The green infrastructure valuation toolkit user guide

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Building natural value for sustainable economic development: the green infrastructure valuation toolkit user guide TOOLS AVAILABLE IN THE CALCULATOR Tools Input data Tool basis Tool 6.1: Private sector investment levered [Quantification and monetisation require further research] Estimate of the level of private sector investment levered Tool 6.2: Employment creation [Quantification and monetisation require further research] Estimates site employment capacity and employment based gross value added (GVA) that can be attributed to the presence of high quality green infrastructure Tool 6.3: Image enhancement [Quantification and monetisation require further research] No generally applicable monetisable tool, but anecdotally, high quality environment has been reported to influence location decision-making Number of companies expected to occupy a site where a green infrastructure investment is being made Estimates of the site’s capital and/or rental value with and without the green infrastructure investment Projected employment numbers and associated GVA Scale of green infrastructure proposed Views of investors and/or opinion formers through a baseline perceptions survey Ex-ante survey of importance of green infrastructure investment to development of the site (to inform attribution) Development appraisals (expert opinion on impact of green infrastructure on values) Attribution factor (zero to 1) based on relative importance of green infrastructure investment. It is very unlikely that attribution of 1 would be applied except where the development site concept was being led by green infrastructure as an attraction theme. The upper level of attribution is likely to be in the order of 0.2 (where it is assessed as being one of 5 key business location factors). However, the weighting of the key location factors should also be explored to ensure a best estimate is applied . KEY EVIDENCE AND SOURCES Market values Property market values Occupancy rates Research Regional development agency ongoing evaluation of similar investments – for example public realm Benefit transfer values Premium uplifts Conversion factors Employment/Gross value added KNOWLEDGE GAPS Property agents and developers Property agents and developers Regional development agencies and Homes and Communities Agency Environmental Valuation Reference Inventory* (EVRI) database for studies (in particular British Waterways) elsewhere and expert opinion (Delphi techniques) Office for National Statistics (ONS) & Regional Observatories This benefit could be strengthened further with reference to good case studies which support a link between green infrastructure investment and inward investment – for example where investment has been made in business parks and other inward investment sites. Care will be needed in extrapolating from other areas, but an indication of potential investment, types of business attracted and occupancy rates should be possible to help support outline project proposals. For example, an evaluation of the impact of public realm investment in Torbay found that the public investment was recognised by businesses as important in influencing their investment decisions and increased trade 119 . The analysis, based on waterfront business surveys and interviews, was able to attribute on average some 20 per cent of private sector investment to the waterfront public investment. Key retailers had noticed increased footfall as a benefit and some 10 per cent of investment was attributed by the evaluators. 47
Building natural value for sustainable economic development: the green infrastructure valuation toolkit user guide It should be possible to provide indicative ranges of benefits from green interventions. However, providing a predictive tool is not likely to be possible without: specific research to develop the evidence base for green infrastructure projects a robust mechanism for isolating the impact of green infrastructure from other contributing variables [see section 6]. 109 Northern Way/Llewelyn Davies Yeang, Quality of place: the North's residential offer, 2006 110 Advantage West Midlands, 2001 cited in Amion, Economic value of green infrastructure, 2008 111 Advantage West Midlands, 2001 cited in Amion, Economic value of green infrastructure, 2008 112 Greenspace Scotland, Greenspace and quality of life: a critical literature review, 2008 113 CABE/DETR, The value of urban design, 2001 114 CLES and Groundwork, The contribution of the local environment to the local economy, 2007 115 CABE, Does money grow on trees, 2005 116 Whitehead, T., Simmonds, D. and Preston, J. (2006). The link between urban quality improvements and economic development. Journal of Environmental Management, 80/1:1- 12. 117 CLES/Groundwork, 2007 118 NWDA, Speke-Garston evaluation 119 SWRDA, 2006 48
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