The importance of cultural custodianship

COMMENT All eyes were on Liverpool back in May, as crowds gathered for Eurovision’s explosion of pop culture. By NatWest’s forecast, the event was estimated to have generated as much as £40m in visitor spending for the host city. Eurovision’s demonstration of how culture boosts business serves as a reminder of the importance of culture to cities. According to the latest report from the UK’s national network of urban centres, Key Cities, a cultural boost is what’s needed to level up the country. And, reflecting the correlation between cultural stimulation and economic prosperity, Arts Council England has committed to invest £440m into creativity and culture over the next three years. The value of cultural placemaking to the appeal and growth of cities is undeniable. What is less certain, however, is how developers can nurture culture in a way that is commercially viable. We faced this question when acquiring the largest single collection of Grade I Listed buildings in England – Liverpool’s Royal Albert Dock. Fortunately, the dock’s success to date – it’s already one of the busiest leisure and cultural destinations in England – removed the need to start from square one when considering how to capitalise on cultural value to underpin commercial viability. Instead, we drew lessons from those before us, both at the dock and wider area. The answer lies in long-term thinking, better viewed in our eyes as a mindset of custodianship. Three points stood out. First, the importance of being a good neighbour. Ensuring commercial viability is a two-way street, in which culture needs business and business needs culture. The ongoing success of the dock is ‘proof of concept’ and a demonstration of how striking the right mix of cultural and commercial activity drives economic returns. With a network of independent bars and restaurants situated alongside cultural institutions, the dock already attracts 6m visitors to Liverpool each year. Our ambition is to encourage Liverpool’s residents and visitors alike to continually visit the dock, through a programme of cultural events curated to fit the historic site and support its independent businesses. Central to this approach will be long-term collaboration with our neighbours, like Tate Liverpool, to ensure we are driving footfall to one another. Sitting side by side with major cultural institutions, gives us a big opportunity to add value to the site. We see this chance to collaborate with the public sector as one that cannot be missed and are committed to not only creating the most cohesive and engaging experience for visitors, but also putting in the effort needed to unlock benefits for both sides. Second, the opportunity for long-term successful cultural activation is even more pronounced when working with sites of historic significance. Historic buildings provide a richer backdrop for the activity taking place within their walls. They provide character and interest. They create destinations which in turn, drives economic returns. To illustrate; without the Victorian backdrop of Related Argent’s King’s Cross redevelopment – the Coal Drops, the Gasholders, the warehouses, and water towers – it would be an entirely different and, likely, less commercially successful space. The same applies for one of the best recent international examples of placemaking at Bordeaux’s reimagined military barracks, Darwin Ecosystem. The previously derelict site now welcomes 1m visitors a year, by weaving together workspace for local businesses with Europe’s largest organic restaurant, a brewery, conference centre, communal garden, and a skatepark. Its success lies not only in the carefully curated mix of activities and events, but in the atmosphere created by the revived 19th-century military spaces combined with street art. Crucially, integrating these two factors – a diverse mix of uses and sensitive restoration of heritage – is not born out of snap changes. As a result, the most important factor when it comes to commercially successful cultural placemaking is long-term thinking. It requires a mindset of custodianship. Lastly, while long-term asset curation does not deliver quick profit, it does allow for more creative, more ambitious, and more tailored development. An approach that delivers better value for investors, developers, businesses, and the public over time. The ingenuity at King’s Cross is, once again, a case in point. Creating one of the most desirable retail and office hubs in the country while transforming mammoth Victorian infrastructure into apartments and a park would not have been possible without a long-term and collaborative masterplan. Protecting culture and heritage is not just a social responsibility for developers. It is a clear demonstration that by adopting a mindset of custodianship, cultural placemaking has the potential to be hugely commercially successful too. Jacob Loftus is chief executive of General Projects.