Morden Wharf is an upcoming mixed-use development by London-based developer U+I on the Greenwich Peninsula. A societal value report was prepared to identify, maximise and communicate the societal value impact of the development for local stakeholders. The scheme was predicted to bring a number of benefits to the area, including increased greenspace and opening up of the Thames Path, as well as support for small and medium enterprises based in Greenwich.
The report was used by U+I to communicate to the local authority, and other stakeholders, the value of this development.
By conducting a number of stakeholder interviews, analysing socio-economic conditions in the local area and understanding the aims of the local authority, RealWorth devised a set of eight principles that the development would follow to create a place that has meaningful positive impact for local communities.
Following the set of principles devised, RealWorth and U+I collaboratively contributed new features to the existing scheme that would maximise societal value created. Then a societal value calculation was conducted using outcomes, indicators and proxies that indicated the total value of the scheme. This analysis included postive and negative aspects of the scheme.
The report also included a section that explained the social impact of the development through the eyes of a range of stakeholders, such as residents, neighbouring residents, business tenants and students.