The arrival of HS2 in West London has created a new development ‘hotspot’ in the capital and will provide a £10bn boost to the local economy, according to new research commissioned by HS2 Ltd.
The “From trains to cranes: HS2 and the West London development boom” report found that planning applications in the 1.5-mile radius around the Old Oak Common station site have increased by 22% since royal assent for HS2 was granted in 2017.
The total value of the planning applications that have been submitted is £3.41bn over seven years – an increase of 325% compared with the previous seven-year period.
As a result of the flurry of new development activity, the locality, which was once dominated by retail, wholesale and logistics space, is being transformed into a centre for high-tech jobs, spearheaded by innovation and the creative industries.
The study, which was carried out by Arcadis, said that the promise of the new station had “galvanised investors, boosting confidence in the positive legacy high speed rail will create locally.”
Peter Hendy, minister of state for rail, said: “This research demonstrates that the construction of HS2 is driving transformational regeneration around the new station at Old Oak Common, with substantial benefits for local people and new opportunities for businesses. This is exactly what investment in major infrastructure projects can do – not only will HS2 improve connectivity between London and Birmingham and beyond, but it’s also creating high-skilled jobs, boosting housing and stimulating long-term economic growth.”
Mark Wild, HS2 Ltd’s chief executive, added: “HS2 is designed to increase capacity on Britain’s railways, improve connectivity between our two major cities, and kick start growth in the British economy. This research shows how HS2 is doing just that – boosting economic prosperity locally around HS2’s Old Oak Common station – years before the first trains leave HS2’s platforms.
“It underlines the vital importance of the work I’m now undertaking to reset HS2 and ensure that this railway is efficiently delivered for the lowest reasonable cost to maximise the benefit to the taxpayer.”
David Lunts, chief executive of the Old Oak and Park Royal Development Corporation (OPDC), said: “The delivery of Old Oak Common station is a fantastic catalyst for development and OPDC’s vision for the area will create a new, inclusive urban district for West London. With some 70 acres of development land around the new HS2 station, we have plans for 9,000 new homes and 11,000 new jobs plus new high streets, workspaces, parks and community infrastructure, bringing huge improvements for local communities and substantial growth for the wider London economy.”
