In 2008, HLF commissioned an economic impact analysis of an early HLF funded project – repairs and refurbishment of St George’s Market Belfast. The case study provides an example of an early HLF investment continuing to have significant and increasing economic impacts within a deprived area, 8 years after practical completion.
An HLF grant for £2m was awarded to Belfast City Council in 1995, and overall, £3.1m was invested in major refurbishment works to the Grade A listed 1890s building, to make it safe and suitable for modern use. All contractors were Belfast based and project spend provided 42 job years of work in the local area.
The work was complete in 1999 and now, from facing closure in the 1990s, the market is continuing to thrive and attract awards such as being designated the Most Atmospheric Market in the UK in 2006 by the Observer newspaper and one of the best places in the UK to buy fresh, local produce in 2008 by members of the Camping and Caravanning Club.
Ongoing employment
The re-opening of St. George’s Market has created 3 new FTE jobs and safeguarded 3 existing FTE jobs in Belfast City Council. St. George’s Market currently employs 6 FTE staff. Prior to the refurbishment, the market only operated on Fridays and supported 30-40 traders. After completion, the market has diversified and modernised. The number of traders increased to 120 for the Friday market. In addition, the increased popularity of the market led to the creation of the Saturday market in 2003 attracting around 130 traders on average. As a result, the project has safeguarded at least 7 FTE jobs among market traders and created additional employment totalling at least 40 FTE jobs.
Increased visitor numbers
St. George’s Market is said to be very beneficial for Belfast’s tourism initiative. There are now approximately 4,000 to 5,000 visitors on each market day (compared to around 1,500 – 2,000 before the renovation) and in annual terms, around 400,000 - 500,000 visitors come to the market each year. According to a survey of market visitors conducted in November 2008, 75% had travelled to Central Belfast specifically to visit the market.
Area regeneration
The improvement and re-opening of St. George’s Market has been pivotal to tourism and business in the local area. It has led to further regeneration, which has allowed Belfast city centre to expand to fill previously derelict areas and the market is no longer cut off by its poor surroundings. A business centre and a Hilton Hotel have been developed, and further construction is planned. As a direct result of the HLF grant, five vacant and derelict retail shop spaces have been renovated in the market and rented out. The market has also hosted events and exhibitions, including cultural events such as Chinese New Year, Indian Holi, Festival of Colour, Polish Fesitval, Festival of India and St. Patrick’s Day. The Council hopes to increase the use of the venue for external hire, as well as to host more events, exhibitions and market days and that visitor numbers will grow further as a result of these improvements.