“It is our commitment to report the facts. Therefore, the media reports in this section reflect factual information.”
2 April 2007

Economic impact of Pavilion & Ferry terminal Site development:
Focus on residential

The Market Research Group at Bournemouth University considered the impact of the residential element in detail as part of the economic impact study. Not only will the proposed development deliver additional residential accommodation and affordable housing, it is expected to act as a catalyst for regeneration, providing high quality property and driving general improvements in the quality and diversity of the housing stock within the area as a whole.

Residents

The residential element of the Pavilion & Ferry Terminal development is yet to be finalised but is expected to include a significant number of two-bedroom apartments and a smaller number of one and three bed apartments and penthouses together with a small number of houses
The economic impact survey is based on a total of 321 units, equating to approximately 629 residents, although this figure is likely to be seasonal in its nature and affected by holiday lets and higher second home usage during the summer months. The proposed development forms a little over 1% of household spaces within Weymouth and Portland.

The purchasers of the Pavilion & Ferry terminal site residential element are expected to include the second home market, investor market and retired individuals as well as some first time buyers.

Knock on effects

Weymouth and Portland has a significant population over the age of 50. This group is seen as settled, stable home owners, but with a potential to downsize. Of all property within Weymouth, 74% is owner occupied, with a further 13% socially rented.

The expectation is that there will be an uptake of units from within the current resident population of Weymouth and Portland. This is likely to include current residents choosing to downsize from their existing properties.
Where this has occurred in other locations, there has been the potential for many property owners to take ‘a step up the housing ladder’. The net effect of these movements will enable a proportion of the 25% who rent their homes in Weymouth and Portland the opportunity of property ownership.

Affordable housing

The provision of affordable housing within Weymouth and Portland is seen as essential to meeting the very significant local need (South Dorset in the Regional Spatial Strategy, 2005). The Pavilion & Ferry Terminal redevelopment will make a significant contribution to the stock of affordable homes both by the direct number built and through the knock on effect described above.

ENDS
For further information, please contact:
Sophie Eastwood
The Holistic Group
Tel: 07709 359 529
Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it