A new study has found that for every £1 invested into the Connswater Community Greenway, at least £1.34 is generated for the local economy.
A research report by the university and the UKPRP GroundsWell consortium has highlighted the positive impact that the popular East Belfast greenway has on the area and its economy as it can provide a return of investment up to £1.59 for every £1 spent.
It used the Connswater Community Greenway as a case study in order to analyse the social return on investment provided by an urban regeneration project, and the role of urban green and blue spaces in improving the economic, social, environmental, and health-related outcomes of urban populations.
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Professor Ruth Hunter of Queen’s University Belfast and Director of UKPRP GroundsWell consortium, who's team carried out the research said it provided "complelling evidence for policymakers" how regeneration projects like the Connswater Greenway can be a huge boost to local communties.
She said: "We know the importance of accessing good quality green and blue spaces, such as the Connswater Community Greenway, for our health and wellbeing. We have been working with EastSide Partnership for over a decade building the evidence base about the important role that the Connswater Community Greenway has in supporting better health, society, wellbeing and environmental outcomes for the local community.
"Our latest research led by Queen’s University Belfast looks particularly at the benefits to the economy. Our analysis shows for every £1 invested in the Connswater Community Greenway, the local economy gains between £1.34-£1.59, providing compelling evidence for policymakers to invest in urban green and blue spaces.”
The Connswater Community Greenway was opened in 2017, costing just over £40 million. The research found that it has been providing a positive return on investment which will be realised after 30years.
The benefits that it has generated for the community in East Belfast include; increased residential property values, reduced risk of flooding, increased tourism, improved biodiversity, and reduced air pollution.
The report said the total social present value of the greenway " is estimated to be between £56.8 m and £67 m, resulting in a benefit-cost ratio of 1.34 to 1.59." Meaning the Connswater Community Greenway is likely to be a good investment.
Jacqueline O’Hagan, EastSide Greenways Manager said the Eastside Partnership, who manage the Connswater Community Greenway, were delighted to be part of the research and hoped that it will show the benefits that it and similar projects can have on communities and local economies.
She said: "EastSide Greenways, part of EastSide Partnership, are delighted to be working alongside the team from the GroundsWell Consortium which includes academics and researchers from Queen’s University Belfast and universities in Edinburgh and Liverpool.
"The Connswater Community Greenway was a £40million investment in east Belfast and it is important that we properly evaluate the impact this transformative project has had on the area. We hope this research will be used to better inform decisions and policy around future development of green and blue infrastructure, highlighting the benefits these spaces can have on health and well-being, social impact, the environment and the local economy.”
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