Game-Changing Moment in Regeneration
UKR launches plans for its model of “village” developments throughout the country
Nottingham’s Sandfield Village will bring 200 new homes, together with local amenities and jobs
UK Regeneration (UKR) today launched its model for private sector-led regeneration in UK cities and towns, at an industry-leaders event hosted by Jones Lang LaSalle at MIPIM.
Jackie Sadek named Nottingham as the location for its first pilot ‘village’ of 200 homes
Working with a wide range of partners and stakeholders, including a number of local authorities and a network of leading professional firms, UKR has developed a model to develop infill city centre sites, providing mixed use ‘villages’ designed to meet local peoples’ needs. The mix of uses in each village will be designed to be mutually supporting and to complement and enhance existing services. Each development will need to be commercial in its own right, in order to sustain the model throughout the UK. UKR announced in June 2011 that it had set an ambitious target of delivering “20,000 homes by 2020”.
Jackie Sadek, CEO of UK Regeneration explained:
“We’re regenerating regeneration. It’s that simple. The old models no longer work and we need to find new ones quickly. It is clear that we need to move regeneration decisively into the private sector and not look for public subsidy. UKR has alighted on a regeneration concept that will tackle problem areas by developing places where real people will want to live and put down roots, with a livable mixture of homes and local services. Our designs will seek to lift the spirits of all those that live or work in them, or who travel through or come and visit. The places will stitch parts of our cities back together. And – crucially – we put community values at the heart of everything we do.”
The UKR model is predicated on a new approach to building private rented homes, offering a flexible and positive alternative to those who don’t want to commit to home ownership.
Jackie Sadek continues:
“Working with Nottingham City Council we’ll create 200 new homes in Sandfield Village that will meet local needs and contribute to the local economy first and foremost. By putting the consumer at the heart of the development, the style of accommodation will reflect the reality of sharing. And because they will be designed from the outset to be let, not owned, we will capture efficiencies in construction, management and maintenance.”
The homes at Sandfield Village will be high quality, built to generous space standards and designed to establish renting as an aspiration and positive choice, not a second best option for those who can’t afford to buy. A mix of convenience shopping, niche boutiques and small local operators will be blended with the homes to make a vibrant place to live. The retail offer at the site will not only complement the existing uses in the area, but raise the standard further.
Councillor Graham Chapman, deputy leader of Nottingham City Council, said:
“The city council is delighted to be working with UKR on the next stage of developing the first of the UKR villages. We are providing positive support for what is an entirely new and sensitive approach to development. High quality development in Nottingham is always welcomed especially when it provides economic benefit to the city in terms of jobs and places to live. It is a mark of confidence in the city.
“This is a process which began at MIPIM and with Team Nottingham last year, and has been supported since then by our Invest in Nottingham Club which works hard to bring investment opportunities to the city.”
UKR has brought together a team covering all aspects of development and regeneration for the scheme including Jones Lang LaSalle who advised on valuation, planning and development; and Barclays who advise on debt and equity investment. Other members of the team include Wates, Eversheds, EC Harris, Redbox Design Group and Workspace Group.
In discussions with Barclays, UKR has developed a three-phase funding model to take the business through development, letting and the ultimate sale of the investment opportunity, either through IPO or REIT.
Brendan Jarvis, Head of Property EMEA, Barclays, adds:
“Along with some of our industry colleagues we have been working with UKR on this business concept since November 2010. It’s the potential that this new model might offer to open up new markets and to help unlock value for all stakeholders that is so exciting. This first Nottingham pilot has a value in excess of £30m and provides an excellent starting point in the national programme”
Andrew Gould, CEO Jones Lang LaSalle UK concludes:
“We are pleased and proud to be part of the team seeking to develop new models for regeneration. It is vital that these new models are brought forward quickly to rebuild our economy and help stimulate growth in those areas of the UK that are crying out for support. We are delighted to host the Launch of the UKR programme today.”
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Notes for Editors:
UK Regeneration (UKR) is changing regeneration development. The ground-breaking company, was set up in 2010 by experienced regeneration practitioners Jackie Sadek and Paul Evans with media strategist Jason Blain. Their starting point is the consumer and they aim to lead a housing revolution, building 20,000 homes by 2020. The company’s model focuses on privately rented homes recognising that fewer people in the future will want to commit to home ownership. They bring together the local authority, the funding partner and the professional team to make schemes happen.
UKR also aims to influence emerging policy and to support regeneration practitioners in all aspects of their roles.