That’s where R3 came in.
Our first step was to consider viability
Because having an ambition is one thing, but having the funding and commercial set-up to execute it is another.
We undertook a detailed analysis of available options, looking at the short, medium and long-term implications of in-house, external and joint venture approaches. Our conclusion was that Epping Forest District Council should set up a wholly-owned company to develop, retain and manage the projects. The council wasn’t planning on selling any assets in the short term, but it needed additional revenue. This approach would enable them to cross-fertilise the profits from developments, so they could invest in more services, broaden their community offer and prioritise more affordable housing.
Qualis Group, the council’s wholly-owned group of development, management and investment companies, was therefore created to meet these objectives
The next step was to develop a full business plan. Our proposals were for Qualis to be a sustainable company that would have a pipeline of projects, investment and management opportunities, thereby giving the council multiple new revenue streams.
2 years later, and our proposals are being successfully realised
The council has created new ways to generate revenue. Its development opportunities are managed by experts who can deliver maximum value on the council’s behalf – without putting a burden on in-house resources. And it’s all set up in a way that reinforces its goals around social value and sustainability.
We’re now 2 years in, and Qualis is developing 5 sites as part of an Epping Town Centre masterplan that will deliver new homes, a leisure centre, cinema, retail, offices, public spaces, new urban realm and green space. With Qualis at the helm, the council therefore has a viable and sustainable way to drive regeneration.
