Cunninghame Housing Association is leading on the redevelopment of Vineburgh in Irvine, an area with high levels of deprivation and low demand for housing, manifest in significant void levels and accumulation of social issues. The five-year, £37 million project involved the demolition of 306 properties and replacing them with 287 new built homes. After the completion of Phase 1 and the return of 191 tenants in the first 82 new built homes, the Association commissioned Social Value Lab to undertake a Social Return on Investment Analysis (SROI) to assess the value created by the development to provide public agencies with the evidence of the wider benefits of physical regeneration projects.
In order to maximise the learning for Cunninghame Housing Association we structured the SROI analysis around an action learning framework, working with the team at the housing association to develop an impact map and gather evidence. The stages of the assignment included:
- Identifying the scope and stakeholders.
- An intensive programme of primary research, including interviews with 80 tenants and residents, apprentices, trainees and their family, and a range of public and private sector organisations.
- Establishing a Theory of Change and refining this as a result of the research.
- Valuing the outcomes by researching financial proxies
- Preparing an Impact Map, taking into account attribution, deadweight and drop off.
- Calculating the SROI ratio.
- Conducting sensitivity analyses.
- Analying the findings.
We produced an SROI report and a summary report that assessed the social value created by the Vineburgh Development at almost £1.2 million, meaning that for every £1 invested £3.25 social value was created. The findings have been used to influence policy on housing and regeneration, and have given the housing association a profile, platform and more informed basis for discussions on its future role in tackling local disadvantage. It has also informed the way the Cunninghame Housing Association develops projects intended to maximise social as well as financial return on investment.
“Social Value Lab’s experience and knowledge were key factors in scoping out the work, ensuring a robust methodology was in place, looking innovatively at a range of issues and producing a final report which could stand scrutiny from the range of government, local authority, housing association, private sector and community stakeholders who had vested interests in the project. They provided us with skilled, professional and accredited services – offering detailed knowledge and guidance, challenging our thinking when required and generally supporting us to get to grips with a complex topic. We look forward to working with them again in the future and would recommend their particular brand of consultancy to others looking to demonstrate the value of their services.”
Download the summary report here.