M&G Real Estate, one of the UK’s largest property investors, responds to the Queen’s Speech.
Chris Perkins, Head of Business Space at M&G Real Estate, said:
“Red tape and bureaucracy can slow down large-scale development and regeneration and, without clearer policy direction, major schemes are at risk of progressing in a piecemeal fashion.
“The new Neighbourhood Planning and Infrastructure Bill and statutory National Infrastructure Commission will assist a faster planning process and help focus masterplans which will provide a clearer path to investment, encouraging domestic and international investors.
“However, if the Northern Powerhouse is to realise its potential, beyond the money committed for feasibility studies on projects such as HS3 between Manchester and Leeds, major infrastructure investment is needed to make a material impact and transform connectivity.”
M&G Real Estate committed £500 million into Northern Powerhouse cities last year and is a major investor in the big-six cities – such as through its recent funding of Three Snowhill in Birmingham, the largest ever city centre office development outside of London.