A new report on the impact HS2 is having on West London and in and around the development by Old Oak Common in Acton has found that projects supporting the high speed rail network will see 19,000 new jobs and 22,000 new homes built in the immediate local area.
The research for the report ‘From trains to cranes: HS2 and the West London development boom’, which was commissioned by HS2, says the potential numbers for new jobs and homes will be over a 10-year period and will boost the local economy by £10 billion over a decade
Over the last seven years, the report from consultancy Arcadis, also revealed that the value of planning applications submitted was worth £3.41 billion since Royal Assent for HS2 was granted in 2017.
When completed, the 14-platform Old Oak Common station which is within Old Oak and Park Royal Development Corporation (OPDC) development zone, will be served by HS2 services as well as the Elizabeth Line, Heathrow Express and Great Western Mainline.
Rail Minister Peter, Lord Hendy: “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, said: “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.
David Lunts, outgoing chief executive of Old Oak and Park Royal Development Corporation (OPDC) added: “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.”
Gary Sacks, CEO of City & Docklands which built One West Point residential tower in North Acton said: “West London is the capital’s new development hotspot. At City & Docklands we pride ourselves on spotting investment trends before they happen – we learnt our skill developing in Canary Wharf in the 1990’s, delivering over 1500 units there. We’ve now shifted our gaze to West London in anticipation of the transformational connectivity HS2 and the Elizabeth line will bring to the local area. It’s an incredibly exciting regeneration story.”
Thomas Hoegh, founder & CEO of TV and film studio Garden Studios in Park Royal added: “The area is booming. HS2 gives us, and our investors, confidence and we believe it provides more opportunities, not just for ourselves, but other businesses in our sector. My dream for this area is for it to be the media tech village of Europe. We see the contours of that today but the reality of that is going to come when HS2 is done.”
