Prof. Bichard was invited to assess the SuROI potential of the Old Vinyl Factory development as a part of a portfolio review for Cathedral Group.
The report showed that the Old Vinyl Factory would return £6.09 for every pound invested in the site.
The Old Vinyl Factory development was designed to regenerate the former headquarters of EMI and His Master’s Voice, in Hayes, Middlesex. This derelict site was planned to become a major new mixed-use development and had been designed to enhance the town’s social, cultural and economic potential. Before development began the site had been used for a variety of “meanwhile” activities to improve social cohesion with the site and the community. The development itself would include apartments, new retail space, a University Technical College (UTC), a museum, a live music venue and more public spaces.
SuROI predictions for the development were calculated and the conclusions were that the area around the Old Vinyl Factory had suffered from high crime rates, low educational attainment, high unemployment, and very little green space. The report showed that the Old Vinyl Factory would return £6.09 for every pound invested in the site. Most of the social value was created in the employment (46%) and the wellbeing (39%) of employees and local people.