Supporting implementation of the Aldgate Masterplan
BBP Regeneration led a multi-disciplinary team including economists SQW and leading East End property agents, Strettons, to project commercial property requirements for Aldgate and Spitalfields to 2016.
We were subsequently appointed to provide further advice in relation to the ongoing implementation of the Aldgate Masterplan, primarily focused on the provision of commercial property market advice, particularly in light of the economic downturn. This included advising the Council in relation to opportunities to review delivery structures in order to optimise the masterplan’s delivery potential in the face of the challenging economic conditions.
Our work involved an assessment of the property market, projections of job growth in the key sectors allowing for leakage to competing areas, and detailed assessments of the availability and capacity of development sites. Additional analysis of specialist sectors identified as significant to the future of Aldgate were examined, including hotel and student housing, and the SME and CCI sectors.
Property market research was undertaken drawing on transactional evidence and other sourses of demand and supply side information. An update on the economic baseline within the Study Area was prepared and new employment projections made using 2009 GLA data. We also undertook a series of consultations with key stakeholders including LMU, landowners/developers, LBTH planners, and small workspace providers.
The project provided policy recommendations and an evidence base for the Implementation Plan. We provided a ‘best’ and ‘worst’ case scenario for the commercial property market. Recommendations on the future development potential under the best and worst case scenarios for each sector up to 2025 were provided.
Our advice on delivery was based around the Council adopting a modest interventionist approach – a more structured/ formalized approach to the Implementation Group whereby developers and key stakeholders contribute to joint initiatives to address agreed ‘common’ issues and agree to mutually beneficial obligations related to individual sites and the overall vision.