COMMENT There are more than 600 high streets in London, and all of them are unique.
In a city that boasts more than 200 different languages among its population, this creates an almost bewildering diversity of places, some of which work but too many of which are struggling. Without a helping hand, those struggling places are going to continue their steady decline, with all of the economic and social disadvantages that go alongside.
The challenge is in making the renaissance of these places work economically and socially, and avoiding previous approaches of painting them all with the same brush of uniformity. The current state of affairs is evidence of the failure of that philosophy. In a generation searching for individuality, authenticity, localism and relevance, and seeing people making a go of it despite the odds, nothing short of unique is going to persuade us away from online and into the street to buy.
The art of the possible
Property X-Change has been created to enable that opportunity by sweeping up diverse groups and individuals with the energy and passion for their places to turn them around, given half the chance.
Launched in 2022, it connects Londoners, London real estate investors, London entrepreneurs and London local government to participate together in restoring our high streets, by bringing their own diverse contribution to the table – whether that is enabling policy, an entrepreneurial trading offer, energetic volunteers, compromised rent arrangements or socially impactful redevelopment.
Since then, Property X-Change has created an online and physical forum and resource, championed diverse voices and under-represented local businesses, and showcased innovative practices taking place on the high street, as examples of the art of the possible.
Now it is looking to work more closely with the private real estate sector to put those examples into mainstream practice, whether through the development process or in upstream management and letting choices, or simply by having a thriving London beyond the City and West End as a must-have for our capital city, both economically and socially.
More intrepid than ever before
The one commonality within all of our high streets is the built environment, and in promoting Property X-Change, the Greater London Authority is calling on the power and expertise of the real estate industry to put its muscle alongside and co-create the turnaround.
Arguably, there has never been a better time.
Firstly, there are the financial drivers: the decline of pure-play bricks-and-mortar retail has created an appetite driven by need, to be more intrepid than ever before in ushering in change with a refreshing will to try something new that creates vibrant commercial spaces.
This in turn has the potential to introduce an array of uses in places that would formerly have been the domain of retail. Increasingly, landlords are not just retail and office owners: growth sectors such as BTR, biotech, co-working, co-living and senior living, health and life sciences are cropping up in surprising places, turning formerly alternative asset classes into the mainstream.
This scale of change involves being more thoughtful about local need, relevance, opportunity and entrepreneurialism in a place. With such scale of potential, acquiring unique insights from local community voices on what is likely to be sustainable long-term is an opportunity not to be missed.
Creating shared value
Then there is the fast-growing recognition of the role private capital plays in building an economy that works for everyone. No longer considered the exclusive responsibility of government, this is now a shared responsibility with the private sector. By introducing real estate uses that serve the essentials for everyday living and encourage economic dynamism, real estate owners create shared value – social and financial – for themselves and for local communities.
Cue Property X-Change, which connects local groups and individuals with real estate owners and investors in open environments that encourage exchange and collaboration with a common purpose. The objective of Property X-Change, working with the private sector, is to support 600 unique high streets to become financially successful, socially flourishing and a celebration of the needs and diversity of London’s communities.
And if this new approach works in London, the model that Property X-Change is creating – the learning, ideas, resource and expertise – can be shared, both around the UK and further afield. That way, we can transform all of our unique urban spaces into places that work for everyone – investors and local stakeholders alike.
Vivienne King is an ambassador for Property X-Change
See also: GLA initiative appoints Vivienne King as ambassador
