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Reimagining density: the Royal Wharf
As the housing crisis took centre stage in the Autumn budget, the Urban Land Institute offered a glimpse into how architects and developers
11 December 2017
For a number of ULI UK Young Leaders, budget day had a treat in store…but not from the Chancellor. The day was the opportunity to share lunch with/ learn from Nick Cuff, Land Director at Pocket Living, the developer of affordable housing in London. Over lunch, kindly hosted by Alexandra Jezeph at JLL’s Warwick Street home, Nick (one of Property Week’s “Forty Under 40”) shared his career wisdom, as well as how Pocket is disrupting the residential market.
Nick shared a number of invaluable thoughts on career progression. Three broad themes stood out:
As for Pocket, Nick described how there is much more to come (e.g. growth of Pocket’s 2 bed concept) and also a frank admission that Pocket cannot solve the housing crisis alone. The industry (in a public and private capacity) needs to bring forward other innovative solutions. Nick noted that in housing delivery, London risks losing its innovative edge. With regional cities (e.g. Birmingham) pushing ahead, he cited the risk that developers would simply move their money out of town.
Nick also explained how the Pocket concept has developed, together with the many challenges along the way. In particular, Nick described Pocket’s initial struggles to persuade planning authorities of proof of concept. He amused the audience with one story of a councillor questioning the Pocket product on the basis that there was no room for a piano, clearly a priority of many a young Londoner looking to get on the housing ladder! Now in 16 London boroughs, Pocket have clearly overcome initial scepticism but challenges remain. Nick explained the importance of developing and maintaining the Pocket brand, a theme receiving increasing attention in the industry. On this point, Pocket’s move into modular build was vital to not only improve speed of delivery, but also maintain quality and consistency of product. From a lawyer’s perspective, it was also fascinating to hear how Pocket “police” the product, and in particular, the transaction restrictions that apply.
With financial backing from Mayor Sadiq Khan and US equity partner Related Companies, Pocket is all set to scale further with Nick set to be a key part. Those in the audience will watch with much interest. On behalf of those listening, thank you to Nick, Alexandra and the wider ULI team.
Words by Edward Glass, Forsters LLP
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