Posted 20th October 2014 | 4 Comments

Station upgrade boosted local jobs and property

EMPLOYMENT around Sheffield station increased by 2,800 as a result of the Sheffield Station Gateway project, and property values by two-thirds. according to evidence submitted to a parliamentary committee.

Investment of £74 million from other sources would have been required to achieve such employment growth – but the Sheffield station project, at £25 million, cost only a third of this.

Just within 400 metres of Sheffield station, rateable values increased by 67 per cent from £8.7 million to £14.7 million between 2003 and 2008.

These figures have been disclosed by HS2 Ltd in written evidence to the House of Lords Economic Affairs Select Committee, which has begun an examination of the economic case for HS2.

The government company responsible for developing high speed rail stated that commercial development resulting from HS2 “could support up to 100,000 jobs.”

The new line, HS2 Ltd said, “is a key catalyst for northern city regeneration, not simply as a means to shorten journey times. HS2 will also generate economic opportunities and development, beyond the direct expenditure, which can deliver significant benefits to local economies.”

The company explained: “New or renovated stations can have a considerable impact upon their locale by improving appearance, improving retail and leisure offerings and increasing non-travel footfall.”

It quoted the economic impact of the Sheffield Gateway project which “by the change in property values in the immediate locale was estimated to be equivalent to an inward investment of £74 million compared with station investment of £25 million.”

HS2 Ltd added: “ Employment in areas around Sheffield station increased overall by 2,800.”

The increase in rateable values within 400 metres of Sheffield station was  “more than three times the corresponding increase for Sheffield as a whole, and reflects the increase in both the quantity of commercial development and value per square foot.”

• HS2 Ltd said it was estimated that investment in London’s £15 billion Crossrail scheme “could help create additional residential and commercial value of as much as £5.5 billion along the route between 2012 and 2021.”

Reader Comments:

Views expressed in submitted comments are that of the author, and not necessarily shared by Railnews.

  • Roshan, Leeds

    I never noticed before, but compared to the likes of King's Cross, Manchester, Paddington, St. Pancras and York, Leeds station is not that nice looking! Still, that's not really the purpose of HS2 and I think more effort should go in to finishing HS2 quickly.

  • JF, Leeds

    It'd be nice if they could spend a bit of money giving Leeds an elegant or beautiful station, something that we've sadly never had!

  • Roshan, Leeds

    The anti-HS2ers don't seem to realise the effect that HS2, if delivered properly, will have for Northern cities. For Leeds it is very exciting to have faster, more frequent links to London. With HS2 companies and government bodies can realistically set up in Northern cities, knowing they are incredibly well-connected to London. Of course the existing lines will be upgraded too - HS2 is just one piece of the puzzle.

  • davod owen, Monty22222

    Another good reason to choose theStoke route.