RealWorth’s began measuring the social value potential of this central manchester development in 2016, when the SuROI method was used in collaboration with the bid team to influence the concept design proposals and create the maximum amount of social and environmental value for residents, employees and visitors.
Innovative additions to the scheme included enhanced uses for the elevated garden walkways and a new urban park, community enterprises for the retail and meanwhile spaces, crime prevention and health enhancements to the public realm and building design, and youth active spaces and meeting places.
The submitted proposals contained a commitment to community engagement and co-design, and a pledge to carry out a 10-year post-occupation surveys and reviews to monitor how social and environmental value is produced and maintained within and around the district.
After U+I were appointed RealWorth were invited to predict to societal value of worthwhile activities at Mayfield, incluidng a range of pro-social and pro-environmental activities that were intended to bring new community into the challenging development area. This prediction acted as a target and baseline of social value creation for all worthwhile activities.
In the summer of 2019 RealWorth completed a two-part valuation for the Mayfield District ahead of phase one of development.
This valuation consisted of a 3-year evaluation for the period 2017-2019 focusing on the societal value created by Worthwhile Activities in the Mayfield district, followed by a 5-year forecast for the period 2020-2024 covering Phase One of development and continuing Worthwhile activities in the Mayfield Depot and around the Mayfield district.
More value had been generated in the evaluation than that predicted in the 2017 forecast
Due to the previous predictive research conducted by RealWorth on the societal value of Worthwhile Phase, we were then able to compare the value generated from Worthwhile activities to that predicted to be generated in 2017. The comparison showed that more value had been generated in the evaluation than that predicted in the 2017 forecast, although the program of activities had changed significantly meaning that the outcomes of the 2017 forecast and 2019 evaluation were not directly comparable.
The final report for this research included:
- An outline of the total value generated through the worthwhile phase of the development site, split by feature, factor and stakeholder groups. This value was created across an impressive range of worthwhile activities including Manchester Pride, the Dirt Factory, Hoyle Street workshops and co-working facilities.
- A comparison to the predicted value generated in the 2017 forecast, where RealWorth were able to prove that Worthwhile activities created signfiicantly more social value than was predicted in 2017.
- An outline of value created by phase one of development, with breakdowns by feature, factor and stakeholder group. The creation of Manchester’s first inner city park in 100 years was a large source of value creation for local communities in the analysis.
- An overview of total value for the evaluation-forecast period spanning 2017 to 2024 and a time series of when value is generated, relating to different phases of Mayfield development
This work will continue with regular updates to the analysis based on the delivery of each phase at the Mayfield site, and through the maximisation potential of each new phase of delivery.