How HS2 will deliver a £10bn economic boost to old oak common west London

Old Oak Common in west London, once overlooked and underdeveloped, is now on course for a dramatic economic and development transformation. According to a study by consultancy Arcadis, commissioned by HS2, the construction of the HS2 mega-station is projected to deliver a £10 billion economic boost to the area over the next decade.

The ongoing development has already spurred significant interest, with planning applications within a 1.5-mile radius of the site increasing by 22% since the approval of the first phase of HS2 in 2017. This notable rise in applications outpaces regions like Ealing and Wembley. The cumulative value of these applications now stands at £3.4 billion, over four times higher than the preceding seven years.

This surge in investment is linked to the promise of new transport connections. Once complete, Old Oak Common station will be one of the UK’s most advanced transport hubs, boasting 14 platforms and linking HS2 with the Great Western mainline, Heathrow Express, and the Elizabeth Line. As the initial London hub for HS2, the station is expected to anchor the region’s transformation for years to come. While Euston is slated to be the eventual London terminus, Old Oak Common will be the standout hub in the interim.

New infrastructure is set to attract high-profile businesses and industries to the area. Imperial College has already acquired land for science and tech developments, while Garden Studios has established itself as a leader in high-end TV and film production since 2021. The chief executive of Garden Studios has expressed ambitions for the site to evolve into a premier media tech village in Europe, a vision closely tied to the arrival of HS2.

The economic potential is further underscored by plans to create 22,000 new homes and nearly 19,000 jobs in industries ranging from technology to the creative arts. Arcadis expects this growth to impact wages positively and expand opportunities for both local residents and incoming talent.

Despite the well-publicised delays and budgetary challenges that have plagued the HS2 project, these figures highlight a promising return on investment for the region. Developers, including City & Docklands, believe the financial risks are clearly outweighed by the anticipated gains. Their 54-storey Icon Tower, the tallest residential development in London outside of Canary Wharf, showcases the confidence that investors have in Old Oak Common’s future as a thriving hub of economic activity.