorrow until Friday and attracts 4,300 investors and 19,000 delegates from 83 countries. This will be the first time York has been represented.

The council will be represented by Katie Stewart, head of economic development, and Darren Richardson, director of city and environmental services, who hope to promote York as a modern rather than solely historic city.

The huge event will showcase the key York Central ‘teardrop’ site near York Station to economic powerhouses. The search for a developer was halted in 2009, and while an £80 million funding gap has been reduced, £35 million is needed to move the project forward. Ms Stewart and Mr Richardson will also will also promote York’s profile as a commerce, science and technology centre.

Mr Richardson said: “The investors at MIPIM are the people with money who want to invest in the areas where we want York to grow – business, housing and retail.

“We want to pitch York as a good place to invest and invite investors here to see what we have to offer. York Central is the flagship and we’re seeking people interested in plugging the final gap. We’re working on opportunities within the UK, but at MIPIM we will see if the international market can progress York Central. Just a little upfront investment is needed to bankroll this and other sites.”

York is spending £25,000 on the trip, including a £20,000 MIPIM admission fee, but officials hope to recoup much more in investment. The money has come from the city council’s Economic Infrastructure Fund.

Mr Richardson said the HS2 project would give York Central’s rail links an “international flavour”, increasing its appeal. Ms Stewart said the site was sometimes considered “difficult” in UK circles but said: “At MIPIM, we can pitch York Central’s pure opportunity and what it will achieve to an international market.

“It’s a huge, valuable audience. We’ll have direct conversations with chief executives, managing directors and investment directors, who you’d otherwise have to spend a lot of time and money getting through the door to see. Compared with some other MIPIM exhibitions, costing hundreds of thousands of pounds, we’re spending pennies to be there.

“We want to shift the perception of York so it’s not just seen as a historic city – which can be a red flag to businesses - but also a modern, forward-facing city.”

The council has already contacted many investors and delegates through MIPIM’s database. Mr Richardson said: “We hope to get investment in sites to help create jobs and homes, bring businesses to York and get the city’s message and offer across to a worldwide audience. MIPIM will only be the start of a year of work as we follow up opportunities.”

The MIPIM property fair is known in full as Le Marche International des Professionels de L’immobilier.

Comments(31)

neutral observer 2 says...
12:46pm Mon 11 Mar 13

Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?

Jeff_li says...
1:07pm Mon 11 Mar 13

Wow, "A £20,000 MIPIM admission fee"

pedalling paul says...
1:23pm Mon 11 Mar 13

Hope they chose to go by East Coast then Eurostar then TGV......far friendlier than by plane.

Ignatius Lumpopo says...
1:30pm Mon 11 Mar 13

I quite like the idea of a Galleries Lafayette and an Intermarché in York.

Or, rather, out at Monks Cross...

Capt. Dobie says...
1:32pm Mon 11 Mar 13

http://www.mipim.com
/

It's in Cannes. 12- 15 March.

tobefair says...
1:45pm Mon 11 Mar 13

I hope they've been told not to mention the affordable housing requirements or no one will invest.

bloodaxe says...
2:47pm Mon 11 Mar 13

neutral observer 2 wrote:
Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?
That's one way of putting it. Another might be to use punctuation, capital letters at the beginnings of sentences and a spell-check.

Garrowby Turnoff says...
3:04pm Mon 11 Mar 13

bloodaxe wrote:
neutral observer 2 wrote:
Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?
That's one way of putting it. Another might be to use punctuation, capital letters at the beginnings of sentences and a spell-check.
Must be French... n'est pa?

Scarlet Pimpernel says...
3:22pm Mon 11 Mar 13

The international MIPIM 2013 conference in Cannes runs from tomorrow until Friday and attracts 4,300 investors and 19,000 delegates from 83 countries. This will be the first time York has been represented.


At a cost of £25,000 it will hopefully be the last time they attend.

What a desperate attempt this is to try and attract investment.

The signal it sends is, 'no one in the UK will invest in York, so will some rich European investor be foolish enough to ?'

Property investors will do their homework, check out how much housebuilders are making in the UK, and see that the returns on investment are pathetic, then realise why no one is investing in the stalled sites in York, in particular.

Do Darren Richardson and Katie Stewart really think investors don't do their homework ?

What a waste of time and money !

meme says...
4:07pm Mon 11 Mar 13

The mind bogggles
Its like putting two lambs into a pack of wolves and expecting to convert them to vegetarianism!
God help us and we have wasted £20,000 plus
Never mind.... York can afford it we only owe something like £200 million so whats £20K

Scarlet Pimpernel says...
4:15pm Mon 11 Mar 13

meme wrote:
The mind bogggles Its like putting two lambs into a pack of wolves and expecting to convert them to vegetarianism! God help us and we have wasted £20,000 plus Never mind.... York can afford it we only owe something like £200 million so whats £20K
York may have £200m of debt, but, they have land and property assets valued at cost of over £500m, plus an art collection worth £30m. They have over 7,900 council houses only valued on the books at £33,000/each, so there is a healthy revaluation reserve.

This is not the point, though. When they had to close Beckfield Lane tip to save, what was it £30k/year ? they should not be wasting £25k on this stupid trip to the south of France for two of it's well paid staff, with little or no property expertise.

IT'S A JOKE......

AN EXPENSIVE, BAD JOKE !!

Buzz Light-year says...
6:25pm Mon 11 Mar 13

Oh jeez... does this mean I have to search Google for a picture of a gate in Cannes now?

ReginaldBiscuit says...
6:31pm Mon 11 Mar 13

Scarlet Pimpernel wrote:
MIPIM is where experienced property companies go to market their sites, developments, potential projects etc. They have all the essential information on project costs, values, fees, yields, product, design, demand etc.

York Council sending two staff who are not property experts, to try and sell sites the council do not own, is a completely stupid idea. Has it not dawned on the numbties at the Council, that rich overseas investors have their fingers on the pulse, and consult UK property agents about the deals that are avaiable, or contact the developers themselves, who they know and trust. This is just another ill-thought-out, desperate attempt to Get York Building, destined to fail.

When will the Council learn that the way they will get investors interested is to show that developers can make money in York ? The ONLY way they can help, is to drop their prohibitive affordable housing targets, which are the main reason the large sites are stalled.

Another £25,000 wasted !
Agreed with everything you said.

“We hope to get investment in sites to help create jobs and homes, bring businesses to York and get the city’s message and offer across to a worldwide audience. MIPIM will only be the start of a year of work as we follow up opportunities.” > "Mr Richardson said the HS2 project would give York Central’s rail links an “international flavour”, increasing its appeal. Ms Stewart said the site was sometimes considered “difficult” in UK circles but said: “At MIPIM, we can pitch York Central’s pure opportunity and what it will achieve to an international market."

ReginaldBiscuit says...
6:33pm Mon 11 Mar 13

My comments were removed. Freedom of speech is obviously alive and well in the press.

neutral observer 2 says...
7:10pm Mon 11 Mar 13

bloodaxe wrote:
neutral observer 2 wrote:
Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?
That's one way of putting it. Another might be to use punctuation, capital letters at the beginnings of sentences and a spell-check.
Good to see the point wasn't missed.
Why do we need to go to France ?
We have our own home grown xenophobe, who reports to being the big brain on brown bread.
Pity his only answer to property development is to sell off all the family silver, cheap. To him and his cronies i can only gather.
Let face it, a bus fare to Strensall would solve all of the UK's problems.

Scarlet Pimpernel says...
7:53pm Mon 11 Mar 13

neutral observer 2 wrote:
bloodaxe wrote:
neutral observer 2 wrote:
Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?
That's one way of putting it. Another might be to use punctuation, capital letters at the beginnings of sentences and a spell-check.
Good to see the point wasn't missed.
Why do we need to go to France ?
We have our own home grown xenophobe, who reports to being the big brain on brown bread.
Pity his only answer to property development is to sell off all the family silver, cheap. To him and his cronies i can only gather.
Let face it, a bus fare to Strensall would solve all of the UK's problems.
As usual, no one but you has a clue what you are talking about ?

The incoherent ramblings of someone who has nothing sensible or relevant to contribute to the debate.

Scarlet Pimpernel says...
7:57pm Mon 11 Mar 13

ReginaldBiscuit wrote:
My comments were removed. Freedom of speech is obviously alive and well in the press.
I can guess what you mentioned, and it was probably down to a few words which there is an alert/warning for.

I think we both know what they are ?

Scarlet Pimpernel says...
8:03pm Mon 11 Mar 13

MIPIM will be full of UK property agents who will be touting sites for clients. It would have been far less costly for the council to have put the sites with an agent, who have the contacts and experience at these events. Sending messrs Richardson and Stewart is a stupid move; a costly mistake. Their lack of experience at such a massive event will be a waste of time and money.

Scarlet Pimpernel says...
10:17pm Mon 11 Mar 13

Interesting to note that this story is deficient of any comment by a councillor.

This signifies that the Get York Building issue (aka Waddington'gate) is toxic, and Labour politicians are distancing themselves from these 'initiatives'.

akaroa says...
10:59pm Mon 11 Mar 13

There is nothing in York to invest in.Who would want to invest in a city that has lost all its industry and is now a walk in museum Mayby the french could sponsor a room in the Castle Museum, in return for cut price admissions. Just another free jolly for over paid, under occupied officials. What a waste of TAX PAYERS MONEY.

perplexed says...
8:23am Tue 12 Mar 13

Scarlet Pimpernel wrote:
MIPIM is where experienced property companies go to market their sites, developments, potential projects etc. They have all the essential information on project costs, values, fees, yields, product, design, demand etc.

York Council sending two staff who are not property experts, to try and sell sites the council do not own, is a completely stupid idea. Has it not dawned on the numbties at the Council, that rich overseas investors have their fingers on the pulse, and consult UK property agents about the deals that are avaiable, or contact the developers themselves, who they know and trust. This is just another ill-thought-out, desperate attempt to Get York Building, destined to fail.

When will the Council learn that the way they will get investors interested is to show that developers can make money in York ? The ONLY way they can help, is to drop their prohibitive affordable housing targets, which are the main reason the large sites are stalled.

Another £25,000 wasted !
I think I will have to sit down for a moment, but Pimpernel has a good point. This is a complete waste of money and an insult to the people of York. It is totally indefensible and someone should be held to account as soon as possible!

Scarlet Pimpernel says...
1:15pm Tue 12 Mar 13

These big ideas do not detract from the immediate problem, and the Council are looking at long term solutions when the they have short term fixes in front of them.

They need to unlock the stalled sites before anything else, and the longer they leave this, the slower any recovery will be.

Even if they do the right thing, and incentivise through regulatory roll-back, they CANNOT hit their 5-year aspirational target for housing - that is a FACT !

Scarlet Pimpernel says...
1:21pm Tue 12 Mar 13

Why has Derwenthorpe almost ground to a halt ?

Phase 1 is almost completed, and there are only two private dwellings left for sale out of the 38 they are able to sell on Phase 1 (plot 53 being the sales centre). They have not appointed the contractor for the second phase, and as roads and sewers are not installed for Phase 2, there will be a lag when there are no properties are available for sale. This is disastrously bad management by JRHT, and will mean that the development will take years - 22 at the current rate of build/sales to be completed. Only last year in Inside Housing, the development was quoted to be completed by 2016 !

This is another example of the Council and JRHT having grand ideas, but, being clueless about delivery.

Leave housebuilding to the experts, and get off their backs with unworkable AH taxes !

Scarlet Pimpernel says...
2:45pm Tue 12 Mar 13

So, american-born Katie Stewart and only recently arrived from Barnsley Darren Richardson (started at CYC 05/11/12) are the most knowledgeable staff at York Council on what York has to offer ?

They certainly know how to pick em ? !!!!

Scarlet Pimpernel says...
2:49pm Tue 12 Mar 13

Mr Richardson said the HS2 project would give York Central’s rail links an “international flavour”, increasing its appeal.


Good point Darren. Don't forget to tell them that HS2's completion date is in 20-years time ? !!!

Jam tomorrow, Darren ?

Scarlet Pimpernel says...
2:54pm Tue 12 Mar 13

Ms Stewart said the site was sometimes considered “difficult” in UK circles but said: “At MIPIM, we can pitch York Central’s pure opportunity and what it will achieve to an international market.


Say what ?

So Katie, UK developers are too thick to sort out City Central's problems, eh ? That has to be a big selling point to the Europeans, doesn't it ? The site has stood dormant for donkeys years, it's got contamination problems, the owners want top dollar for it, so hey, just wave your magic wand, and the tooth fairy will turn it into Canary Wharf II. Yeah, in your dreams, Katie !

Scarlet Pimpernel says...
2:56pm Tue 12 Mar 13

Time to GET REAL, CYC ?

Admit it, you ain't got a clue ?

neutral observer 2 says...
6:35pm Tue 12 Mar 13

Scarlet Pimpernel wrote:
neutral observer 2 wrote:
bloodaxe wrote:
neutral observer 2 wrote:
Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?
That's one way of putting it. Another might be to use punctuation, capital letters at the beginnings of sentences and a spell-check.
Good to see the point wasn't missed.
Why do we need to go to France ?
We have our own home grown xenophobe, who reports to being the big brain on brown bread.
Pity his only answer to property development is to sell off all the family silver, cheap. To him and his cronies i can only gather.
Let face it, a bus fare to Strensall would solve all of the UK's problems.
As usual, no one but you has a clue what you are talking about ?

The incoherent ramblings of someone who has nothing sensible or relevant to contribute to the debate.
Oh i see.
As long as everybody bows to your superior knowledge of how to feather your own nest. You find it agreeable.
I think its a waste of time and money.
But again you make the simplest of points to make into a rant against anything being done at all.
I hope your doing your "reseach" on how to be elected. Then instead of us all having to read your paranoid rants, we can support an elected official getting it right 100% of the time .
The birds will sing and the weather will always be fair.

Scarlet Pimpernel says...
8:03pm Tue 12 Mar 13

neutral observer 2 wrote:
Scarlet Pimpernel wrote:
neutral observer 2 wrote:
bloodaxe wrote:
neutral observer 2 wrote: Dont see much point. if you cant convince someone whos been here 150 years building York for plebs and is sitting on his nest waiting for the next rake of cash. why would jonny foreignor want to come here ?
That's one way of putting it. Another might be to use punctuation, capital letters at the beginnings of sentences and a spell-check.
Good to see the point wasn't missed. Why do we need to go to France ? We have our own home grown xenophobe, who reports to being the big brain on brown bread. Pity his only answer to property development is to sell off all the family silver, cheap. To him and his cronies i can only gather. Let face it, a bus fare to Strensall would solve all of the UK's problems.
As usual, no one but you has a clue what you are talking about ? The incoherent ramblings of someone who has nothing sensible or relevant to contribute to the debate.
Oh i see. As long as everybody bows to your superior knowledge of how to feather your own nest. You find it agreeable. I think its a waste of time and money. But again you make the simplest of points to make into a rant against anything being done at all. I hope your doing your "reseach" on how to be elected. Then instead of us all having to read your paranoid rants, we can support an elected official getting it right 100% of the time . The birds will sing and the weather will always be fair.
Maybe you should apply to manage YCFC, so you will then be qualified to wind up posters on the footy forums - that's your forte isn't it ?

You're a bit of a hypocrit, aren't you ? Telling me to run for the council, so that I can influence things from the inside, while all along you preach to the YCFC fans who don't share your views.

If you managed City they would be challenging Man Utd for the Premiership next season, such is your knowledge of the game.

Are you City's most knowledgeable fan ? You certainly think you are !

mallory says...
1:02pm Wed 13 Mar 13

that 'teardrop' site

a) no good for retail , we have plenty of empty shops already

so its housing or offices

v difficult site, would need serious cleanup, so serious prob need to seal site, bring all levels up, make sure no water permeates through

foundation - piled with ring beams above ground, but isolated to prevent noise transfer from railway.. expensive enough to make housing unpractical due to 'affordable housing' policy

so its offices.

i can look out my window and see a LOT of unused office space

its a dead duck in the current climate / complete waste of £25k

Scarlet Pimpernel says...
3:36pm Wed 13 Mar 13

Message to Mr Richardson....

Please return to York as a matter of urgency.

The Annual Monitoring Report for 2011/12 your department has just put on CYC's website is missing key information:-

1. No planning permissions for housing given.
2. No unimplemented planning permissions given.
3. No housing trajectory for predicted completions given.

Why is this information missing ?

Isn't the truth, that the numbers give the game away ? The numbers are so bad, that you daren't publish them, and you won't do the trajectory because if done honestly, it will show that you can't hit the targets.

You better have some answers when you get back, or, you will be down the road with the rest of the culprits who are lying and cheating on the scalke of the housing proble the Council has created.

click2find

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree