A new report by Historic England, in partnership with U+I, shows that for every £1 spent on heritage development an average return, including that to the developer and the social impact, of £1.60 is seen.
The full report, undertaken by Lichfields, Risky Business? Investing in Heritage at Risk, is to be unveiled at a free event at U+I’s headquarters tomorrow at 7 Howick Place, SW1. Speakers include deputy chief executive of U+I, Richard Upton; director of planning at Historic England, Ian Morrison; and executive director of development, enterprise and environment at the GLA, Fiona Fletcher Smith.
The report looks at 10 case studies that show “investing in these buildings leads to good growth – unrivalled regeneration, from economic and employment outputs to community engagement
The report draws together findings that show:
■ The heritage sector contributes £21.7bn to the national economy annually
■ Heritage is king in place making
■ “Sameness” in place is an economic disadvantage
■ Residential properties in conservation areas have a price premium of 9%
■ Listed retail office and industrial buildings have generated total returns equal or higher than non-listed counterparts for three-, five-, 10- and 30-year periods from 1980.
Emily Gee, London planning director at Historic England said: “Looking back at some of London’s most exciting Heritage at Risk revivals of the past few years has been fascinating. Our report shows that investing in some of the city’s most At Risk sites, in some of its most deprived neighbourhoods, has the potential to bring regeneration and revival to the communities that need it most. To us it’s clear that heritage-led regeneration should be at the heart of planning policy, to ensure a bright future for London.”
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