Hemlington Case Study

Transcription

1 ASSET MANAGEMENT STRATEGY INTERVENTION Hemlington Case Study ELLIOTT HOLMES JOHNSON LTD ROB JOHNSON BSc (Hons) PG Dip Welcome

2 Agenda Elliott Holmes Johnson Limited Asset Management Strategy Social Housing Context Hemlington Case Study Outline History The Solution Process The Master Plan Questions Agenda

3 ELLIOTT HOLMES JOHNSON LTD Property Consultants Specialise Clients with Property Portfolios Solutions Strategic and Technical Asset Management Project Management Building Surveys Design Services Process Management Health and Safety Elliott Holmes Johnson 1

4 ELLIOTT HOLMES JOHNSON LTD Elliott Group of Consultancies ELLIOTT HOLMES ELLIOTT ASSOCIATES ELLIOTT PROJECTS ELLIOTT DENT JOHNSON Elliott Holmes Johnson 2

5 ELLIOTT HOLMES JOHNSON LTD Recent Clients Elliott Holmes Johnson 3

6 ASSET MANAGEMENT STRATEGY SOCIAL HOUSING CONTEXT Definitions Asset Management is the understanding and management of any potential riskto those assets It is also about considering what will maintain or enhance the value of the asset by considering what actions are worthwhile Asset Man Strategy 1

7 ASSET MANAGEMENT STRATEGY SOCIAL HOUSING CONTEXT Social Housing Risks 1. Property Condition, Maintenance, Improvement 2. Finance Valuations, Interest Rates, Funding 3. Management Rent Losses, Demand, Turnover 4. Customer Choice, Aspirations, Need 5. Community Industry, Employment Opportunities Asset Man Strategy 2

8 ASSET MANAGEMENT STRATEGY SOCIAL HOUSING CONTEXT Expectations of an Asset Management Strategy An Asset Management Strategy doesn t provide the answers but analyses information to allow informed decisions to be made Asset Man Strategy 4

9 ASSET MANAGEMENT STRATEGY SOCIAL HOUSING CONTEXT Typical Model PROPERTY FINANCE MANAGEMENT CUSTOMER COMMUNITY ASSET MANAGEMENT STRATEGY EXPECTATIONS / OUTPUTS SUSTAINABILITY ASSESSMENT ASSET MANAGEMENT TOOL KIT ACTION PLANS PERFORMANCE MONITORING Asset Man Strategy 5

10 ASSET MANAGEMENT STRATEGY SOCIAL HOUSING CONTEXT Expectations of an Asset Management Strategy Validate decisions made about the housing stock Measure the value of the housing stock Achieve long-term sustainability of the stock & local communities Maintain or exceed the decent homes standard Meet regulatory requirements Contribute to regional and national strategies Ensure an effective development strategy Provide a mechanism to assess investment risk Set out the approach for demolition, disposal, acquisition & development Support and inform the business plan Asset Man Strategy 6

11 OUTLINE HISTORY Council estate built in early 1970 s -900 properties Poor estate layout and design Environmental issues lack of parking, landscaping etc Over supply of flats and little investment Lack of popularity Anti-social behaviour Rising number of void properties Outline History 1

12 OUTLINE HISTORY Outline History 2

13 OUTLINE HISTORY Stock Transfer LSVT Erimus Homes (Fabrick Group) Tenant Promises Investment to meet Decent Homes Standard Asset Management Strategy Increase the future sustainability of Hemlington Extensive Tenant Consultation Existing housing had proven sustainability Majority of flats considered redundant Empty for 10 years Outline History 3

14 OUTLINE HISTORY Outline History 4

15 THE SOLUTION PROCESS Appointment of Elliott Holmes Johnson Photographic survey and identification of flat types Properties identified on estate plan including Flats Houses Housing Association Tenants & Private Properties Measured floor plan surveys and drawings The Solution Process 1

16 THE SOLUTION PROCESS Option Appraisal & Cost Plan for each flat type Option Appraisals Included Modernisation Conversion into a range of house types Demolition Sale The Solution Process 2

17 THE SOLUTION PROCESS Option Appraisal information reviewed through Erimus Asset Management Strategy and Client Consultant Meetings Undertaken on an area basis Sensitivity Analysis Lost rent, cost to undertake action, finance costs, regulatory implications, etc Iterative process until potential solution identified The Solution Process 3

18 THE SOLUTION PROCESS Pilot Study Conversion of Four Flats Three bedroom house with ensuite Four Bedroom house Partnering contractors involved The Solution Process 4

19 THE SOLUTION PROCESS The Solution Process 5

20 THE SOLUTION PROCESS The Solution Process 6

21 THE SOLUTION PROCESS The Solution Process 7

22 THE SOLUTION PROCESS The Solution Process 8

23 THE SOLUTION PROCESS The Solution Process 9

24 THE SOLUTION PROCESS Value Engineering Exercise Elliott Dent Collaborative team approach Project solution agreed Financial Solution wash its own face The Solution Process 10

25 THE MASTER PLAN The conversion of 112 one up, one down flats into 56 houses The subsequent sale of 41 newly converted homes The implementation of associated Environmental Improvements The acquisition of 3 privately owned flats to enable the Master Plan Proposals The modernisation of 52 flats The selective demolition of 48 unpopular flats The Master Plan 1

26 THE MASTER PLAN The Master Plan 2

27 QUESTIONS Questions?