Why it pays for developers to look back at what they’ve done

COMMENT Last month, EG reflected on how much King’s Cross has changed since Argent’s redevelopment there opened a decade ago. It’s not just the area’s reputation which has transformed. Argent’s scheme has also enhanced its brand – now synonymous with ambitious and creative regeneration. We don’t often talk about brand in property circles, unless to refer to a retail leasing strategy or maybe in a build-to-rent setting, yet a developer’s brand has a powerful role to play in its commercial success. Property businesses should consider how they can nurture their brand equity, starting with how they invest in and manage the flagship places in their portfolio. Schemes like King’s Cross are a shop window and developers know there is huge value in leveraging them to secure new opportunities, whether through case studies or site tours. But while there is an appreciation of how built assets paint a picture of what a business can deliver, this can tend to be a more static process. If organisations really want to get the most out of their track record, they should keep revisiting leading schemes, asking whether they continue to show them in the best light and investing where needed to bring them up to scratch. A theory of evolution Of course, any reinvestment into built projects has to be proportionate. And it must be targeted. We aren’t talking about ripping up masterplans or drastic re-imaginings. Instead, the starting point for property teams should always be the fundamentals of what makes a successful place – essentially how it supports the human experience. Consumer tastes and lifestyles will have evolved since projects were first conceived. Development teams spend a great deal of time and money upfront on projects researching how people want to live, work and play. Budget should be allocated to revisiting some of that work. How have ideas of what makes good public realm or how people enjoy themselves moved on? In turn, how could cultural programming be adapted to fit that? It is perhaps easier to apply this thinking to mixed-use assets where there is that ongoing push to secure commercial occupiers or retail tenants, but it can be equally relevant to residential schemes too. Consider the impact of Covid and the emphasis we saw from people on local communities. How could a focus on better connecting buildings to local neighbourhoods help to create a positive resident atmosphere, maybe through partner events or by encouraging people to shop locally? Your calling card It’s vital that asset owners think carefully about which management partners they entrust their flagship projects to. After all, they will be the ones who are responsible day to day for protecting these bastions of their brand and bringing them to life. Developers must select partners who understand the importance of assets as calling cards. We all want to be forward-looking, jumping onto the next development phase, the next project and site, but businesses shouldn’t overlook the chance to unlock further value from existing schemes. Smart ongoing asset and estate management can ensure they continue to pay dividends long after practical completion, helping to build developers’ reputations and drive a pipeline of new work. Charlotte Crawley is culture and experience director at Navana Property Group