Towards the development and demonstration of an innovative business model where the value proposition for consumers/prosumers, aggregators and network operators are well maintained, this study assesses the performance of different aggregation control strategies for a distributed energy storage based residential virtual power plant (VPP). A special focus is given on the social welfare and network strength and their relation to energy storage capacity and power budgets allocation. The study is based on a real-life demonstration project, StoreNet where the basic self-consumption (SBSC) control strategy has already been deployed. Analysing one-year measured data, it is observed that the implemented SB-SC approach allows 16%-19% electricity cost-saving, whereas the proposed VPP-bill minimisation approach can benefit from 37%-42% cost saving. This is also 7%-8% higher than the single home bill minimisation approach where the community does not participate in the VPP model. In contrast, the peak shaving approach is more favourable for the network operator. It reduces the load peak by 46.5%-64.7% and also drastically reduces the benefits for the customers and aggregator. Based on these studies and learning, some recommendations are made addressing the integration aspect of residential VPP and the future development of this concept for the local and wholesale energy markets.