Launch of Wandsworth Town Property Partnership, for Community-led Town Centre Transformation
Wandsworth Town, London - May 13, 2024
In response to the pressing needs of the local community — the cost-of-living crisis, climate emergency, and growing social isolation – the Wandsworth Town Property Partnership has officially launched and invites local businesses, landlords and community members to get involved.
Wandsworth Town Property Partnership Steering Group Launch Meeting, 24 April 2024, Wandsworth Town Hall
This initiative sets out to revitalise Wandsworth Town centre, by unlocking buildings for impactful ideas and businesses that promote affordability, sustainability, and community cohesion.
1 in 5 retail units in Wandsworth Town are vacant, yet local socially-trading organisations (STOs), which provide invaluable services like youth programs, community hubs, affordable food, childcare, skills training, arts, sports, access to nature and environmental initiatives, struggle to find suitable premises.
“I have a long list of brilliant arts and culture organisations whose work is connected to Wandsworth Town, but who are struggling to find affordable space in the area,” says Cllr. Kemi Akinola, Deputy Leader of Wandsworth Council.
“We hope the Wandsworth Town Property Partnership will help find secure homes for organisations like these, and contribute to Wandsworth as Borough of Culture for 2025.”
Key obstacles for STOs include the lack of technical capacity to negotiate leases and purchase buildings, insufficient relationships and trust built with asset owners and the Council, as well as the predominance of private asset ownership. One local business owner was forced to close when the landlord increased the rents by 70%.
“Wandsworth Town’s built environment is transforming. Our research shows that 95% of commercial units are privately owned by 89 different entities," explains local resident Brendan Conway and leader in community assets.
"This traditional ownership model allows for speculative land banking, unaffordable rents, and prolonged vacancies. These are barriers to our collective goal of a fair transition and a comprehensive, cooperative strategy for inclusive growth and sustainable communities. Partnership models founded on mutuality, trust and relationships and a clear understanding of the value exchange can re-calibrate these structural imbalances.”
At the same time, there are a handful of landlords and asset owners engaged with tackling this issue and supporting STOs and the council in finding solutions for their neighbourhood. For example, Legal & General is delivering a flagship Build-To-Rent scheme, New Acres Wandsworth, in the town centre, meeting local needs for new play and communal areas, with space dedicated to artists and independent businesses. Legal & General has seed funded this phase of the Wandsworth Town Property Partnership, following some initial funding from Wandsworth Borough Council.
“We envision a future for town centres rooted in independent local enterprises that offer a range of services for local people, as well as spaces where people can gather and be creative,” said Matt Soffair, Senior Research Manager, Legal & General.
“These businesses not only add vibrancy and drive significant foot traffic, but also deliver positive social outcomes in the community. To activate assets in this way, we need a local property partnership approach; where asset owners, councils and community leaders collaborate for mutual benefit. It is essential we understand and address local needs, support greater community integration, and reinforce local economic resilience."
The Wandsworth Town Property Partnership is dedicated to bridging the gap between asset owners, STOs, and the council, fostering an environment where all can thrive. The Partnership is made up of a diverse coalition comprising Wandsworth Council, community organisers, STOs, Wandsworth Town Business Improvement District (BID), major asset owners, local residents, and Platform Places.
In 2023, Wandsworth Town Property Partnership conducted a successful pilot initiative for a new 'Local Property Partnership' model. Building on this, the Steering Group officially launched on April 24, 2024, with representatives from the coalition, to take the partnership forward and start enabling spaces to be acquired for community use and potential ownership for the long term. Their shared vision is to co-design an impact framework, build capacity for STOs and make their innovative ideas come to life in selected buildings that offer long-term security of tenure.
Drawing inspiration from successful community asset initiatives such as Nudge Community Builders, Hastings Commons, and Meanwhile in Oxfordshire, which have respectively acquired and activated 5, 12 and 30 vacant buildings for local benefit, the Wandsworth Town Property Partnership is set to create a new local property culture that fosters relationships and trust among all stakeholders for mutual benefit.
These initiatives and partnerships show that when communities get access to multiple buildings, then residents benefit, jobs are created, and more investment is attracted for further community wealth.
The Partnership invites local businesses, land owners, community organisations and residents with ideas to spread the word and get involved.
Get in touch if you're looking for a space: wandsworth@platformplaces.com
Notes to editors
For media inquiries or further information, please contact: helena@platformplaces.com
About Wandsworth Town Property Partnership
The Wandsworth Town Property Partnership is a collaborative initiative aimed at addressing the challenges of the cost-of-living crisis, climate change, and social isolation by unlocking town centre buildings for impactful ideas and businesses. Comprising a diverse coalition of stakeholders, the partnership seeks to foster affordability, sustainability, and community cohesion in Wandsworth Town. Wandsworth Town Property Partnership is part of a UK-wide movement called Platform Places, co-founded by the High Streets Task Force, Power to Change, Legal & General, council leaders, and community entrepreneurs. It is committed to unlocking high street buildings for brilliant local ideas and community use or ownership and has commissioned a Wandsworth based consultancy Transformation by Design to deliver this work.
About Legal & General Investment Management
Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1,159bn*. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
Throughout the past 50 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
*LGIM internal data as at 31 December 2023. The AUM disclosed aggregates the assets managed by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong (2018-2019 only). The AUM includes the value of securities and derivatives positions.
