• Year Two of IPUT’s five-year research study demonstrates the importance of investment in placemaking and consideration of social value

• Findings demonstrate importance and impact of amenities and public spaces on neighbourhoods

• Ground-breaking research project now moving into the most impactful phase as Wilton Park reopens, new amenities are introduced, and new tenants take occupation 

IPUT Real Estate (‘IPUT’), Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, has launched the second annual report in its five-year ‘Making Impact’ social impact research. This innovative research project, led by IPUT’s Head of Research, Marie Hunt, is one of the world’s first ever studies to value the impact of placemaking on a city neighbourhood on a longitudinal basis. IPUT in undertaking the research in partnership with three international placemaking and design agencies – Hassell, PRD and Gehl – to assess the social, cultural, economic, and environmental impact of placemaking at its Wilton Park development in Dublin 2.

Wilton Park is a 600,000 sq. ft. mixed used scheme that incorporates 580,000 sq. ft. of offices and 20,000 sq. ft. of food & beverage space surrounding a one-acre city park and a new streetscape.

Making Impact

IPUT believes that placemaking plays a central role in attracting best-in-class occupiers to its buildings; driving shareholder value and positively contributing to the neighbourhoods and communities where IPUT invests for the long-term. In order to provide evidence on the long-term positive impact, in partnership with Hassell, PRD and Gehl, IPUT is measuring and valuing the impact of its Wilton Park development on the local neighbourhood over a period of five years. The first ‘Making Impact’ report was published in November 2023 and shared key findings from the 2022/23 reporting period. Year Two of the five-part series brings fresh insights, data, and case studies from the 2023/24 reporting period, which coincided with the neighbourhood’s most intensive phase of transformation.

Niall Gaffney, CEO IPUT Real Estate, said:

Year Two of our ‘Making Impact’ study coincided with a pivotal period of intense construction at Wilton Park. Over the 12-month reporting period, we reached practical completion on office buildings Two, Three, and Four Wilton Park. At the same time, we upgraded the streetscape and undertook an extensive renovation of the one-acre park.

The opportunity to measure social impact at such a critical stage of transformation was hugely insightful The project team was on-site to track and analyse the social, cultural, economic, and environmental impacts of the ongoing works and improvements being implemented. We were able to track how restricted access to public spaces and green amenities directly affected people’s lives and their perceptions of the neighbourhood.

We believe that placemaking is critical to attracting best-in-class occupiers to buildings and driving shareholder value over the long-term. This conviction is affirmed in the announcement that EY and Stripe are to join LinkedIn at Wilton Park, which is testament to their belief in our long-term vision for the development and this city neighbourhood.

Marie Hunt, Head of Research, IPUT Real Estate, said:

Our year two results reflect the steps we took on our ambitious placemaking journey in 2023/24. Sometimes taking a step backwards is essential to move forward. Short-term disruption has been a necessary part of delivering our vision for Wilton Park. Temporarily closing the park for an extensive renovation gave us some very compelling evidence on the crucial role of the spaces between buildings.

The results of this year’s research really highlight the crucial role that the public realm and green spaces play in this neighbourhood. They strengthen our conviction of the importance of these elements and reinforce our commitment to placemaking and nurturing positive social experiences and a sense of community. A standout feature of the ‘Making Impact’ study is its dynamic feedback loop. By integrating public input, we are able to refine our placemaking efforts and social value interventions in real time to ensure that we are reacting positively to the needs of the local community.

As we open up the renovated park and the inviting new public spaces and look forward to welcoming new office occupiers, we are now moving into the most impactful phase of our five-year research project and anticipating what will be a crucial year in our study programme.