presentation by john betty of banes
TRANSCRIPT
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John Betty Development & Major Projects Bath & North East Somerset Council
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UK Property returns/values
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Percentage of vacant retail and licensed units vacant B&NES Estate
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
Nov-10 Dec-10 Jan-11 Feb-11 Mat 11
Months
Perc
ent B&NES Estate
NationalBath
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Shopping centre new floor space 2008- 2013
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Trends in quarterly housing starts and completions
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Impact of cuts on construction industry
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-2,000,000
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
2006 2007 2008 2009 2010 2011 2012 2013
Threeways Fosseway St Keyna Writhlington Batheaston WASP Ralph Allen School Oldfield School
Schools Capital Projects plus forecast
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B&NES: Meeting the financial challenge
• The comprehensive spending review sets out real terms reductions of 30% in local authority budgets over the next four years across the whole Country.
• B&NES further In Year savings in 10/11 =£1.8m of capital and £1.8m of revenue
• B&NES further lost In Year 11/12, £10.3m = 16% of budget in ONE year.
• B&NES will lose a further (8%) in 12/13Therefore…• The Council plans to achieve a £38m reduction in annual
spending by 2014/15• Revenue is the ability for Council to support Capital spend
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iceberg
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43 44 43
37
7774
66
51
59
-
10
20
30
40
50
60
70
80
90
2004/2005 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2017
Financial Year
'£' m
illio
nB&NES Project Spend
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Housing
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-80
-60
-40
-20
0
20
40
60
80
100
Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11
net b
alan
ce in
stru
ctio
ns/ e
nqui
ries
-80
-60
-40
-20
0
20
40
60
80
100
Stoc
k pe
r sur
veyo
r offi
ce
Unsold stock New Enquiries
i
Buyer confidence
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Lending to individuals % of disposable income
0
20
40
60
80
100
120
140
160
180
No
v-
87
No
v-
88
No
v-8
9
No
v-
90
No
v-
91
No
v-9
2
No
v-
93
No
v-
94
No
v-9
5
No
v-
96
No
v-9
7
No
v-9
8
No
v-
99
No
v-0
0
No
v-0
1
No
v-
02
No
v-0
3
No
v-0
4
No
v-
05
No
v-0
6
No
v-0
7
No
v-
08
No
v-0
9
Pe
rc
en
Household debt to income ratio
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99170 210.6 235 271
352
480
620
764
887
1009
1,116
0
200
400
600
800
1,000
1,200
1,400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Cumulative shortfall (000,s)
Shortfall (000,s)
Housing Completions (000,s)
Savills Household Projections (000,s)
… because fundamental
stock shortage persists
There is a huge development opportunity
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Housing tools
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Leadership: Vision to Delivery
Vision
Futures
Economic Strategy
Core Strategy Solid
Liquid
Gas
Gateways Current ProjectStatus
2005
2009
2010
2011
2007
Crystal
Treasure & TransformDelivery
We are
here
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SustainableGrowth Strategy
Health & wellbeing
Environment
Economic Core
Transport
Waste
Education
Property Assets
•Leadership and a vision
•Clear Plan
•Infrastructure
•Advocacy and promotion of area
•Seeking public/private Co-operation
•Reducing red tape and cost
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Our role
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EVENT NAME BOXJohn Betty Strategic Director Development & Major Projects
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PEOPLE
BUSINESS PLACE
PROSPERITY
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•Bath in the future will be a City of Ideas where knowledge and creativity combine to create value and enhance quality of life.
•The Bath City Riverside area represents an exciting opportunity to create a cluster of sites that deliver 21st century workspaces and homes for the knowledge and creative sectors.
•Academia and business would be connected by new infrastructure and outstanding public realm.
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Our City of Ideas…
A once in a lifetime opportunity
World class collaborative and interdisciplinary workspace:
Venue for University Continuing Professional Development in STEM subjects
Innovation centre hosting 100 high tech, high growth companies (resident and virtual)
HQ of innovation Company
Major high tech publishing industry business HQ
Knowledge Hub for ICT, microelectronics, smart grid sectors
Manufacturing skills academy
This is what it would look like
An exemplar public/private partnership creating new ideas, spin outs and high growth companies
21st century workspace
Vibrant / creative / valuable
Well connected
Connected to academia
High quality design
City Centre location
Shared facilities
Support mechanisms – mentoring, professional services, legal, financial, protection of Intellectual Property), access to venture capital
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GREAT PLACES
Environment, Culture
Economy, community SkilledPeople/knowle
dge
Goodjobs
Demand for better
transport
Continuedinvestment
Successfuleconomy
Competitivebusiness
Attract
Generate
Enable
Generate
Generate
Support
BUILDING A CITY OF
IDEAS
EDUCATION
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GREAT PLACES
Environment, Culture
Economy, community SkilledPeople/knowle
dge
Goodjobs
Demand for better
transport
Continuedinvestment
Successfuleconomy
Competitivebusiness
Attract
Generate
Enable
Generate
Generate
Support
BUILDING A CITY OF
IDEAS
EDUCATION
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Where we will live, work and play
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Public/private delivery
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Saw Close, Bath
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Public/private opportunity
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Market Towns
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Keynsham Regeneration
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Temple Street Regeneration, Keynsham
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Property Asset Delivery Vehicle
• The Council owns a substantial commercial estate that generates about £14M of annual rental income and has a book? value in the accounts over £200M.
• The estate represents about two thirds of the retail property in the centre of Bath. In addition there are a number of potential development sites in Bath and elsewhere which are owned by the Council and which also have a significant development value.
• The generation of Capital Receipts is expected to come from to the Commercial Estate.
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The Private sector will need to:
• Have well thought through proposals and innovative ways of funding them
• Rely less on the public sector
• Distinguish between authorities that have a clear plan from those that don’t
• Protect downside of investment rather than maximising upside
• Going to have to think of better ways of making use of each others capacities and think of cleverer ways of asking us what is helpful
• Accept we cannot deliver as we did in the past due to Government spending reductions
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The Public sector will need to:
• Have a clear corporate plan
• Be prepared to be an investor
• Utilise its property holdings
• Utilise its covenant
• Have a design for growth
• Remove barriers
• Fight for infrastructure investment
•Be actively engaged in the West of England
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Working together
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