The Kings Hall Health and Wellbeing Park will boost the Northern Ireland economy by £47m annually and support 640 full time equivalent jobs, as well as improving access to services for patients, a new report has found.
The economic impact assessment, carried out on behalf of developer Benmore Octopus, comes as the first phase of a plan to redevelop the landmark site as a primary care complex, with residential care, independent living and a hotel is recommended for approval to Belfast City Council Planning Committee.
It estimated that new residents in the proposed independent living units on the site would contribute £260,000 a year to the local economy while the uplift in visitor expenditure from overnight stays in the hotel will offer a £2.9m boost.
Meanwhile, the economy will receive a boost of £60m in gross value-added terms during the ten-year construction phase of the build, supporting 60 full-time equivalent construction jobs and a further 30 indirect construction jobs on a full-time equivalent basis.
Total investment in the refurbishment of the existing building and construction of new properties will reach £88.5m, the research has shown.
David Burrows, a director at Benmore Octopus, said: "The plans for the Kings Hall Health and Wellbeing Park set out a vision for the future of healthcare in Northern Ireland which will significantly improve access to GP and specialist services in new modern facilities."
He added: "We are delighted that our scheme will protect and enhance the iconic King's Hall building and help rejuvenate health care provision in this part of the city.
"In addition, the latest research shows the Kings Hall Health and Wellbeing Park will offer a significant boost to the economy, both in the surrounding area and further afield, by creating jobs and increasing expenditure in the locality."
Benmore Octopus, the company behind the proposals is a joint venture between Benmore Group and Octopus Healthcare.
