Once Old Oak Common of west London was an eye on, it is now a stone’s throw from becoming a major economic hotspot as HS2 is set to inject £10bn into the area over the next decade. Development has already been kicked off by the construction of Old Oak Common station which will be London’s first Hub for HS2. The consulting firm Arcadis has revealed that planning applications within a mile and a half of the station have increased by 22% since HS2 was set in stone in 2017. But far more importantly, the size of these applications has exploded to £3.4bn, nearly four times that of the previous seven years. It is expected to deliver 22,000 new homes and nearly 19,000 jobs, many in high tech and creative industries, bumping up local wages and economic production. HS2’s CEO, Mark Wild, explained that the railway has been planned to increase the capacity of the transport system in Britain and create economic benefits. “This research shows that HS2 is already delivering on its promise and boosting prosperity, years before one of its first trains departs from Old Oak Common,” he said. However, the region has not only become more connected by transport, it is also becoming home to major science, technology, and media firms. Imperial College has also bought some sites for research and innovation, while Garden Studios in Park Royal is emerging as a leading European media tech hub. Investors like City & Docklands are also riding on the change and are coming up with new luxury residential developments. Therefore, it can be stated that Old Oak Common is gradually becoming a major center for investment and infrastructure, and hence, it can be stated that it will become the next major economic hub of London.
Old Oak Common Set for £10bn Economic Boom
