London Borough of Waltham ForestStrategic AssetManagement Plan2019–2024
LB Waltham Forest Strategic Asset Management Plan2FOREWORD by Lead Memberof global and national trends fromtechnological breakthroughs toBrexit potentially profound. Theseeffects need to be managed carefullyto ensure that we can harnessthe benefits of these changes andmitigate the risks they present.Within this context, the Councilhas recognised it must adopt adifferent approach to deliveringpublic services, creating savingsand generating income; with a focuson building our resilience and abilityto mitigate the risks presented byexternal forces.Waltham Forest is a vibrant, openborough that welcomes the newcommunities and businesseschoosing to make it their home. Theeconomic and cultural growth thisbrings creates enormous opportunityfor new and existing residents andhelps contribute to London’s successas a global city.We know that we are entering aperiod of uncertainty, with the effectsWe have developed a new approachto transformation, which has a strongfocus on maximising the potential ofall the borough’s assets.Central to this approach will be tocontinue to use our land, buildingsand partnerships creatively. Wewill embark on the delivery of ourInvestment Strategy to acquireassets strategically; ensuring ourability to influence the creation ofspaces that will contribute to ourlong-term ambition for economicgrowth and regeneration.This strategy builds on the visionset out within our PropertyTransformation Strategy. Itdemonstrates how, by criticallyassessing and developing ourproperty portfolio, we can helpdeliver outstanding services innew ways; support regenerationand sustainable economic growth;provide financial resilience forthe Council; and create a lastinglegacy for the benefit of the localcommunity.Cllr Simon MillerCabinet Member for EconomicGrowth and High Streets"We will embark onthe delivery of ourInvestment Strategyto acquire assetsstrategically; creatingspaces that contribute toour long term ambitionfor economic growth andregeneration."
LB Waltham Forest Strategic Asset Management PlanCONTENTSTHE "SAMP" 4INTRODUCTION 5PART 1: THE CONTEXT10PART 2: THE PROPERTY PORTFOLIO19PART 3: RECOMMENDATIONS34PART 4: PROGRAMME45PART 5: MEASURING PERFORMANCE48APPENDIX 1: CSAMG Terms of Reference 503
LB Waltham Forest Strategic Asset Management PlanTHE "SAMP"This Strategic Asset ManagementPlan (the ‘SAMP’) is a detailedcompanion document to theProperty Transformation Strategyand establishes the Council’sapproach to the management of itsproperty portfolio. A core priority forthe Economic Growth and HousingDelivery Directorate continues tobe to strengthen the link betweenthe management of the Council’sproperty portfolio and the deliveryof its core business outcomes.We recognise that in order to trulymanage the portfolio strategically,our approach must be aligned withthe Council’s overarching vision;Transformation and EconomicGrowth and Resilience.The aim of this SAMP is to buildupon the principles set out within theProperty Transformation Strategy(PTS) and to establish a plan for theuse of the Council's Property Assetsin order to contribute to the deliveryof its business outcomes; channelledthrough our five guiding principles asdefined within the Council’s CreatingFutures corporate strategy: Our unique strengths: building onwhat’s best about our borough Return on investment: alwaysgetting maximum value from ourresources People focussed: providing 21stcentury services that meet people’sneeds New relationships: building deeperrelationships with our partners and anew relationship with our community New ways of working: creatingan agile council that is more digitallydriven and more ESTRATEGYPROPERTYTRANSFORMATIONSTRATEGYSTRATEGIC ASSETMANAGEMENT PLANFigure 1: Aims and priorities of the eSupportServiceDeliveryMaximiseNet Income4
LB Waltham Forest Strategic Asset Management PlanINTRODUCTIONOur approachOur aimsThe Creating Futures corporate strategysets out the Council’s vision for creatingstrong and sustainable communities,and its commitment to achievingthe best possible outcomes for ourcommunities. Making the best use of ourphysical assets is a key contributor toachieving this vision.When assessing why we hold our assetswe will consider not only financial gainsbut also the asset’s contribution to longterm socio-economic benefits. We aim totake a portfolio approach and considerour assets collectively, looking at howthey can be used interdependently tocreate a lasting legacy for the benefitof the community. We will maintain,enhance and continually challengeour existing portfolio. Our InvestmentStrategy sits alongside this SAMPto address not only the assets thatwe currently own, but our intentionsfor making strategic acquisitions tosupport our programmes for return oninvestment and commercialisation. TheVenn diagram in figure 2 demonstratesthe synergy between three core prioritiesfor the Economic Growth and HousingDelivery Directorate:We will be commercially minded,entrepreneurial and will always prioritiseachieving clear outcomes for anythingwe propose to do with our propertyassets. This vision is reflected in theprinciples of the Property TransformationStrategy, which this document buildsupon.This SAMP has been developedthrough a collaborative process withservice leads and has established aprocess for working with our key internalstakeholders, to challenge why eachasset is held and to define and providefor the longer term corporate need. Therecommendations seek to address boththe agreed outcomes from workshopsheld with internal stakeholders and theneed to achieve the Council's strategicpriorities.· Delivery of core operational needs –maintenance and management of thecurrent operational estate in order toeffectively deliver services.· Commercialisation – to exploreinnovative ways to reduce operatingcosts and generate income, and tosupport our services in their initiativesfor commercialisation through servicedelivery.· Return on Investment – to invest inassets that have a clear objective forachieving financial returns, as well associal and economic benefits.CommercialisationDelivery of coreoperationalneedsFigure 2: Core themes reflected in the SAMPReturn oninvestment5
LB Waltham Forest Strategic Asset Management PlanThe overall aims of this SAMP are to:The purpose of the SAMP maintain and enhance baselinedata on each asset and itsperformance;This SAMP and its accompanyingImplementation Plan work together withother strategies to form the Council'sAsset Management Policy and deliveryvehicle for the vision set out in ourProperty Transformation Strategy. continually challenge the purposeand makeup of the existingportfolio; provide a fit for purpose estatewhich supports service delivery; minimise outgoings and maximiseincome; use our assets as an enabler foreconomic growth; protect and optimise the value ofour assets; develop and implement theCorporate Landlord model; and implement our Investmentstrategy.The SAMP is intended to be updatedevery year following the Asset PlanningProcess detailed in the next section.All property interests are considered;however, housing and schools are onlytouched upon as they are subject totheir own Asset Management Plans.Highways and transport infrastructureassets carriageways, footways, lighting,street furniture etc. are also subject totheir own asset management plan calledThe Highways Asset Management Plan,and are therefore not in scope of thisdocument.Figure 6 within the next section showsthe SAMP within the organisationalcontext.6
LB Waltham Forest Strategic Asset Management PlanThe Asset PlanningProcessASSESSIn producing this SAMP, a clear processencompassing the ‘Asset Challenge’methodology was adopted. The diagramin figure 3 shows the overall processfollowed during the development of thisdocument.NTCOMMENEPLPLAWNMUICATETHE ASSETMGT CYCLEREV I EIMThe three-staged cycle consists of;Assess, Plan and Implement. Althoughthis SAMP is a five-year plan, the assetplanning process will be carried out onan annual basis and implementationtimeframes based on individual projectprogrammes. Each of the phases of theasset planning process is explained infurther detail below.E NG A G EFigure 3: The Asset Planning ProcessHow well is the assetcurrently performing?Why are we holdingthe asset?StrategicConsiderations?- Condition- Utilisation- Suitability- Energy- Property Cost- How does it benefitthe service?- What do we expect ofthe asset?- Who isaccountable?- Housing- Investment- Service- CorporateFigure 4: The Asset Challenge ProcessOpportunities & RisksOutcome- What are theoptions?- What are thecosts & benefits ofthese options?- What are the risks?- Keep/ maintain- Maintain/requiresfurther review- Keep/ adapt/ re-use- Dispose/ release- Further considerationrequired7
LB Waltham Forest Strategic Asset Management PlanASSESSCurrentpracticesCurrent state ofassetsPLANService strategies'Assess' – establishing the status quoThe aim of this phase is to review and understand thecurrent state of the portfolio and to establish a robustbase position, agreed with our service departments.During this phase, interviews were conducted with allservice leads in order to establish the current servicestrategy and future aspirations for service delivery. Adetailed desktop analysis was undertaken and verifiedwith client departments, and property inspectionswere carried out on some properties where inadequateinformation was available. During inspections, thecondition and utilisation of the properties were notedto be further discussed at the workshops.One of the outcomes of the process has been therequirement to establish a defined workstream for datamanagement and the updating of the Council’s assetmanagement database – Concerto. This has beencaptured within the recommendations in section 3.AssetchallengeAsset ManagementPlan8IMPLEMENTIntegrate to long-termfinancial plan‘Plan’– how we challengedThree property workshops were conducted for theFamilies and Homes directorate, the Neighbourhoodsand Commercial Services directorate and for theInvestment Portfolio. The aim of the workshops wasto arrive at a high-level assessment of service andcorporate need over the next five years. Each workshopwas attended by officers from service departments, aswell as colleagues from our Planning and Regenerationteams. Each property asset was mapped onto a plan,with housing growth and regeneration areas marked.This enabled the group to consider each asset within thecontext of its location.Each asset was assessed using the challenge criteria(see figure 4) for determining any potential futureopportunity and stakeholders were asked to collectivelyagree on their views. The results of the workshops formpart of the recommendations of this SAMP and theopportunities presented will be explored further as partof the implementation phase.Implement assetmanagement practicesMeasure and report‘Implement’ – How we will deliverThe recommendations of this SAMP, onceendorsed via internal governance processes andembedded within the Capital Strategy, will form the‘Implementation Plan’. This will detail the resourcesrequired, define budgets for delivery, and identifykey actions and activities that will enable the Councilto deliver its asset management objectives. TheImplementation Plan will follow on from the SAMPand will be formed by working jointly with servicedepartments and key stakeholders to first agree on thepriorities coming out of the SAMP.
LB Waltham Forest Strategic Asset Management Plan1. THE CONTEXT9
LB Waltham Forest Strategic Asset Management PlanPART 1: THE CONTEXTThere are three distinct strands withinthe document hierarchy as shown infigure 6, which together with the SAMP,form the basis of one overall propertyasset planning framework. Figure 5illustrates how the priorities of eachlayer in the hierarchy are connected,effectively providing a clear statement ofthe purpose and performance objectivesexpected from the Council’s propertyportfolio.The framework will have a medium-termlifespan but will require an annual reviewas part of the Capital Strategy and AssetManagement Group (CSAMG) and theAsset Planning Process. A summary ofthe main purpose of each is summarisedas follows:Creating FuturesKey priorities& principlesThe 5 Driving Principles:and safe.2. Return on investment1. Keep Waltham Forest clean2. Ensure a decent roof overresidents heads.3. Improve residents life chances.1. Our unique strengths3. People focused4. New relationships5. New ways of working Seek to work in productive partnerships, adopting a 'One PublicEstate' philosophyProperty TransformationStrategy- Key priorities to helpachieve corporate outcomes Use property as an enabler for service transformation anddelivery of the Council’s agreed business outcomes Treat our buildings and spaces as one property portfolio availableto meet the borough’s diverse needs Consider social, economic and financial return on investmentwhen seeking to optimise the use of our assets Operate a Corporate Landlord model to drive the most efficientuse of our operational estateCreating FuturesThe Creating Futures corporate strategysets out the Council’s intention todraw on all the strengths in WalthamForest to build a positive future for theborough, build resilience and respondto unexpected opportunities andchange. Developed through extensiveconsultation with residents, it focuseson making the best use of our uniquestrengths and assets – both peopleand physical – and identifies three keypriorities with five driving principles (asshown in figure 5), intended to shape theCouncil and everything it does.The 3 Key Priorities: Embrace innovation in digital and environmental sustainability Maintain and enhance baseline data on each asset and itsperformanceStrategic Asset Management Planour priorities in supportof these principles Continually challenge the purpose and make-up of the existingportfolio Provide a fit for purpose estate which supports service delivery Minimise outgoings and maximise income Protect and optimise the value of our assets Use our assets as an enabler for economic growth Develop and implement the Corporate Landlord modelFigure 5: Strategic priorities of the SAMP10
LB Waltham Forest Strategic Asset Management PlanThe PropertyTransformation StrategyThe Strategic AssetManagement Plan (SAMP)The Property Transformation Strategyidentifies the key strategic policy andresource influences affecting the LondonBorough of Waltham Forest and inresponse to these, sets a broad directionfor asset management over the mediumterm, thereby enabling its propertyportfolio (and associated professionalsupport) to be optimised to meetidentified needs. The principle aims ofthe Property Transformation Strategy areshown within figure 5.This SAMP sets out the Council’sprocess for assessing the operationaland financial contribution that propertymakes as a corporate resource. TheSAMP and our process underpinningit, determines how each property assetaligns with the overall priorities of theCouncil, supports service delivery andbusiness outcomes. The SAMP sitsalongside other service strategies andCouncil-wide programmes includingthe Investment Strategy, which is a keydocument that supports the objectivesof the SAMP by defining our acquisitionstrategy. The Investment Strategy isdiscussed further on page 12.Through the Asset Challenge process,we have identified which assets shouldbe retained as is and which needfurther consideration. The outcomesof the workshops have informed therecommendations of this SAMP.The plan sets the context and aprogramme of action for the Council’sproperty portfolio over the medium termand is intended for a wide audience,including:Partners Strategic AMPSCapital ProgrammeCustomer Insight StrategyRationalisation & efficiencyProperty TransformationStrategyStrategic Asset Management PlanFigure 6: Asset Management Policy document hierarchy· Elected Members – to supportdecisions on investment priorities inthe portfolio· Service managers – to identifyportfolio changes to meet their needs· Building users – to promoteawareness of procedures and likelyportfolio changes· Public – a statement of the Council’sasset management practices andpriorities· Estate professionals/developmentpartners – an indication ofopportunities for development andpartnership working.Service StrategiesCreating FuturesCorporate StrategyHousing Management PlanHighways & Public RealmPublic Place PlanThink Family11Service transformation & OPERegen & BusinessStrategies Local PlanEconomic GrowthService Asset Management PlanAsset Plan & StrategiesInvestment StrategyMaintenance StrategyService Strategies set out each servicedepartment’s aims and aspirations forfuture service delivery and highlight anyinitiatives for co-locating, partnershipworking, service reduction or expansion.It is expected that any future updatedservice strategies will be communicatedto the Commercial Property & DeliveryTeam and advice sought on strategicproperty implications as a result ofthe new strategy. Throughout thedevelopment of this SAMP, we haveengaged with service department leadson how their service strategies mayaffect future property requirements andthe suitability of currently occupied
LB Waltham Forest Strategic Asset Management Planproperty.The process undertaken to producethis SAMP has identified further activityand opportunities to align propertyworkstreams within the context ofservice delivery.Commercialisation andInvestment StrategyThe Council’s Investment Strategy is anintegral part of our SAMP as it completesthe cycle (figure 7) of: Maintaining ourexisting estate for service delivery andincome generation; Adapting our estatefor commercialisation opportunities todeliver outcomes; and making strategicacquisitions to gain control of growthareas for wider social benefits as well ascreating new income streams.In July 2017 the Council agreed toestablish an Investment PropertyPortfolio with a backing fund of 100m,with the aim of producing a net returnof 2% and providing an annual incometo the Council of at least 2m per year.Since this decision the Government haspublished new guidelines and advice toLocal Authorities on property investmentcriteria. The implications of thesechanges are under review which willresult in the requirement to update theCouncil’s proposed investment strategyfor the property portfolio.The proposition of this fund will be tofocus on commercial investments toprovide cash returns for the Council butto also consider other investment whichwould also generate social/ economicreturns for the Council.The purchase of the Tramworks sitein Walthamstow (see below) is thefirst commercial investment to comeunder and the new strategy and theacquisition of the EMD Cinema isan example of an acquisitions whichdelivery income and social/economicreturns. The Investment Strategy isalso a key enabler for unlocking thepotential opportunities that our Boroughof Culture programme presents in termsof contributing to social and economicgrowth opportunities.The strategy will incorporate theprinciples of the Council’s Return onInvestment Programme, which hasbeen launched to address the ongoingreduction in government funding andto maximise return on investment forthe Council. The aim of the programmeis to establish the Council’s approachto measuring its return on investmentacross all services and activities; thisincludes assessing social and economicreturns as well as financial.CREATE/ACQUIREDISPOSEFigure 7: Property life cycleOPTIMISE& ADAPTMAINTAIN12
LB Waltham Forest Strategic Asset Management PlanCouncil-wide Programmes· In support of its ConnectingCommunities Programme theCouncil is working with voluntary andcommunity sector organisations toregularise property tenure and improvethe property off
LB Waltham Forest Strategic Asset Management Plan 8 ASSESS Current practices Current state of assets Service strategies 'Assess' – establishing the status quo The aim of this phase is to review and understand the current state of the portfolio and to establish a robust base position, agreed with our service departments. During this phase, interviews were conducted with all service leads in .
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