Harnessing People Power to Regenerate Key Sites in the Town Centre
Julie Crawshaw & James Brookes
This month, Julie Crawshaw will talk to us about the Stratford Regeneration Trust, a new organisation aimed at 'harnessing people power in the regeneration of key sites in the town centre'.
The organisation (https://www.stratfordregeneration.org.uk) is a Community Benefit Society focused on acquiring and refurbishing vacant shops and derelict buildings in Stratford's town centre. It aims to turn these spaces into affordable homes and retail units, targeting funding to support local, community-led redevelopment and sustainability.
Julie is the director of the Stratford Regeneration Trust. She is a chartered planner and qualified project manager with 34 years' experience in public realm, planning and civil engineering environments, with a particular focus on development and fundraising in sensitive and historic locations. Her expertise also includes grant awarding and grant bidding.
Report on the Talk
The Trust is taking a radical approach to involve the residents in development.
James Brookes is a chartered surveyor who deals in complex development projects and has worked on two schemes so far. Converting upper floors above shops to residential accommodation would be to revert to how it used to be! Few people now live in the centre of town. James has looked at the available spaces, and 200 apartments, with 350 beds for 500-600 people could be created. He worked on this project with the previous Conservative council, but no funding was made available
.A survey in the Herald asked people if they would invest, and 150 people replied. This could possibly raise £100.000 to invest! The Community Benefits Society (CBS) has been launched with a website in the last year. We were shown a picture of the painted hoardings surrounding the neglected plot on the corner of Greenhill Street as an example of the type of property that needs attention. Unfortunately, commercial developers need to make a profit and many sites are too small for them to bother. Some properties are also listed, which is a barrier.
The ex-Air Ambulance shop on Greenhill Street is a possible candidate for this non-profit making project. There are two retail units, insulated. They are affordable spaces with no business rates, and the upstairs could be rented at reasonable rents, for young people especially.
The Trust/Community Benefit Society will be a co-operative organisation, owned by its members, with one person one vote, and with community focused outcomes. It would acquire buildings, regenerate them, then hand them to a land trust when finished. The income would be used to do more. It would be regulated by the Financial Conduct Authority (FCA), with board-led governance and transparent reporting. Large buildings like the old BHS site are too expensive for this project at the present time.
The investment target is £530,000 in community shares, with modest long-term returns, with a patient, capital-based approach. The SDC wants to help and it has funds for such projects. Could it loan the CBS this amount? £10,000 has been raised so far in shares, on loan to the CBS for up to three years, which can be withdrawn. A small amount of interest will be paid on investments.
Why does this idea work? Success relies on local knowledge, long-term ownership, a focus on overlooked assets and with social and financial outcomes. It is a risk but it has local support.
Is the Strategic Partnership involved? It seems that the organisation has met with our MP, BID and others interested parties. All this is in the Neighbourhood Plan, but there is no buy-in. The police say that the town is safer with people living in the centre. This new body would also let to ‘worthy’ businesses. We need more variety within the businesses in the town. The problem started in the 1980s and 1990s with large retailers taking over properties then selling them to pension funds as investments. Now they cannot be converted by law and the upper floors can't be sold to housing associations, etc.
21 Greenhill Street is an ideal case study – it is under-used, in a convenient location, and is a clear opportunity. The results of the project would be a portfolio of assets, locally invested income, an improved town centre and community stewardship. It needs founding members, investors, support and advocacy. The next steps are to establish and develop the society, make its first acquisitions, and build an investment base. It also needs publicity. It is locally driven, with a long-term focus and designed specifically for Stratford.
For further information see: https://www.stratfordregeneration.org.uk/
There were a number of questions and comments:
- What about people without computers – how do they get information? Paper information leaflets will be available in supermarkets, etc., and at public meetings
- What are the long-term aims? There is no end to the scheme, it is long-term, and it will not use green field spaces
- The prospectus needs to be clear about the business case and the return on investment
- The scheme should not just concentrate on single properties but also on areas, such as The Minories which could be developed as a centre for craft businesses, for example
- There may not enough parking spaces for potential residents, although, if people live and work here, they may be less needed. Maybe an electric car-sharing club might solve the problem. Public transport is generally poor, and the current car parks are not necessarily in the right places
- People are keen to invest! Are investment application forms available now? See the website above
- It was a lively and interesting meeting which generated considerable support for the incipient project.
Report by Helen Elliott, Publicity Officer
