Project overview

Driving Innovation in Civic Assets

Capabilities demonstrated: Theory of Change model and value proposition development.

Client: Broadoak Asset Management.

Date completed: July 2023.

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The job to be done

1. Create a future facing vision that expresses Broadoak’s ambition to create ‘the best publicly owned commercial property portfolio.’

2. Show how the assets can be used to achieve economic and social objectives aligned to Newcastle City Council’s (NCC) Inclusive Economic Strategy.

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​The key challenges

The Inclusive Economic Strategy published by Newcastle City Council, sets a clear vision for a city where the benefits of strong economic assets are shared more equitably by all its residents. The council’s publicly held property portfolio presents an opportunity to harness these assets to do just that.

 

A traditional approach to maximising the benefit of a property portfolio would focus primarily on revenue - in essence, invest to maximise return, which can then be reinvested or redirected elsewhere. The Broadoak proposition wants to do things differently.

 

The proposition now is to take a more innovative approach to the management of council owned properties across the city, to create the UK’s exemplar publicly-held property portfolio – balancing the need to achieve competitive returns on existing assets whilst also continuing to ensure the availability of good quality affordable premises where local businesses and communities can thrive.

 

The proposition is takes a new approach and so the benefits need to be explained clearly to stakeholders and decision-makers.

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​The approach taken

We were commissioned to prepare a Theory of Change model that aligned the objectives of the Broadoak proposition for managing the Councils’ assets, to the objectives set out in the Inclusive Economic strategy. The Theory of Change needed to demonstrate that the activities and outcomes Broadoak are proposing would deliver impacts aligned to the councils four strategic objectives of creating stronger economic assets, wealth that flows to communities, and enabling healthier lives and greener places.  

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Working with Arlen Pettitt, we then translated the Theory of Change into a compelling vision statement that set out a bold, but simple explanation of the approach being proposed. This accompanied the written submission to the Council for consideration.

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​Outcome and impact

• We demonstrated that, with a range of new approaches, including better use of technology and fostering stronger links with tenants, the assets could help contribute toward achieving the council’s inclusive growth objectives.

• We mapped the council assets across Newcastle and identified cluster of assets that might be repurposed for local community benefit – as businesses or other community uses – further enabling inclusive growth objectives.

• We raised support from partners that this new approach was worthy of further exploration.

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Next steps to develop this innovative approach are actively being considered.