The City Park will create a vibrant space in the heart of Bradford city centre. It will be a meeting place, an events space and a stimulus to the economy - bringing more people to Bradford to live and work.
What are the economic benefits of the City Park?
The Park has been designed to bring jobs and prosperity to Bradford. It will attract visitors and investors, raise land and property values and help create the landscape for investment in the city centre. The City Park is an exciting opportunity to change the face of Bradford. The park will have a transformational effect on Bradford city centre and far wider economic, social and environmental benefits for the District.
The crucial public sector investment sends a strong signal to the private sector and already investors and businesses are coming into Bradford in light of the council and Yorkshire Forward’s commitment to the City Park and wider regeneration. This in turn brings more jobs and highly-skilled jobs to the city centre.
An independent report by Locum Consulting released in November 2008 looked at the impact the Park would have on the visitor economy, and stated the Park could attract up to 2.2 million visits each year to the District, bringing up to £80m extra each year to the Bradford economy.
Investment in public realm generates economic benefits and impacts through a number of mechanisms:
- Attracting investment – CABE Space (2004) suggest that businesses seeking a new location rate open space and parks as a key priority. The report also highlights how investment in public realm can not only attract businesses but also retain them. Already the project has created direct private investment with Southgate developers, McAleer & Rushe, stating that one of the key drivers for locating their development in Bradford, was the public sector investment in the city
- Increasing land and property values – It can be estimated that a good natural environment (e.g. woodlands, parks and waterside locations),can increase land values to around 17% and property prices by an average of 15%
- Attracting visitors (see case studies below)
- Increasing tourism (see case studies below)
- Improving productivity – CABE and DETR (2001) suggest that “…better designed environments beneficially impacted on the productivity and the health and satisfaction of the workforce…” A high quality public realm can also provide opportunities for social interaction.
- Enhancing image – Dunnett (2002) highlights the positive role of a high quality environment in image making and urban regeneration. Further to this CABE Space (2005) suggest that there is a recognition that a high quality public realm can help businesses build a good image and reputation which will provide a basis for growth.
Investment in striking new public realm has been seen to work excellently elsewhere:
Leeds Millennium Square – Leeds - The £12m construction of Millennium Square funded jointly by Leeds Council and the Millennium Commission generated £150m of inward investment to the surrounding civic quarter (Source: Millennium Commission)
Heart of the City – Sheffield - Sheffield’s £130m ‘Heart of the City’ project comprises a series of new public spaces, culture and a good mix of offices, apartments and leisure facilities. The first commercial office building at St Paul’s Place (a new public square) was pre-let at a record rental level for the city.
Queen Square, Bristol - CABE Space (2000) concludes that the improvements to the square led to a 16% increase in property values above comparable properties elsewhere in the city.
Rope Walks, Liverpool - Investment in public realm here led to an increase in the population from 150 to several thousand and the area is now described by CABE (2007) as a 'thriving creative quarter'.
V&A Museum, London - At the V&A Museum in London a £2m donation was used to create a new courtyard with a pool as its central feature. Visitor numbers have since increased by 25% from 1,920,000 to 2,372,000.
Emmen, Apeldoorn and Leiden, Netherlands - CABE (2004) describes how a high quality public realm can have a positive impact on property prices. It cites examples in the Netherlands where property prices have been measured in terms of their relationship with parks and neighbouring waterways. In some cases, increases reached 11%.
Coventry - Coventry is cited as an example where urban design improvements including streetscape, signage and a civic square have increased footfall by 25% on Saturdays.
Brindley Place – Birmingham - In Birmingham they have implemented new pedestrian routes through the site, mixed-use buildings and attractive open spaces. CABE (2006) suggests that these improvements acted as a symbol of the city’s confidence and has helped to stimulate private sector investment, contributing to the wider regeneration of Birmingham.
St Helens - Booth’s (2005) research in St Helens concluded there was a clear relationship between the public realm and economic performance. In particular, it played a key role in attracting inward investment to the locale and increasing footfall in the town centre. Booth also notes that high-quality public realm has a fundamental role to play in ensuring that regeneration projects are sustainable in the long term.
Place de la Bourse, Bordeaux - Successful implementation of a mirror pool in the heart of the civic area of the city, attracting visitors, raising land values and increasing investment.
- The Value of Urban Design, 2001, CABE and DETR
- Improving Urban Parks, Play Areas and Green Space: A Role in Urban Regeneration, 2002, Dunnett
- Start with the Parks, 2005, CABE Space
- The Value Handbook: Getting the most from your buildings and spaces, 2006, CABE
- The Link Between Local Environmental Quality and Economic Improvement, 2005, Booth
