Financial Instruments for Real Estate Development


In considering heritage for buildings within Enterprise Zones, the central premise has been focusing on economic growth, with less thought given to the wider structural and cultural implications. When looking at an illustrative case study of Bristol Temple Quarter Enterprise Zone, it appears that conflicts emerge between the objectives of the Enterprise Zone scheme and those of heritage protection, indicating that they are not natural partners. As such, existing statutory protection is not necessarily enough to safeguard the heritage of these areas, given that the balance of power is now tipped in favour of economic growth. Lessons to be learnt are that an encouragement of positive engagement with heritage by central government in spatially targeted fiscal incentive programmes could generate wider positive economic externalities via its cultural value.


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