We are focused on improving our financial resilience by active asset management and development, responding to changing needs and market opportunities, and transitioning to a low-carbon economy estate.
2024 Highlights
In 2024, we progressed with the LG1 Strategic Masterplan, receiving full council approval to develop land north of Letchworth Garden City. Work on a development partner procurement will begin in 2025, followed by detailed planning in 2026, including further public consultation. We also launched the sale of LG3, with completion expected in 2025. The proceeds from these key sites will enhance our financial stability, enabling reinvestment into the Garden City estate and community projects.
We completed several asset sales in 2024, including the Green Lane Three Industrial Estate, yielding £3 million to reinvest in the town. Additionally, Plinston Hall and Glebe Road Industrial Estate are set for sale in 2025, with protective covenants in place for Plinston Hall to preserve its cultural significance.
Our Town Centre Regeneration Strategy is advancing with improvements in travel, streetscapes, public spaces, branding, and cultural activities, boosting Letchworth’s resilience.
To adapt to changing visitor patterns, we’ve diversified venue use. Broadway Cinema and Theatre now host private events and media recordings, while Standalone Farm saw increased commercial events and facility upgrades, including the reopening of the bird hide. These efforts will continue to support our financial health in 2025 and beyond.
Delivery Against Measures
Strategy 2028 outlines our ambitious long-term targets for improving our financial resilience. In 2024, we made progress in key areas:
Reducing Property Voids – at Quarter 4 2024, our total voids across industrial, office, retail and residential have reduced to 11.3%. We remain on track to reduce this number to 6.5% by 2028.
Decrease Arrears – (i.e. debt owed to the Foundation) through rigorous internal procedures, we have reduced tenant arrears by over £0.7m across 2024.
Ensure our property portfolio is fully EPC compliant – our residential property portfolio is currently 100% compliant, with all properties meeting EPC grades A-E. We are making progress towards ensuring both our residential and commercial portfolios are rated A-C by 2028. As of Q4 2024, 49.5% of residential and 54% of commercial properties fell within this bracket.
2025 Priorities
- Enhance cost forecasts and identify the investment needed for the running and improvement of our estate.
- Develop and implement an asset and place-management strategy, targeting £8m disposals (excluding LG3 sale) to diversify the investment portfolio and deliver income growth.
- Develop and implement a decarbonisation strategy and begin to deliver our targets in reducing scope 1, 2 and 3 emissions. This includes the decarbonisation of Spirella.
- Implement and oversee housing development and delivery plans at LG1 and LG3.
- Restructure of the team to enable the delivery of ambitious business plan.
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