MIPIM Day 4: Ian Harrabin, director of CDP

Friday 18th of March 2016 12:00 AM

MIPIM is about far more than purely commercial property and physical buildings.

Many cities from around the World, some of which I have to confess are new to me, jostle for exposure in what is a very crowded space, highlighting their assets, promoting their potential to developers, occupiers and investors.

The image of towns and cities is key to attracting that exposure and also delivering on that potential.

Coventry and Warwickshire undoubtedly has an interesting offer in terms of its automotive excellence, its two award-winning universities and the digital industry in and around Leamington Spa.

But increasingly, in my view, there is a need to sell the more rounded qualities of the place, not just the commercial offer.  The potential of Coventry’s cultural and heritage assets are now coming to the fore and they will prove a vital tool in helping to draw in businesses and investors.

Of course, property investment and development is a hard-nosed industry based on figures and finance but there is a very human side to it as well, with the ultimate decision often based more on gut instinct than facts.

The “feel” of a place is hard to define, but it is hugely important as a major investment is the start of a long term relationship with both Place and People. The basics have to be there and the figures have to stack up, but ultimately investment is a choice and you have to want to do it.

No-one can dispute that the image of Coventry has not helped drive through and deliver investment in the past. We all know that there still remains a lot to do particularly around the city centre. But there has also been major improvement and too often external perception is based on a reality which has long been outdated.

That is where the cultural and heritage offer of the city can play a vital part and the leading element to that is the bid to become City of Culture in 2021.

Already the bid, which is still in its early stages, is drawing out the massive variety of culture and leisure we have to offer, but, just as importantly, it is helping to galvanise and bring to the surface the pride that people have in their city and what it has to offer.

That might be very hard to define, but is massively important if the city is to move forward.

I have been involved in several developments which have tapped into that and hopefully allowed it to develop. Who would have thought a few years ago, for example, that a Coventry ‘Choc Fest’ event would draw 6,000 people to Fargo Village or that ‘Hipster’ and ‘Cool’ would be words used to describe the city?

The message that our heritage, culture and leisure has a significant role to play in attracting wider investment is growing.  The results may indeed be surprising.