Developers can truly stand out from their competitors by demonstrating the good they are doing for local communities. But how can they ensure that Social Value creation is embedded across each stage of the development lifecycle?
Landsec is an example of a business that has grasped the opportunity with both hands. Its mission is to create sustainable places that connect communities and enable them to realise their potential.
As one of the UK’s biggest real estate companies, Landsec has used the Social Value TOM System™ to measure its impact since it became a member in 2018. Over time, however, our work together has evolved into an end-to-end collaboration model for embedding Social Value across the full development lifecycle.
How Landsec built the basis of a Social Value culture
To ensure that all their activities were set up to generate measurably positive impacts, Landsec created its three pillars of sustainable development:
- Build well: Creating, operating, and investing in low carbon, restorative places while transitioning to net zero, and supporting customers to do the same.
- Live well: Supporting communities to thrive, enhancing wellbeing, and building places where shoppers are happy and workers productive.
- Act well: Continuous evolution and a commitment to driving sustainability across all activities.
Read on for a breakdown of Social Value Portal’s work supporting Landsec across its three pillars and the phases of one of its key developments: 55 Old Broad Street.
55 Old Broad Street: Community-centric approaches to real estate
Landsec’s 55 Old Broad Street development shows what a people and community-centric ethos can achieve. The development’s Social Value strategy is focused on delivering against local needs and priorities in a structured and efficient way, throughout its lifecycle.
Measuring progress and impact in alignment with the Social Value TOM System and the City of London Corporation’s policies, Landsec plans to use 55 Old Broad Street as an opportunity to generate huge social and economic value for the area, whilst also delivering an environmentally sustainable scheme.
Landsec’s community-centric ethos is also exemplified in Landsec Futures, a £20m fund that aims to deliver around £200m of Social Value by 2030. The fund’s targets include helping 30,000+ people from underrepresented socio-economic backgrounds towards long-term employment and increasing the diversity of talent throughout the industry and within Landsec.
Targeting key community needs
Landsec started by developing a deep knowledge of the local community, the local priorities of the City of London, and the actions that would have a real impact on local people.
To facilitate and encourage the involvement of the local community, Landsec and Social Value Portal hosted four ‘Reimagining 55 Old Broad Street’ community consultation events. The attendees came from a wide range of backgrounds, including local workers, residents, and representatives from local organisations.
In addition to engaging local groups and individuals, the events themselves were focused on driving positive social outcomes, commissioning 31 London-based artists to exhibit artwork and host interactive workshops. The artists mostly derived from groups currently underrepresented in the arts.
These events were a fantastic success, garnering attendance from over 400 people, as well as dozens of survey responses.
Kate Honey, Group Community Advocacy Lead at Landsec, commented:
Social Value Portal’s research and recommendations were invaluable in helping Landsec develop a public benefits offer for Old Broad Street that was rooted in local needs. It has added a certain powerful context to the current activity on site that would not have been possible without this degree of local understanding.
An end-to-end Social Value journey
Social Value Portal will be supporting Landsec across the stages of the development lifecycle, from the creation of the 55 Old Broad Street TOM System Framework, to assessing the potential additional social and local economic value the development could generate.
We are working with Landsec to track overall Social Value delivered across all the key stages of the development:
Feasibility stage
This involved defining the project brief, undertaking relevant surveys, and engaging with local authorities in line with Landsec’s Community Charter and Sustainable Development Toolkit.
Social Value Portal played an enabling role at this stage by carrying out a dedicated Local Needs Analysis, which identified mental health and wellbeing as priority areas, and identifying potential local partners.
Pre-planning/planning stage
Here Landsec engaged wider stakeholder groups (such as local planning authorities, community groups, and local partners), defined the project’s viability and key targets, and confirmed the Sustainability Strategy and Social Value Strategy.
We supported this phase by delivering consultations at local events and deepening our understanding of the community’s needs – especially around mental health – as well as how they could be supported on-site. Our team reflected these learnings in our strategy, with targets for each lifecycle phase.
Detailed design stage
This stage entailed optimising and refining the design, and writing project specifications with embedded sustainability requirements.
While developing detailed designs, Landsec is already delivering onsite Social Value, however. A great example is the refurbishment of 65 Old Broad Street in partnership with the charity Bounce Back, which reskills and finds employment for ex-offenders.
Procurement and construction stage
When Landsec begins procurement and construction, it will engage the supply chain, draft Employer Requirements, embed sustainability commitments, and assign a community liaison officer.
The development and construction teams were involved in the Social Value strategy even prior to the beginning of the planning stage. Moving forward, Landsec is committed to procuring a main contractor with a 15% weighting for Social Value.
Commissioning and post-construction stage
During this phase, the team will collate handover information, refine operational management procedures, optimise building operations and discharge required planning conditions. The management team has remained engaged in the Social Value strategy and will procure services where needed with Social Value as a top priority.
Building occupation stage
Moving into building occupancy, Landsec intends to continuously track and monitor building operations and in-use performance ratings, as well as undertake post occupancy evaluations to ensure customer satisfaction.
Landsec will also be using another local site, 65 Old Broad Street, to host a local area-themed creative and educational programme. It will become artist studios, leased at affordable rents to artists early in their careers or from underrepresented backgrounds. Landsec will also support tenant artists to deliver public workshops and events here for local workers, visitors to the area, young people, and school groups.
Part of 65 Old Broad Street is already being operated on a trial basis as ‘Broadworks’. It is home to 10 artists, hosts exhibitions and workshops, and serves as a space for the artists to sell their work.
Meanwhile, the local Bath House site will be sensitively refurbished and opened to the public in partnership with Guildhall School of Music, with a programme of activities accessible to local residents, schools, and office workers.
Capitalising on huge Social Value potential
The 55 Old Broad Street development will naturally create new jobs in the area and stimulate the local economy in the near term. However, it has the potential to deliver far more significant long-term Social Value, including support for local businesses, cultural stimulation, and environmental improvements.
Tessa Alcorn, Head of Planning and Local Needs Advisory at Social Value Portal, commented:
Landsec has shown real dedication to unlocking Social Value throughout the entire development lifecycle. By engaging communities, listening to needs, and infusing creativity into their approach, they are delivering intentional Social Value on-site that is responsive to local challenges. As partners on this journey, we’re excited to see what the future holds for Landsec’s developments.
Social Value Portal analysis has found that over approximately three and a half years of construction, 10 years of estate management, and 10 years of occupation, 55 Old Broad Street could deliver as much as £598 million in Social Value – 277% of the original construction costs.
The team at Social Value Portal is excited to continue working with Landsec to drive this innovative project forward and make this immense potential a reality.
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