The Earls Court Development Company (ECDC) is an Earl’s Court based business, responsible for driving the regeneration of the, circa 40 acres, former Earls Court Exhibition Centre site on behalf of the Earls Court Partnership Limited – a joint venture between Delancey (on behalf of its client funds) the Dutch pension fund manager, APG) and Transport for London (TfL) that was formed in December 2019. The Earls Court Development Company appointed RealWorth to measure the social value of the activities associated with the regeneration process. This includes the impacts of meanwhile activities, community programmes, master planning and the establishment of development on the site.
This long-term appointment seeks to integrate social value into a wide range of functions conducted by ECDC during the planning, design, construction, and occupation phases of the development.
In 2021, RealWorth measured the social value of the summer Meanwhile Programme which included an activation which was produced by Underbelly in partnership with ECDC and was known as London Wonderground. The event was free to enter, home to a ticketed music and arts programme, fairground rides, a city beach, pop-up food and drinks stalls, and Training Academy for young people interested in event production. RealWorth surveyed employees, visitors and members of the local community to understand how the programme had affected them and the surrounding neighbourhood. Responses were analysed to produce a qualitative and quantitative (monetised) social value report on the programme.
RealWorth is retained as the Development Partnership’s Social Value Advisor to help define and implement its social value strategy. This includes authoring a social value charter and defining a set of KPIs to measure performance. The Charter (part of a wider Sustainability Charter) includes a definition of social value, objectives, and measurable indicators for issues such as engagement, procurement, master planning, design and operation of the development. The KPIs will be used to track performance against the objectives throughout the development process.
The RealWorth team is collaborating closely with designers to understand and maximise the social value of the new development of the site. This process includes a series of workshops between RealWorth and the design team to discuss the potential benefits to local stakeholders, and how these can be maximised. In addition, RealWorth is producing quarterly reviews and annual social value reports.
The work that RealWorth is doing will be utilised by ECDC to underpin the design and development of the project, working towards a completed development that has embedded social value at every stage.