In our 2018 Responsible Property Investment Report, we outlined three aspects of real-estate investment that support the Sustainable Development Goals, and which guide our RPI approach. One such aspect is meaningful place-making.
Intrinsic to our ability to generate positive impacts through RPI is the concept of meaningful cities: urban places where people want to work and live, in which they take great civic pride, and which they want to support through social, economic, leisure and community-based activities.
A meaningful city has excellent employment and skills-training opportunities, infrastructure and areas of public realm. It benefits individuals, communities, businesses, local and regional authorities. Its inherent focus on sustainability helps preserve natural capital, and it contributes to regional economic growth. It follows that meaningful place-making and sustainable urban regeneration contribute to the establishment and growth of cities.
Hermes has purposefully taken on further property-development operations over the past six years, acquiring eight large urban-regeneration opportunities across the UK which span a combined 19m square feet and £13bn of capital value.
One such example is Wellington Place in Leeds, where we have worked with developer MEPC to implement a meaningful place-making approach for the past decade.
Today, independent consultants Hatch Regeneris have published a landmark report, The Social and Economic Story of Wellington Place, which measures the effective outcomes of this approach.
The key development objectives were defined in collaboration with Leeds City Council in the mid-2000s. They aimed to:
Figure 1: West End regeneration sites
Source: MEPC and Hatch Regeneris as at April 2019.
The 20-acre site was originally part of Leeds Central railway station, which closed in 1967. Our contribution began when the site was temporarily converted into a green space in 2009, a compromise that enabled the project to be shelved instead of scrapped in the 2008 financial crisis.
Since then, we have worked in earnest with developer MEPC to ensure that the interests of people would inspire the buildings and open spaces we will create.
Figure 2: The economic, social and environmental footprint of Wellington Place
Source: Hatch Regeneris, based on MEPC collected data, as at April 2019.
The Hatch Regeneris report assesses the economic, social and environmental benefits of the development achieved to date. Here are some of the key findings:
In the early stages of our involvement in Wellington Place, the University of Leeds in collaboration with MEPC surveyed local residents and businesses about what they would like to see on the site.
The results showed an appetite for the development of a valuable and well-used community asset, providing attractive employment opportunities and housing in modern, high-quality properties. There was also desire for a new and secure public realm, football pitches, allotments and green spaces.
Since construction of the first office buildings began in 2013, the study shows the significant contribution the site has made to the economic and social value of Central Leeds. This is demonstrated by:
Figure 3: Tower Square is now one of the largest public open spaces in Leeds
Source: Hatch Regeneris as at April 2019.
What’s more, a web survey of occupiers based in Wellington Place was undertaken by Hatch Regeneris. As the report documents, the survey showed that “the high quality public realm, amenities and social events had helped them to attract and retain staff, which contributes to productivity and competitiveness”.
Source: Hatch Regeneris, based on MEPC collected data, as at April 2019.
The project is acting as a catalyst for urban regeneration in neighbouring areas. A number of other mixed-use schemes have been approved for neighbouring sites and plans for the Monkbridge site, including a new ‘Highline’ public park which will be directly linked to Wellington Place.
This year will welcome the next major milestone in the evolution of Wellington Place, with the arrival of HM Revenue and Customs and NHS Digital. This will form a new regional Government Hub in Leeds, with a workforce of around 6,000 people.
The location of the Government Hub at Wellington Place will not just act as a catalyst for economic growth in Leeds City Centre but it could also create a significant cluster of digital expertise and activity which could support the continued growth of Leeds’s technology sector.
Indeed, this report by Hatch Renegeris shows the positive social and economic outcomes that a committed development vision based on meaningful place-making and a people-centred approach can deliver.
We have only started to write the story of Wellington Place and, as the site matures and evolves, further outcomes will materialise.
To find out more about our Impactful Intent framework, listen to our podcast on meaningful place-making.
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