Exclusive: ‘London needs to take a leaf out of Dorset’s book,’ argues veteran City lawyer
As restrictions have eased, office doors reopened and professionals flock back into the City, life is once again teeming in London.
However, as living priorities and sustainability targets have evolved post-pandemic, London must ensure that it remains attractive, liveable and sustainable in the long-run.
A formula that has proven to create eco-friendly and community-focused residential projects in regions like Dorset and Cornwall is ‘legacy developments’.
Therefore, London needs to take a leaf out of Dorset and Cornwall’s book to stem the exodus of urban dwellers post-Covid. In fact, a recent report found 70,000 have already left the capital in the wake of the pandemic.
Why? The ‘legacy developments’ of Nansledan and Poundbury combine architects, developers, councils and community leaders to create housing rooted in sustainability, quality and longevity.
“Think net zero construction, foot/bike access, ‘living streets’, bee boxes to boost biodiversity and community groups,” says Charlie Anderson, partner at Farrer & Co.
City-Based Anderson, a commercial real estate partner who qualified as a solicitor in 1985, argues that to stem the flow of city dwellers, lured to the regions by the call of green communities, London needs community-centric and sustainable developments; legacy developments need to be made metropolitan.
He is convinced that doing so will not only retain urban footfall but also provide opportunities for developers and investors to recoup Covid losses, legacy sites provide ‘patient capital’ and speedy local authority buy-in for quick returns.
You’ve worked on ‘legacy developments’ in Cornwall, Devon, Dorset, Hampshire and Yorkshire. What does London need to learn from them?
With living and working preferences continuing to change as we move beyond the pandemic, cities are facing a significant exodus of people looking to escape the urban landscape. Legacy developments, such as those in Cornwall, Devon, Dorset, Hampshire and Yorkshire, are town and housing projects with community and sustainability at their core; desirable residential areas are created with public spaces and amenities in close proximity, making these developments appealing to both residents and businesses alike.
As London faces an exodus of urban dwellers post-pandemic, it must adapt its approach to city dwellings and their place, and capitalise on the opportunities presented by urban legacy schemes.
Why is this so important post-lockdown? Don’t people want to move out of London in search of more space and greater community?
The impact of the pandemic has certainly contributed to a rise in people looking to move out for a change of scene – but adopting the principles of legacy schemes in London could provide the outdoor space, sense of community, and sustainability that people are craving, all within easy access of The City.
A key feature of success for many developments is not just the dwellings, but the public realm, commodities and facilities that go alongside them – bringing both financial and sustainable benefits to the local area.
As ESG principles become a key concern for developers and investors, especially in the wake of the pandemic, legacy developments offer an appealing opportunity to reap the rewards in urban areas.
With stats from the Chartered Management Institute (CMI) showing that half of all managers expect staff in the office 2 to 3 days a week this and next year, and half fearing employees could even quit if they no longer work remotely, hybrid working is in full swing. How can legacy developments ensure that people don’t leave London as a result?
Hybrid and remote working may now mean that proximity to The City is no longer a priority for many people, as some are willing to sacrifice a shorter commute for more space. We have seen much of the demand for rural and suburban legacy developments driven by these schemes’ easy access to amenities on bike or by foot, ‘living streets’, and even bee boxes for sustainability. So if London’s developers can offer similar benefits closer to the office, they can hone in on an office community looking for the best of both worlds, and protect and enhance the interest in London living.
Recent stats revealed London office lettings are at their highest level since pre-pandemic. If offices are booming, do we risk people working part-time and not living here? What role could legacy developments play if so?
The return to the office is well underway since restrictions were fully lifted in July, bringing with it the commuting population back to The City. Many office workers opt for a longer commute due to hybrid working.
There is certainly a risk that London spaces will lose out if urban dwellings and their place compares less favourably with the appeal of their regional and rural counterparts.
Legacy development projects within the city can ensure that properties – both residential and commercial – remain attractive to urban residents, with everything they need around them. After all, the great London estates set the standards and continue to deliver, and we are seeing progress in the evolving cultural and knowledge hubs.
How long until we could see legacy developments in action in The City? Anything else you’d like to add?
Legacy developments lend themselves best to mixed-use, everything in a legacy scheme has to be created carefully with liveability, sustainability and community in mind. The ESG-delivery inherent in these schemes makes them a particularly appealing prospect to many investors and developers alike, London can and should capitalise on legacy developments both to draw people back to living in the city, and to help create a sustainable urban landscape.