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As Hayley notes in her Compound Interest piece on the social value of regeneration projects, there is considerable social value created through the early lifecycle of a development, including environmental benefits, jobs and skill development. These are all very important beneficial outcomes.
However, equally as important when describing the social value of a regeneration project are the health and community, or social fabric, benefits that these developments enable.
In September 2023, we welcomed the first residents into New Vic, our £130 million Build-to- Rent development in Manchester. The reason we built New Vic is to help provide the cashflows we need to pay the pensions of our policyholders over the coming decades. Embedding social value into our developments is important in this regard for two reasons. First, we are part of the local community ourselves and we want to live and work in an environment that benefits from our presence. Second, it also results in longer duration tenancies without an undue number of vacant apartments, which means smoother cashflows, helping PIC achieve its purpose of paying the pensions of our policyholders.
Absolutely outstanding apartment complex, the finest place to reside in Manchester. The flat and amenities are superb, and the staff are exceptional! They are incredibly welcoming and exceedingly helpful. I want to express my heartfelt thanks to each of you – Alex, Kelly, Katie, Simon, Amie, Lauren and Charlotte. Your collective efforts and dedication have truly made a significant impact in every aspect to make our life environment fruitful.
We know that the typical Build-to-Rent tenancy is approximately 18 months, but our aim is to increase this, reducing the amount of resident churn and lowering void related costs. The best developments provide a thoughtfully designed and welcoming physical environment alongside an engaging on-site team that facilitates an active community.
Our starting point for managing our Build-to-Rent developments is the creation of communities. Determining who takes ownership of social value initiatives within these developments is a crucial first consideration. Outsourcing specialists are well-suited to overseeing the operational aspects of day-to-day management but leadership, direction, and commitment from the development owner is essential to drive innovation in community engagement over the long term.
The financial investment need not be large; what really matters is the commitment of effort, creativity, time, and care. For example, we host weekly “get to know your neighbour events,” for new residents and have initiatives including health and wellness events, focussing on a healthy body and mind; a dog walking club; fitness classes; as well as partnerships with local businesses and restaurants. Residents can also contribute to the wider community through various initiatives. For instance, residents and staff of New Vic recently ran the Great Manchester Run in support of charity Independent Age, and there are ongoing initiatives such as a clothes bank and coffee mornings to support local causes.
What we are starting to create is more of a village – a vertical village perhaps – than a traditional Build-to-Rent development. This will also have considerable benefit for the centre of Manchester as well. Having 500 people living literally on the doorstep of local businesses – our residents are able to buy directly from them through the New Vic app – will support them over future years.
The app also provides a platform for virtual community engagement. As well as booking a repair they may need, booking the on-site amenities, such as the cinema room or private dining room, residents are able to chat with their neighbours, can start groups with those with shared interests, and arrange meet ups. Recently the residents formed a book club, and soon the New Vic football team is going to kick off its first match.
The feedback we’re already receiving from our first residents is proving invaluable as we look to open our pipeline of Build-to-Rent developments over the next couple of years, including One Eastside, Birmingham’s tallest residential tower.
We’re really pleased that we’ve been able to create such a strong community – with so much social value – right at the start of our journey. As we welcome increasing numbers of residents into our Build-to-Rent schemes we’ll take this experience and help to shape their communities, and with it, create significant social value by bringing new life back into our town and city centres.
