Local authorities have continued to grow their built environment portfolios to secure a consistent stream of revenue generation from these assets. While the acquisition of commercial property does open councils to new lines of revenue generation, it also creates new risks to their built environment portfolios (and subsequently revenue generation) in the event of an economic recession or a property crash, both of which are very realistic concerns as a result of the COVID-19 pandemic.
The COVID-19 pandemic has also impacted the way local authorities are using their offices and built environments. COVID-19 has shifted the way civil servants and other staff perform their roles, with many having adopted flexible working practices and working from home in line with government orders. This shift in working practices, one that is predicted to stay through a post-pandemic future, combined with a technological transformation which has better equipped staff to perform their role remotely, means that councils now need to rethink how large an estate is required to perform their work and generate sufficient revenue through commercialisation, while preventing built environments from becoming loss making assets.
V4 are highly experienced at working with local authorities to conduct analysis and develop new service modelling surrounding their built environments.
Our team will work closely with you to review your current portfolio and provide recommendations where and how to best maximise the value of your built environments. We also appreciate the nuances of navigating the internal landscape within local authorities. We see ourselves as an extension of your team, supporting you to rethink your built environments and develop strategies to future proof these assets and deliver maximum return on investment for your community.
Examples of how we have supported local councils with their built environments include:
- Regeneration: Developing regenerative proposals which delivers long term commercial growth, while also addressing immediate upgrades to address the fallout of COVID-19.
- Revenue savings: Conducting analysis of your built environment portfolio and provide recommendations on the appropriate size required to sustain sufficient revenue through commercialisation of these assets, while providing recommendations of which assets could be offloaded to generate revenue savings through the avoidance of incurring unnecessary costs.
- Social housing: Providing recommendations for opportunities where existing assets can be converted to help achieve wider social value goals and support the increasing demand for social care services.