Sustainability Workshop

Transcription

1 Urban Regeneration & Social Sustainability Workshop The Igloo Model & Roath Basin Mark Hallett Igloo Regeneration

2 Investment Policy We invest to create well designed, mixeduse, sustainable urban neighbourhoods on the edges of the UK s top 20 city centres.

3 17 criteria across 4 themes Regeneration Environmental Urban Design - Health, Happiness & Wellbeing

4 Igloo SRI Advisory Committee Sir Jonathon Porritt CBE Founder Director Forum for the Future Chair Sustainable Development Commission George Ferguson Past President RIBA Prof Anne Power Dept Social Policy LSE Paul King Chief Executive Green Building Council

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6 Making a Difference in the 1. Drivers; 2. Blockers; 3. Money; Mainstream

7 Making a Difference in the Mainstream 1. Drivers

8 Stern Review: Climate Change Economic costs of inaction >> costs action Taking action therefore 'pro growth' option in long term 'De-carbonise' ' economy! 1. carbon pricing 2. promote behavioural change 3. technology policy low-carbon = energy efficiency & renewables

9 Drivers (2): Kyoto - CO 2 emissions 12.5% (1990) by UK Government goal - CO 2 20% by2010 Energy White Paper - CO 2 60% by 2050 Building Regulations (Part L) PPS22 Renewable Energy (2004)

10 Drivers (2): GLA Energy Strategy - 10% on-site renewables Merton Rule 10% on-site CO 2 reduction North Devon 15%, Kirklees MBC 30% etc... BREEAM / EcoHomes Fuel / Electricity price Grid connection / Security of supply Branding Consumer preference!

11 Technologies: Solar thermal Photovoltaic (pv) Ground source heat pump Wind Hydro CHP (Cogeneration) Biomass Wave / Geothermal / Fuel cell Energy from waste (not domestic incineration!)

12 Planning Policy: PPS 22 Renewable Energy + Companion Guide RSS / LDD guidance Material planning consideration LAs can set targets for on-site renewables for residential, commercial and industrial developments. LAs and developers to consider opportunities for renewables in all new developments. LPAs to specifically encourage throughh positively expressed policies in LDDs - Paragraph 8

13 Making a Difference in the Mainstream 2. Blockers

14 CABE Space BO01 Malmo Mutual public & private goals

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17 CABE Space Paying for Parks 1. Traditional local authority funding; 2. Multi-agency public sector funding; 3. Taxation initiatives; 4. Planning and development opportunities; 5. Bonds and commercial finance; 6. Income-generating opportunities; 7. Endowments; 8. Voluntary and community sector involvement

18 BO01, Malmo 50 species of native herbs; climbing plants; green roofs; A bird box for every flat; food for birds; Bat boxes; A habitat for insects; Nectar giving vegetation; 1 m2 pond for every 5 m2 sealed area in the courtyard; Courtyard amphibian habitats; Section of courtyard as natural greenspace

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22 UK public sector land sales restricted by Best Consideration rules Government Accounting, Green Book, Financial Memoranda: The General Disposal Consent 2003 circular:

23 A piecemeal ea approach risks s mediocrity and regeneration failure

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28 Making a Difference in the 1. Drivers; 2. Blockers; 3. Money Mainstream

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30 Impacts on Real Estate - Unlocking Future Value Current market conditions have led to falling returns; Challenging investment environments can lead to greater focus on investment risks, including those from sustainability; Investment returns from commercial real estate are a function of rental income and capital value and both could be influenced by regulatory drivers and changes in occupier demand related to sustainability.

31 GREEN VALUE Green Value can: Be quicker to secure tenants Command higher rents or prices Enjoy lower tenant t turnover Cost less to operate and maintain

32 GREEN VALUE Green Value can: Attract grants and subsidies Improve productivity for occupants, affecting churn and fit out costs Benefit occupants to an extent that may exceed asset value

33 Impacts on Real Estate Research Data: RICS & University of Reading 11% rental premium and 31% sale price premium for LEED buildings compared to non-certified buildings. Influenced by: green funds chasing rarely available assets? small sample size of certified buildings that have actually transacted? business rates relief (of up to 50%) for certified buildings?

34 Impacts on Real Estate Research Data: Maastricht University & University of California Offices with green rating command 3% higher; h Premiums in effective office rents are 6% higher; Office selling prices are 16% higher; 10% increase in energy efficiency delivers 20% increase in effective rents; $1 saving in energy costs from increased thermal efficiency yields $18 in the increased valuation of an Energy-Star certified office building.

35 Joint European Support for Sustainable Investment in City Areas

36 Excellent and Sustainable urban transformation

37 A New Way to Deliver Regeneration The blueprint Model

38 emda (50%) EP (50%) emep Ltd igloo 50% vote 50% vote Shareholders Partners blueprint General Partner emda EP igloo blueprint Limited Partnership

39 Social goods and financial profit A Different Approach Activity shaped by a Strategy Real partnership p between key players aligned to a common cause with mutual benefits Long term view and highly focused Early engagement

40 igloo PPP Financial Structure Public Sector Input Portfolio of workshop units and site options (emda) and sites and cash (EP). Part equity and part loan which attracts a coupon Private Sector Input Cash, Mezzanine and Debt Vehicle has a 10 year life and performance assessed over the 10 years Loan repaid over 6 years

41 igloo PPP s sustainability in 4-dimensions Financial; institutional; strategic; and organizational aspects.

42 igloo PPP s sustainability in 4-dimensions A powerful mix of influence, assets and skills: resources from the public sector with cash, resources and expertise from the private sector. A marriage of the public and private sectors aligned to a common cause. Financially structured to take a long-term perspective. Committed to delivering social and community benefits and an excellent financial return to partners.

43 igloo PPP s sustainability in 4-dimensions Recycles initial investment by partners through profit share. Committed to socially responsible investment including delivery of environmentally sustainable development. Allows bundling of highly-profitable and less-profitable investment projects to enable greater continuity of supply of opportunities. Builds social capital and know-how.

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51 WORKBOOK WK ROATH BASIN SOUTH MASTERPLAN JOB: IGCD001 FOR: WELSH DEVELOPMENT AGENCY. CARDIFF, WALES + IGLOO REGENERATION

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57 phase 1 phase 2

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62 phase 3 phase 4

63 phase 5 phase 6

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68 A world class, creative, sustainable, urban neighbourhood; deeply rooted in Wales, in Cardiff and in Tiger Bay. Together we will create a world beating creative neighbourhood something different momentum to the creative and knowledge economy in Wales

69 Vision Locally Distinctive and World Class Residential Funky Homes for Creative People Commercial Creative Media & Bioscience Jobs Community History, Benefit, Art, Engagement Delivery Programme, Sustainability Evolutionary Urban Design

70 Delivering Socially Responsible Investment into Roath Basin Set and sign up to objectives for Creative and knowledge industry employment Environmental sustainability Design quality Social benefit Financial return.

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