HS2 to lead regeneration at Old Oak and Park Royal and helping local growth in Greater Manchester and Leeds thanks to new government funding.

HS2 is unlocking a massive regeneration project at Old Oak and Park Royal, and promoting local growth in Greater Manchester and Leeds thanks to new government funding.

The Chancellor George Osborne has offered a boost for a major London development site at Old Oak and Park Royal with the in-principle decision to transfer selected land to the OPDC, bringing the prospect of up to 25,500 new homes and 65,000 extra jobs in the area closer to reality.

Old Oak in west London will host a transport ‘super-hub’, with Crossrail and HS2 combining with the Great Western Main Line to provide fast and frequent access to London and also the west and north of the country. Bringing future ownership of the land under control of the OPDC ensures that development of what is currently London’s largest regeneration site is as smooth and swift as possible, and the OPDC will now proceed with funding, financing and delivering the regeneration.

Transport Minister Robert Goodwill said:

HS2 is not just a train line. I have already seen the transformative change that this project is triggering in Old Oak Common, Birmingham and elsewhere even before spades hit the ground next year.

That is why we’ve brought forward growth funding for northern locations - so they too can maximise the potential for their own region, thanks to HS2.

The Chancellor also announced £1.25 million of growth strategy funding for each HS2 station at Manchester Piccadilly, Manchester Airport and Leeds to make the most of this unique economic opportunity. Half the funding will be provided early in the next financial year, with half reserved for after confirmation of the Phase Two route in autumn 2016. The funding can be used to get people, businesses and places ready for HS2, helping to build a long term economic, social and environmental legacy. It will also help align the opportunities of HS2 and the Northern transport strategy to help spread the benefits further, faster.

Communities Minister Baroness Williams said:

The Northern Powerhouse is about rebalancing the economy and unlocking the potential of the great cities of the north. HS2 with its promise of more jobs, housing and growth is central to that.

We have already seen how stations along the route are attracting interest and investment and now Manchester and Leeds can go full steam ahead in their plans for accommodating this historic opportunity.

Old Oak and Park Royal

• the OPDC, which was formally established as a mayoral development corporation in April 2015, has set out aspirations for the wholesale redevelopment of the area around the new station
• in the Spending Review in November 2015, the government committed to bringing together the publicly owned land around the Old Oak Common HS2 station into single control
• the Department for Transport and Network Rail have now agreed in principle to transfer government-owned land at Old Oak to the OPDC, confirmation was included in the Budget
• all future transfers of land are subject to clear business case work, confirmation of funding by the Mayor of London and assurances that the current and future operational railway and the build of HS2 are not harmed in the development of the project

HS2 growth strategy funding

• in 2014, the government gave £1.25 million to each of the HS2 Phase One station places outside London for the development of HS2 growth strategies - we also committed to fund growth strategies for Phase Two places once Phase Two decisions were taken
• in the Budget the Chancellor announced the provision of £1.25 million HS2 growth strategy funding each for Manchester Piccadilly, Manchester Airport and Leeds stations
• for Manchester Airport, award of any growth funding is conditional on agreement of a suitable third party funding package for the HS2 station
• no decision on the route and station locations of HS2 Phase Two has been made - the government intends to announce its decision on Phase Two in autumn 2016