Fit for purpose structures series
Thursday 10 June 2021
Joint ventures between local authorities, housing associations and developers have a key role to play in revitalising and rebuilding post-pandemic local communities to be fairer, greener and more inclusive. Successful joint ventures enable partners to lever their assets and capabilities in a way which achieves more than the partners could achieve separately.
Before embarking on a joint venture project, it’s worth considering more fundamental questions upfront, such as:
1. What do we want to deliver?
2. What type of partner do we want – are our interests aligned?
3. What do we need our partner to provide?
4. What is our risk appetite?
5. What do we need to control and what can we be flexible on?
6. How do we deal with non-delivery?
7. How do we exit?
8. What will it take to create, implement and operate a joint venture?
In this webinar, we looked at these questions to help potential partners frame their approach to collaborate on building back better. We gained insight from Sovereign, a housing association, and Savills as a leading national property adviser, as we discuss their experience from recent collaborations.
Our panel provided four Top Tips for joint ventures:
- JVs are a medium to long-term investment - think about what you want to invest and what returns you want out of it
- Be clear about objectives from the outset – yours, your JV partner’s and those you’ll set together for the JV
- Establish a feedback loop to test these objectives on a regular basis – once the JV is up and running, are you still achieving what you set out to?
- Establish key negotiation points early on, think about your ‘safety net’ and agree areas of flexibility to enable the JV to evolve with your business
Chris Harper, Partner, Bevan Brittan
Nick Watson, Strategic Business Development Director, Sovereign
Steve Partridge, Director - Housing Consultancy, Savills
Chair: Sarah Greenhalgh, Partner, Bevan Brittan