The social return on investment of an urban regeneration project using real-world data: the Connswater Community Greenway, Belfast, UK
Christopher Tate, Ciarán O’Neill, Tran Thu Ngan, Leonie Heron, Frank Kee, Mark A. Tully, Mary Dallat, Ruth F. Hunter
Abstract
Previous research has illustrated the role of urban green and blue spaces in improving the economic, social, environmental, and health-related outcomes of urban populations. The Connswater Community Greenway is presented as a case study to assess the social value of an urban regeneration project. Using real-world data from two time points (2012 and 2017), our analysis focussed on eight key elements: property values; flood alleviation; tourism; biodiversity; climate change; health and wellbeing; crime; and employment and productivity. Using social return on investment analysis, we estimated the value of the Connswater Community Greenway over a 40-year horizon. The total value was estimated to be between £56.8m and £67m. After subtracting the costs (£42.2m), the net present value of the Connswater Community Greenway was £14.6m - £24.8m. The benefit-cost ratio was 1.34 – 1.59, meaning that for every £1 invested in the Connswater Community Greenway, the local economy gains between £1.34 and £1.59. Overall, the Connswater Community Greenway will provide a positive return on investment which will be realised after 30 years. Social return on investment analysis provides a framework for the incorporation of many multifunctional benefits of urban green and blue spaces into economic evaluation, providing a more complete analysis of value.