There is a new spirit of collaboration in the UK development market with big-name developers, house-builders and contractors forming joint ventures – Taylor Wimpey is working with London & Quadrant, Persimmon is collaborating with St Modwen Properties and Linden Homes has joined with Wates.
Just last week it was announced that Barratt London is partnering with Christian Candy’s CPC Group to develop the high-profile Sugar Quay in the capital.
Peter Vaughan, Director at global architecture, urbanism and design practice Broadway Malyan, which is experiencing the heightened culture of collaboration across a series of projects, said:
“UK-based developers, house-builders and contractors are increasingly collaborating in the face of a tide of inward investment – secured by the likes of London mayor Boris Johnson on his travels amid a surge in confidence in the UK market – with the inward investment consistently able to out-bid the domestic market in places such as central London.
“UK companies are also engaging and collaborating directly with the same inward investors by becoming their expert delivery partners on the ground – so transforming the inward investment into funding streams, which until recently have been sadly lacking.
“In the current ‘hot’ market, collaboration is also driven by the increased focus on mixed use development where the residential element of the scheme isn’t always primary – and the land owner, such as a supermarket chain, may be the lead promoter and there’s a shared need to deliver integrated projects and make real places.
“While ultimately it’s the same companies delivering the development, but now in collaboration, it’s being funded by sovereign wealth funds, entrepreneurs and investment clubs rather than the traditional City sources and there’s a heightened level of collaboration and partnering.
“With project partners in a marriage of convenience, rather than a shot-gun wedding, the money, operator, land and development talent are all working in the same direction – meaning the risk for all parties is reduced, profits are shared and the speed of development is increased.”
Distinguished by its global reach with 16 studios across world centres, unrivalled diversity with 500+ design experts and distinctive client focus with over 75% income from repeat business, Broadway Malyan creates world-class and fully-integrated cities, places and buildings to unlock lasting value and deliver a ‘return on design’.