Social housing provider A2Dominion is pursuing a new approach to property development, as part of a raft of changes being brought in by the Board and Executive Management Team.
Going forward the 38,000-home housing association will focus on regeneration and the redevelopment of neighbourhoods which need the greatest amount of investment to make a real and positive impact on residents and communities.
The housing association is aiming to improve the quality and performance of customers’ homes and to provide affordable housing by bringing together internal expertise to improve, regenerate its existing portfolio.
The new approach moves the Group away from its previous emphasis on new developments, particularly those for private sale via its FABRICA by A2Dominion brand. As a result, the Group has seen its new build programme drop from 7,817 at its peak in 2018 – when it was one of the country’s top ten developing housing associations – to 1,645 today.
The move also aligns with the Group’s decision to re-focus priorities to make improvements to services following its recent downgrade.
To reflect the new strategy and reduced programme, the Group intends to reduce the size of its development team by half with colleague consultation already underway. It will also take a regional approach to the delivery of its current pipeline and future projects, with dedicated teams for London and the South East. This includes a technical team focused on a regeneration-led approach to future development, whilst ensuring continuity with its current joint venture projects.
Michael Reece, A2Dominion’s Chief Property Officer, said: “We remain committed to building new affordable homes for those in need, however this will be done in a slightly different way. The shift will see A2Dominion targeting the regeneration and redevelopment of properties that need the greatest investment. Our new strategy will also improve the quality and energy and environmental performance of homes to either improve, regenerate or disinvest in our existing portfolio.
“This new way of developing homes and improving existing customers’ living environments is designed to build resilience and flexibility into our development programme.
“We will also focus on individual investment strategies for each local authority partner which will focus on reviewing and regenerating current stock. This will also look at stock rationalisation and dis-investment in stock that distracts the Group from its core purpose.
“We’ll be looking at opportunities for redeveloping and improving densification and consider stock rationalisation where necessary to fund new development opportunities within the area.
“Importantly we’ll consult with our key stakeholders and focus on customer needs within that local authority, providing a tailored approach to each of the communities we serve.” “We also recognise the impact these difficult decisions have on our colleagues and appreciate their hard-work and reliance through this change”
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