Scottish Cities Alliance Investment Prospectus
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INVESTMENT PROSPECTUS SCOTTISH CITIES ALLIANCE Ross Fraser McLean PB-i Aberdeen Dundee Edinburgh Glasgow Inverness Perth Stirling Investment Prospectus SCOTTISH CITIES ALLIANCE VisitScotland/Kenny Lam VisitScotland/Kenny CONTENTS Stirling FOREWORD 02-03 SCOTLAND’S SECTORAL OPPORTUNITIES 04-05 ABERDEEN 06-15 Perth DUNDEE 16-25 EDINBURGH 26-35 GLASGOW 36-43 Inverness INVERNESS 44-51 PERTH 52-57 STIRLING 58-65 Glasgow Edinburgh Dundee Aberdeen 01 FOREWORD Welcome to the Scottish Cities Alliance Pitch Book, which showcases a range of robust, investor-ready propositions and pipeline projects spanning a range of sectors. Councillor John Alexander, Chair of the Scottish Cities Alliance FOREWORD Scotland’s cities and the for investing in the UK after Waterfront, with the opening Scottish Government form London according to EY’s of the centrepiece V&A the Alliance, which is a one- Attractiveness Survey, and Dundee in September 2018, stop shop to offer investors a with ongoing interest from highlights the diverse range joined-up approach to a wide range of international of sectoral strengths and create projects of scale investors in the development scales for investment. which offer compelling opportunities offered by investment prospects across Scotland’s cities, it will Scotland has more than 5,100 the business spectrum. continue to remain a desirable international companies destination for investment. with giants in tech such as There are many reasons to Skyscanner, Amazon and SKY invest in Scotland’s cities, from With more than £1billion as well as start-ups such as their excellent connectivity, invested in the cities’ new Nucleus Financial, FreeAgent to their attractively low tax infrastructure projects through and Money Dashboard rates, a high quality of life, City Region Deals, our seven already taking advantage of a highly skilled workforce and cities are modern thriving the many benefits of locating last, but certainly not least, destinations each with their in this data-driven economy. a proud history of innovation. own distinct personality and Smart city technology is Scots invented everything from sectoral strengths. Economic transforming Scotland’s television to Skyscanner and activity and investment cities, enabling them to it’s on this culture of innovation in Aberdeen, Edinburgh, become more internationally that Scottish Cities are building Glasgow, Inverness, Perth, competitive and boost their aspiration for inclusive Stirling and my own city, economic growth. economic growth. Scotland Dundee, which is undergoing Investment Prospectus Prospectus Investment is the most attractive region a £1billion transformation of its Stirling Perth Inverness Glasgow Edinburgh Working collaboratively and greener. The “Smart” Scotland’s seven thriving Scotland’s cities have created ambitions of Scotland’s cities cities can offer world-class a ground-breaking Smart will ensure that they become investor-ready opportunities. Cities Scotland programme some of the most sustainable We invite you to join us on this which aims to make services and desirable places to live, exciting journey. across the cities more efficient work and invest in the world. Dundee With more than £1 billion invested into the cities’ new infrastructure projects through City Aberdeen Region Deals, our seven cities are modern, thriving destinations each with their own distinct personality and sectoral strengths. 02-03 SECTORAL OPPORTUNITIES IN SCOTLAND’S CITIES Aerospace and Space Food & drink Scotland has built an internationally-recognised From world-renowned whiskies and award space industry with 80 aerospace companies winning meat and seafood, to small-batch such as Clyde Space located in Scotland. gins, craft beers, and innovative baked goods, With year on year growth projected above Scotland is the home of quality and flavour. 6%, Scotland has the ambition to grow its role • the drinks sector at £2.1 billion (16.8% in space from a £2billion industry today to a of total manufacturing GVA); and £4 billion one by 2030. The sector employs • Food products at £1.6 billion (12.9%). more than 7600 highly-skilled people and Working hand-in-hand with the Scottish continues to grow with the first spaceport Government; and a wide variety of industry in Europe to be built in Sutherland offering bodies and associations carries that a dedicated vertical rocket launch site. message of quality to the wider world. Creative Industries Industrial and manufacturing Scotland’s creative industries employ nearly Demand in the industrial property market has SECTOR NARRATIVE 80,000 people, adding £3.7 billion to the Scottish been strengthening since 2012. In 2016, cash economy each year and with the expansion terms GVA in the manufacturing sector amounted of training facilities, there is a huge pool of to £12.7 billion, up 5% on the previous year. skilled talent and new graduates joining the Rents continue to rise and the development industry. The digital media sector is at the market is responding with a number of forefront of innovation in applications, music, active projects. Units below 929sq.m. are TV, publishing and games, and we have centres in particularly strong demand and larger of excellence springing up around the country. units (4,645 sq.m +) are becoming more Scotland’s landscape is featured in international active with lettings progressing on a good blockbusters such as Skyfall and World War proportion of what remains of the limited larger Z and home to global phenomenon game industrial stock available. (Source: Ryden) creators like Rockstar North and Axis Animation. Life sciences and biotech Commercial/office Over 600 life sciences organisations employ more Scotland is home to some of the largest than 30,000 people, making Scotland one of the European companies such as Concentrix, largest life sciences clusters in Europe. Scotland Cigna, Ceridian, Teleperformance and is home to a thriving biocluster, providing the Sykes. All were drawn here by the right mix ideal environment for innovation and company of talent, quality infrastructure and support. growth with key sites including Edinburgh With over 215,000 people working in financial BioQuarter and Inverness Campus. There are and business services, supplemented by also innovation centres covering: stratified over 97,000 graduates a year, Scotland offers medicine, sensors, digital health, industrial high quality, flexible staff with skills covering biotechnology and aquaculture. Scotland’s a range of front and back office activities. unified healthcare provider, the NHS, works closely with industry and academia, supported Investment Prospectus Prospectus Investment by the dedicated cross-party organisation, LISAB. The NHS provides co-ordinated access to clinical investigators and patients through single point of contact for industry, accessible clinical research support infrastructures, and streamlined and timely clinical trial approvals. Renewable energy Tourism and hospitality Scotland’s extensive renewable energy Tourism is an important component of the resources offer huge opportunities: investing Scottish economy supporting business activity in Scotland means access to potential capital and employment across Scotland. There are contracts worth tens of billions and huge over 14,000 tourism and hospitality businesses. Stirling export revenue. With renewable energy sites The combined impacts of a Sterling currency close to Enterprise Areas and deepwater ports, value proposition, an anticipated increase in manufacturing bases are ideally located to international tourist arrivals to the UK, and the serve the Scottish, UK, European and global improvement in sales distribution channels online markets. Scotland’s energy experience is has undoubtedly helped extend the appeal of globally recognised with decades of experience the Scottish commercial accommodation supply. in the oil and gas industry. By investing in (Source: VisitScotland) Perth Scotland’s renewable energy industry there’s access to highly qualified staff and a wide range of proven suppliers with the ability to diversify into the renewables market. Urban Residential Scotland’s residential market is at its strongest condition since 2008. With a total of 101,421 Inverness residential transactions during the year ending Retail & leisure June 2017, the bulk of activity focuses on Total sales in Scotland increased by 0.8% in March properties up to £400,000. This market has been 2018, in comparison to the previous year. Food assisted by low mortgage and taxation rates, retailers in particular have had healthy growth along with Government initiatives such as Help with demand for expansion of chains such as to Buy. The bracket between £400,000 and Starbucks, Tim Hortons and Pret a Manger both £750,000 outperformed the wider market, Glasgow for standard shops and drive-through. High recording an 8% annual growth in transactions. Streets and shopping centres continue to seek (Source: Savills Scotland Residential alternative, non-retail occupiers to fill vacant Property Market 2017) units. Leisure, health and fitness, cinema and bar/restaurant uses are becoming widespread targets across many former shopping locations. (Source: Ryden) Edinburgh CONTACT For information on opportunities Dundee in the cities please contact: Joanne Sefton Scottish Cities Alliance E: [email protected] For further information on Aberdeen Scotland’s sectors contact: Scottish Development International T: +44 (0) 300 013 2734 04-05 ABERDEEN KEY MESSAGES Aberdeen is an internationally