Local jobs and investment boost from Ropemaker Street development

Planning permission for 20 Ropermaker Street has been granted following input from Regeneris on the likely impact of the scheme on the local economy.  The 27-storey tower will provide Grade A office space across 23 storeys alongside dedicated affordable workspace for SMEs and flexible retail floorspace.  Our research shows the benefit of this scheme will bring an estimated £160m  in terms of GVA pa to the local economy.

Regeneris was commissioned by Development Manager CORE to prepare an Economic Benefits Statement to highlight the positive effects which the scheme would have on the local economy. As part of this we:

• Quantified the operational benefits of the scheme, which will provide over 2,000 gross additional FTE jobs.
• Estimated the additional benefits which would arise as a result of induced (employee spend) and indirect (supply chain) impacts.
• Considered and quantified the employment created as part of the construction phase of the scheme. This was of particular interest to LB Islington and we carried out additional work to demonstrate how local people would benefit from this phase.
• Explored the wider regeneration benefits to the area, such as creating more diverse employment, including SME space; contributing to policy aspirations to support local employment and create new office space; and, improving the appearance of the site which could lead to wider catalytic impacts.

With a focus on job creation within the local community, our research also examined the types of jobs (e.g. professional, secretarial) which would be created from the scheme and how they might be accessible to local people. This included estimating how many jobs might be taken up by local residents in Bunhill ward.

We attended the Planning Committee to answer any specific questions on the economic side of things. Following this, the LB Islington unanimously voted to grant consent for the tower and work is expected to commence next year.

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