Northants LLP’s new development forecasted to generate £1.62bn social value
Research undertaken by Northants LLP, the developers behind Glenvale Park (pictured), has revealed that the 3,000-home development is forecasted to generate £1.62bn of social value for the local community.
With the construction process expecting to cost in the region of £800m, that means the development would deliver £2.03 of social value for every £1 spent on construction.
The development, situated off Niort Way on the northern fringe of Wellingborough, will create nearly 900 jobs and apprenticeships during the construction process. These jobs will be in addition to those generated from the business park and the new local centre.
Social value is defined as the economic, social and environmental wellbeing that is delivered as both direct and indirect outcomes or benefits arising from a new development over a period of time.
The social value calculated for Glenvale Park uses The National Themes, Outcomes and Measures (TOMs) Framework for Social Value as devised by the National Social Value Taskforce in collaboration with the Local Government Association.
The social value generated from the development will include a new community hub, two primary schools, a care home, retail space and a 25,000m² business park, which will house up to 3,000 additional jobs once constructed.
The development will create over 200 acres of parkland, the same area as 3,200 tennis courts. There will also be over 10,000 trees planted and saved across the development.
Mark Best, director of Northants LLP, said: “Glenvale Park has always been about delivering more than new homes. It’s about building a new community which will benefit local people for generations to come.
“Today marks the beginning of a journey to ensure that all corners of Wellingborough can take advantage of the social value Glenvale Park offers.
“We look forward to engaging with the Wellingborough and wider Northants community over the coming months, making sure that everyone, from residents to businesses and charities, can benefit from the social value opportunities Glenvale Park has to offer.”