Lewisham Gateway phase 2 delivers on social value
Oxford believes that development projects should aim to deliver positive social and economic value to local communities and future occupants. The social, economic and environmental value of a development project can deliver both financial and non-financial benefits. Oxford-backed Get Living is looking to measure the social value of new development projects to be able to better assess the performance of benefits on the local community.
The Lewisham Gateway project is a mixed-use development that will bring new homes, retail and leisure offerings to the London borough of Lewisham. The project set targets to measure social value aligned with the National Social Value Measurement Standard. The standard is built around five key themes:
- Promoting jobs and skills
- Supporting regional growth
- Empowering communities
- Protecting the environment
- Promoting social innovation
Using the framework, the Lewisham Gateway project measured its social value contribution to the local community based on 12 key performance indicators (KPIs). The project over-delivered on seven of its KPIs and has so far delivered over £60 million ($100 million) in social and local economic value. Notable achievements included over 100,000 car miles saved, over 250 local employees and nearly £50 million ($80 million) spent locally.