Business plan sets out ambitious four-year programme for Treveth
Treveth has set out a four-year business plan which will see the company substantially grow its activities, scale of operations and investment in Cornwall.
Cornish for ‘Homestead’, Treveth is a mixed-use developer created by Cornwall Council with a clear mission to create new open market homes (both to rent and buy), sustainable communities and commercial developments, all of which benefit people who live and work in Cornwall.
Considerable progress has been made during Treveth’s first 18-months of operation, which also coincided with disruption caused by the Coronavirus pandemic. Despite this, the company has established a solid foundation for the business with a clear governance structure and highly experienced project committee in place, and a growing team of talented professionals in its executive and operational team.
Treveth has completed its first asset transfers into its portfolio, has seen its first new-build project start on site and progressed further schemes to the point where they are about to get under way.
The new business plan sets out how the company will use this as a springboard for further growth, all driven by its core ethos of ‘Profit with Purpose’ and underpinned by a desire to further build relationships in Cornwall and deliver against a range of social and environmental goals.
Ian Cox, Treveth Group Chairman, said Treveth had worked closely with its principal shareholder Cornwall Council throughout the Coronavirus pandemic and lockdowns in order to successfully maintain momentum.
He added: “We have shared objectives with Cornwall Council and our legal structure has created an ability to be market focussed with appropriate expertise to see business opportunities that may be unavailable to Cornwall Council direct.
“Cornwall is uniquely located to be a beneficiary of the current structural changes to people’s lives that are occurring. The timing of Treveth’s creation gives us the opportunity to capitalise on these opportunities.
“Our aim is to be a significant, reliable and consistent partner for our ‘shareholders’ and communities in Cornwall with a commercial imperative to deliver Profit with Purpose.”
No ordinary developer
Treveth was set up by Cornwall Council as a development and investment vehicle to deliver specific objectives, which in turn drive the business plan. These include:
- Develop a range of assets to contribute to new community infrastructure in Cornwall
- Support the economic development priorities of job creation, economic growth and improved housing as well as other priorities such as Carbon Neutral Cornwall.
- Ensure there is the expertise and capability to deliver the priorities, and flexibility to recruit and retain appropriately skilled development/investment expertise.
- Be Teckal compliant and to work at arm’s length to allow more flexible procurement opportunities.
Over the long-term Treveth will develop assets (residential, commercial, renewable energy and others) that will add to the infrastructure of Cornwall and are designed to positively impact Cornwall, its residents and in the process make an acceptable return on these investments.
In addition, Treveth is looking to be a positive influence on the wider Cornish market. For example, its residential schemes will have open market rental as the majority tenure. These homes will all be built to Nationally Described Space Standards; will be built to high environmental specifications and be thermally efficient; in the case of open market rental properties, will be offered with initial three-year leases as standard; and will be well maintained.
The business plan also sets out Treveth’s future corporate structure to manage activity and assets across its residential, development and renewables businesses, including establishing Perran Housing LLP as the Registered Provider that will own and manage the s106 affordable housing that Treveth will retain on its residential developments.
It remains the intention of Treveth to develop a balanced portfolio, however, the short-term focus is on residential investment and delivery.
Key deliverables are completing the build out of legacy schemes, those which were originally initiated by Cornwall Council; building up to deliver 250 homes a year; securing the whole life impact of Treveth through creating a longer term pipeline of schemes; and a possible role for Treveth in the delivery of the major Langarth Garden Village development.
Treveth’s first newbuild scheme, the 46-home Maudlin Farm site, in Liskeard, got under way in February 2021, signalling the start of a housebuilding programme which in the next three years will deliver about 600 high quality homes to rent or buy in communities across Cornwall. Projects include sites at Bodmin, Newquay, Launceston and Tolgus near Redruth and will include the delivery of 345 homes which will be for private rent, 115 affordable rent, 76 open market sale and 50 shared ownership.
In addition to these current schemes, Treveth is working on other projects which would enable it to achieve the 250 new homes a year target during the period of this business plan.
Treveth has also begun to assemble a significant portfolio including acquiring two completed Cornwall Council new build schemes, at Tolvaddon and Bodmin, comprising 72 homes, and Tregover, in Newquay, a development of 28 private rental one and two bedroomed flats.
Development of a commercial portfolio to help balance the overall asset base has been a clear ambition from the formation of Treveth.
Work is ongoing to transfer assets from Cornwall Council’s commercial portfolio, where it has been identified that Treveth is in a position to improve the return and outcomes on these.
Treveth is also working on a number of potential bespoke development opportunities, however, a cautious approach is being taken here due to the current economic climate and the business plan sets out that no new commercial development will take place without an agreed tenant.
Treveth is continuing to support Cornwall Council on the development of proposals for the Pydar Regeneration project, in Truro.
It also expects to be involved in supporting projects around the regeneration and repurposing of town centres, including as part of the government-backed Town Deal/Future High Street initiatives which has seen funding awarded to Penzance, Truro, Camborne and St Ives.
Zero carbon agenda
With some 600 low-carbon homes in the pipeline in the next three years, Treveth has already moved completely away from fossil fuel heating and is working towards achieving net zero carbon on its future homes and commercial projects.
In responding to the climate emergency declared by Cornwall Council in 2019 and the move to a net zero economy by 2030 (some 20 years ahead of the rest of the UK), Treveth wants to take a lead in advancing low carbon design and technologies, tackling fuel poverty and setting an example in encouraging sustainable living.
At the heart of its plans is a pattern book of bespoke modern, but distinctively Cornish, homes suited to the local climate.
Treveth is looking to work with the Cornwall Council Economic Growth Service commissioner (EGS) and the Carbon Neutral Cornwall team to facilitate the development of an agreed strategy for the transition to 2030 using common metrics established in the industry (RIBA 2030 Challenge).
This will be further supported by work with EGS on potential large-scale renewable energy investments.
Bold business plan
Treveth managing director Tim Mulholland said: “We have created a bold business plan that includes substantial growth in the scale of operations and the level of investment.
“It sets out a set of clear commitments from Treveth about delivery of developments, further investments and the quality of products and services that will result from the successful completion of this programme.”