Stephen Sorrell, head of the real estate development and regeneration at law firm Eversheds explains what the public sector can do to encourage regeneration amid the political uncertainty of the hung parliament:

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So here we are, as many suspected.

A hung parliament will naturally create uncertainty, particularly for the regeneration sector, which is already braced for massive public sector cuts.

But one thing is clear: any new Government will need to re-think and implement new policies and adopt a new approach to regeneration. Following any recession, economic growth and social improvements come from public sector investment in infrastructure projects and regeneration.

Because of difficulties in the sector during the recession and the election, we are developing a series of new guidelines, called Collaborate to Regenerate.

They strongly advocate collaborative processes which use surplus and inefficient public property to best effect. This includes not only the health, education and housing sectors, but also surplus government accommodation. That should then be combined with local public leadership and resources delivered in a way that attracts private sector investment and skills.

Where there is market failure, market intervention is crucial.

Where public funding is reduced or even unavailable, addressing operational estate efficiency and surplus asset exploitation is essential.

Our response will be to prepare and seek consultation on our own manifesto as a practical approach. We hope that a new toolkit and practical guidance for regeneration will emerge with Government endorsement.  We don’t think it will all wait for new primary legislation.

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