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20 March 2007 Economic impact of Pavilion & Ferry terminal Site development: Focus on economy The Market Research Group at Bournemouth University’s study into the economic impact of the regeneration of the Pavilion & Ferry Terminal site in Weymouth shows a large number of benefits for the local economy. The total additional income resulting from the redevelopment over a 10-year period is estimated to be in excess of £113 million at 2007 prices. Local business Bournemouth University believes there will be little if any negative effect on commercial outlets in Weymouth. In fact, what is more likely is a rise in the turnover of commercial outlets in the town, especially those that cater for the expected needs of the occupants of the residential units. In addition, an important effect of this development will be the relatively large number of people with higher incomes occupying the apartments and spending a significant proportion of their income in the locale. In addition, the jobs created by the development will lead to a higher number of employees who will spend their wages locally. Markets The large public space that is expected to be provided by the development will enable outdoor markets, which commonly deliver a significant upturn for surrounding businesses on market days, to take place. Based on one weekday per week and one weekend day per week and on data for similar locations, which has been modelled to reflect Weymouth and Portland, it is considered that approximately 1700 people would attend a weekday and 2200 people would attend a weekend market. This equates to an approximate annual spend within the market of £920,000 with the total annual direct, indirect and induced business turnover in the region of £1.4 million. Overall The redevelopment of the site is expected to act as a catalyst for the regeneration and enhancement of the Weymouth & Portland area. ENDS To download a copy of the completed study please click the link: Economic Impact Study For further information, please contact:
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