EG FUTURE LEADERS 2024 Avneeth Fernandes, head of financial accounting, Landsec
Sometimes in life all you want is your mum – and the recipe for her amazing home-cooked curry. Or at least that was what head of financial accounting at Landsec Avneeth Fernandes wanted when he was thousands of miles away from home studying in Melbourne.
But Fernandes didn’t take to the stage at this year’s Real Estate Futures event to talk to the audience about curry. He was there to hammer home the importance and value of third spaces, those areas in our towns and cities that provide a community, a sanctuary or somewhere for us to have a quiet, comforting chat with our mums.
Fernandes called on the audience to protect and preserve third spaces, to build them into developments and to see their true value.
“It’s for you to fight to preserve these third spaces,” he said. “Because it’s not just important for you, it’s important for the people around. Those who are the most vulnerable in society. Refugees. People who are lonely.”
He added: “Placemaking, if done well, has been shown to increase valuations by up to 10% by the footfall that it drives, the increased spend of the people who frequent those spaces, as well as the increased dwell time that they have in those spaces. But it’s not just an economic decision. The intangible value that it drives by improving health and wellbeing, as well as creating a real sense of community, is immeasurable.”
Fernandes believes that third spaces, those public, community spaces, are what will make memorable and impactful places and will build a legacy for real estate businesses across the globe.
“There is nobody out there giving out blue plaques for the 2,000 Starbucks in a two-mile radius,” he said. “But what people will really cherish is if you have built a space where they can have meaningful interactions. Where they can really feel a true sense of community and can connect because it services their needs.”
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