Many joint ventures fizzle away, so what is the secret to a successful partnership?

This year marks the 20th anniversary of Compendium Living, our joint venture with Riverside Housing. For Compendium, both organisations decided that we worked well together, we looked at life the same way and wanted to do more.

The rest, as they say, is history… although it really doesn’t feel that long. Together, we have delivered major regeneration programmes in Derby, Hull, Stoke-on-Trent, Liverpool and more – always with Compendium partnering with the public sector to tackle challenging multi-phase programmes.  

It hasn’t always been plain sailing, but as we pause to look at what we have achieved together as one team, we hope we can both take some pride. Here’s to the next 20!

That doesn’t mean we think we have been there and done that – and that there are no new ideas. We are constantly learning from our partners and looking for new ways to tackle the challenges they and their communities are facing.

Regeneration by its very nature is complex and resource-hungry, and the only thing certain is that what you say will happen won’t happen in that way. The right partnerships can bring resilience to weather different economic and political cycles, respond to new funding opportunities or face new challenges together.

Perhaps the key ingredient of a successful partnership that we missed earlier is ‘bravery’. This may seem like an odd one, but these are not easy solutions, and they often work best on the most challenging schemes.

One thing we have seen is the bravery of local authorities to step up and deliver, even when they are facing challenges from all levels. 

For some this is second nature, but for others facing crippling bills for temporary accommodation, it’s about sustaining their future, as well as improving those of their constituents. 

At the end of 2024, Lovell secured two such partnerships in quick succession that were very different in nature. The first was being selected as a joint venture partner by the London Borough of Barnet for the north-east corner of their major estate regeneration at Grahame Park. 

They have been working in partnership with Notting Hill Genesis for many years, and this phase, which will bring forward around 800 new homes, was not being taken out of the main programme because of any issues with delivery.

“It’s sadly not a surprise that an estimated 70% of joint ventures – contractual or corporate – fail or fizzle away in the first five years”

It was because it was to be the very last phase to be delivered, and for its residents, they risked years of increasing isolation within their neighbourhood. For Barnet as a landlord, they also knew that they would be continuing to invest heavily in stock that they would ultimately be demolishing. Instead, they are investing with us to make it happen earlier. 

Our second new partnership is with Cardiff and Vale of Glamorgan councils, which are working together to bring forward a pipeline of sites. Here, Lovell will be working with them under a partnership agreement as their contractor for their new council housing and development partner for the mixed-tenure sites.

More than 1,200 homes in around seven years with up to 70% affordable is certainly brave – and innovative. 

All partnerships need commitment, and while the adrenaline rush in the early days of the courtship is exciting, it’s sadly not a surprise that an estimated 70% of joint ventures – contractual or corporate – fail or fizzle away in the first five years. 

Partnerships need to be set up to thrive from the start – with senior commitment from the partners, and the resources they need to deliver.  People may come and go, as may governments, but that shared vision and commitment must remain. 

Mary Parsons, regeneration and partnerships director, Lovell