COMMENT As property developers, our role extends far beyond building structures and repurposing spaces. Every project we undertake influences not just the physical landscape but the socio-economic and cultural fabric of the local community as well.
Property development that neglects its social responsibilities risks short-term gains for long-term problems.
Placing social impact at the heart of strategy is not just altruistic, it is smart business too. Properties that uplift a community tend to enjoy increased occupancy rates, more sustainable client and tenant relationships, and often an increase in valuation.
Put simply, our experience has proven when we invest in the community, the community invests back in us. It is also much more enjoyable work – property development and investment with a smile.
Prioritising social need
Looking at the social impact of real estate in different locations can vary significantly. For example, what an urban community needs may be very different to a rural landscape so understanding place is key.
At Watch This Space, we prioritise understanding the social needs of a location before we plan for a development and we measure the success of a project not solely by its financial returns, but by the positive change it makes to the community it serves.
While we have focussed a lot of our attention on projects in and around Manchester and other urban hubs across the north west, there are lessons for the UK’s larger cities to learn from more rural schemes. One of our latest projects, bought earlier this year, formerly known as Windermere Works, is an old biscuit factory.
It had lost its way and for years had been running at around 30% occupancy in the heart of UNESCO World Heritage Site the English Lake District. The scheme was sadly on the brink of liquidation.
This project brought with it a different set of social considerations for us to address than the urban projects we have more frequently undertaken in recent years.
Lack of accommodation
On researching the scheme and the social impact it could have, we decided to be bold and carve a new market for ourselves in a location where it would have been easy to go down the conventional route of tourist holiday lets.
The latter market, while profitable, negatively impacts the community and results in staff shortages within hospitality with properties repurposed to service tourists and pushing out local employees.
Without addressing this problem, the reputation of the Lake District risks being overshadowed by poor service standards due to continued staffing shortages, an issue exasperated further by our exit from the EU.
In terms of the further knock on to the community, a shortage of affordable accommodation is also prohibiting families from moving to the area and a decline in school enrolments and subsequently, reduced funding is being seen in certain areas of the county, causing communities to disappear.
Homes and workspace
Our vision for The Biscuit Tin is to place this social need at the heart of the project. We plan to create affordable high quality staff accommodation brimming with character where 42 local people can afford to live and work, to be known as The Tim Tam.
Our plans have been met with open arms from the hospitality sector, as it will allow staff to live and work locally, removing the two-hour return trip many are currently making to affordable rental locations.
It is a desirable spot where it is easy to access the workplace by foot, rather than long journeys on multiple buses. It is key to us on this journey, to create a property with a unique vibrancy and sense of community that moves away from the conventional poor perception of staff housing.
Within The Biscuit Tin, we are also creating 12 self-contained office spaces, soon to be known as The Florentine. We will aim for them to be award-winning – like many of our schemes – and each high specification office will have their own private bathroom, kitchen, high speed internet and high-tech access.
The Florentine’s marketing slogan is: “100% of people are happier when working from the Lakes”.
While many agents do not recognise a market for this type of accommodation in the Lake District, we see it as a classic chicken and egg scenario – without high-quality accommodation how can businesses consider re-locating to the Lake District?
We believe if we build it, they will come. It will be great for job creation and great for the community.
Putting social impact at the centre of a project is not always the easiest strategy, but our portfolio proves it is worthwhile.
Michelle Rothwell is founder of Watch this Space
