Prof. Bichard was invited to assess the SuROI potential of the Circus Street development as a part of a portfolio review for Cathedral Group.
For each £1 of value invested, £5.78 would be created for the local economy.
The Circus Street development was designed to regenerate the former municipal market that had been derelict since 2005. The vision was for the area to become Brighton’s new Innovation Quarter, and enhance the city’s social, cultural and economic potential. Positioned strategically in the heart of Brighton, the redevelopment is a partnership between Cathedral Group, Brighton & Hove City Council, University of Brighton and South East Dance. A variety of ‘meanwhile’ activities were also employed before the commencement of construction.
The prediction for Circus Street showed there was a total social return of 1:5.78, indicating that for each £1 of value invested, £5.78 would be created for the local economy. Of the three phases of construction (meanwhile, construction and occupation) the occupation phase generated the most social value in the predictions. Most of the total value came from employment (34.5%) with wellbeing (31%) and crime (22.1%) factors also contributing strongly to the SuROI.