Communities in central London are under a lot of pressure. Development is largely carried out with either business or tourism in mind, and this can lead to very large-scale buildings, which can be dehumanising in feel and use.
As commercial property owners, we are able to curate what takes place on the ground with great care: we work hard to preserve the character of Soho by letting to small independents who understand that our residents live cheek-by-jowl with them, and that by working together and being aware of each other’s needs, both sides will flourish.
Our portfolio includes a wide variety of commercial tenants, including a Swedish bakery in Covent Garden, second-hand bookshops in Charing Cross, a nursery and a post office. Many of these shops are used extensively by our residents, and unusually, we are extremely hands-on as commercial landlords, really assisting our small businesses with their growth.
“By incorporating commercial assets into the portfolio, we have boosted revenue generated through commercial rents, giving the association a sturdy foundation and a secondary cash pool to fall back on”
Remote working and high inner-city rents have largely pushed residents out of central locations, and so fostering community for city-based social housing residents is paramount. By incorporating a mixed-use approach, we can boost local economies by increasing community engagement.
Perhaps the most important lesson we have learned is the importance of a residential community to the wider health of the centre of a great city. If children and older residents can live centrally, then the centre is a good place for everyone to live.
Our main purpose is providing and maintaining safe, comfortable homes for residents. Our commercial properties help us to do this. By incorporating commercial assets into the portfolio, we have boosted revenue generated through commercial rents, giving the association a sturdy foundation and a secondary cash pool to fall back on. This allows us to remain resilient to market fluctuations, but only because we are operating in the centre of the capital.
Elsewhere, housing associations are working creatively to make the most of every asset they own and every opportunity they have to bring in funds. We believe mixed-use property both serves this purpose and makes the city a better place to live for all.
Barbara Brownlee, chief executive, Soho Housing Association