Commissioned by HS2 Ltd, the study shows that construction of Old Oak Common station is driving a transport-led regeneration of the area that is helping to create thousands of new jobs and homes over a 10-year period.
The report titled From trains to cranes: HS2 and the West London development boom shows that planning applications in the 1.5-mile radius around the station site have increased by 22 per cent 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, which is an increase of 325 per cent from the previous seven-year period.
The analysis also projects that HS2 will support the generation of over 22,000 new homes and almost 19,000 new jobs in the area.
In all, it shows that the volume and value of investment and regeneration projects close to Old Oak Common has grown comparatively quicker since 2017 compared with the seven years previously and the equivalent seen in other parts of west London.
The study said that the promise of the new station had ‘galvanised investors, boosting confidence in the positive legacy high speed rail will create locally.’
HS2’s Old Oak Common station will be linked to over 100 stations across the UK. The 14-platform station will be served by HS2 services as well as Great Western Mainline, Heathrow Express, and the Elizabeth Line.
Mark Wild, HS2 Ltd’s chief executive, said HS2 is designed to increase capacity on Britain’s railways, improve connectivity between London and Birmingham 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,” he said. "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."
Commenting on HS2 Ltd.'s latest report, a spokesperson from the High Speed Rail Group said: “As the government rightly prioritises economic growth, in HS2 it has an infrastructure project with spades already in the ground delivering growth right now. The socio-economic benefits of high-speed rail are all too often overlooked, so it is encouraging today to hear of the tangible economic impact HS2 is already delivering.
“This report highlights the project's strong track record in driving local regeneration, creating jobs, and developing skills at Old Oak Common. Completing the line from Euston to Crewe will only multiply these benefits, unlocking similar regeneration and growth opportunities across the North.”
The research was conducted by Arcadis and is based on planning applications made before and after HS2 received parliamentary approval in 2017.
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