Phantom Peak, an immersive, open-world experience located in Surrey Quays, London, has played a role in revitalizing the local area by drawing increased foot traffic, boosting local spending, and contributing to the regeneration of underused spaces. The attraction’s innovative, interactive model has benefited local businesses, residents, and the broader economy.
Below is a breakdown of the quantified impact that Phantom Peak has had on the Surrey Quays area.
Estimated Quantified Impact of Phantom Peak on Canada Water
| Benefit Title | Description | Beneficiary | £ Value Impact | Notes |
|---|---|---|---|---|
| Increased Foot Traffic and Local Spending | Phantom Peak has attracted thousands of visitors, leading to increased foot traffic and local spending in Surrey Quays. | Local Businesses (Retail, Dining, Services) | £3–5 million annually | Based on an estimated 100,000 annual visitors, with an average spend of £30–£50 per visitor on nearby restaurants, shops, and services. |
| Direct Revenue from Ticket Sales | Revenue generated directly by Phantom Peak through ticket sales and attractions. | Phantom Peak (business) | £1.5–2.5 million annually | Ticket prices range from £30–£40 per visitor, with an estimated 50,000 to 100,000 visitors annually. |
| Job Creation (Direct Employment) | Phantom Peak has created jobs in customer service, event management, and technical roles. | Local Workforce | £1–1.5 million annually | Estimated wages for 30–50 full-time and part-time employees, assuming average salaries of £30,000–£40,000. |
| Indirect Job Creation (Local Businesses) | Increased foot traffic at Surrey Quays has led to indirect job creation in nearby retail, dining, and service businesses. | Local Workforce | £500,000–£1 million annually | Includes additional staff hired by shops, cafes, and restaurants to meet the increased demand generated by Phantom Peak visitors. |
| Increased Retail Spending | Visitors to Phantom Peak are likely to engage in additional retail spending within the Surrey Quays area, boosting revenues for local stores. | Local Retailers | £1–2 million annually | Based on an average retail spend of £10–£15 per visitor at nearby stores, with around 100,000 visitors annually. |
| Local Economic Revitalization | Phantom Peak has contributed to the regeneration of Surrey Quays, making it a more attractive destination for leisure and shopping. | Local Real Estate Owners, Businesses | £5–7 million in increased property values | The success of Phantom Peak has made the area more appealing for tenants, likely increasing demand for commercial leases and raising property values. |
| Tourism and Visitor Spending | Phantom Peak has attracted visitors from outside London, contributing to tourism spending on transport, dining, and nearby attractions. | Local Hospitality and Transport Services | £1–2 million annually | Estimated spending by visitors from outside London who make longer trips to visit Phantom Peak and explore the area. |
| Property Value Uplift | The presence of Phantom Peak has contributed to an increase in property values, attracting new investments to the area. | Local Property Owners | £2–4 million total | Estimated impact on commercial and residential property values within and around Surrey Quays. |
| Community Engagement and Social Impact | Phantom Peak has become a social hub for families, groups, and tourists, contributing to local community life and social interaction. | Local Residents, Visitors | Non-monetized | Significant social benefits but difficult to quantify in direct financial terms. Phantom Peak has enhanced community engagement and provided an inclusive entertainment space. |
Summary of Key Economic Impacts
Total Estimated Annual Economic Impact: $11–16 million
– This includes increased local spending, direct revenue, job creation, and property value uplift.
Job Creation:
– Direct employment in Phantom Peak and indirect jobs created in local businesses such as restaurants, retail, and transportation services.
Local Spending and Tourism:
– Phantom Peak draws visitors from across London and beyond, contributing to local economic growth through spending on food, retail, and accommodation.
Property Value Uplift:
– The increased foot traffic and attention on Surrey Quays have enhanced its reputation as a leisure destination, likely contributing to a rise in nearby property values.
Notes on Estimation
- Visitor Numbers: Estimates are based on similar immersive experiences that typically attract 50,000 to 100,000 visitors annually. Phantom Peak’s interactive and repeatable nature likely encourages visitors to return, contributing to stable revenue streams.
- Spending Estimates: Local spending estimates are calculated based on industry averages for visitor spending at leisure destinations, factoring in spending on dining, retail, and services.
- Property Value Impact: The boost in desirability due to Phantom Peak’s presence has likely contributed to an uplift in property values in the surrounding area, particularly for commercial real estate near the venue.
- Tourism: Although Surrey Quays is not a major tourist hub, Phantom Peak’s unique offering likely draws tourists from outside London, contributing to tourism-related revenues such as hotel stays and public transport use.
The quantified impact of Phantom Peak highlights its role in revitalizing Surrey Quays, providing a valuable example of how immersive experiences can drive local economic growth and contribute to urban regeneration.
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