SKM Colin Buchanan have revealed details of their economic assessment of the regeneration of Old Oak.
SKM Colin Buchanan, working for Farrells on behalf of the London Borough of Hammersmith & Fulham, has undertaken an economic assessment of the impact of a commercial and residential development at Old Oak Common.
Old Oak Common is the proposed site for a High Speed Rail interchange station with Crossrail, in the vicinity of Wormwood Scrubs. The area around the station is currently predominantly industrial, low-density land however a Crossrail station would provide excellent accessibility to Central London, Docklands and Heathrow Airport, generating an opportunity for commercial and residential development.
Working alongside Farrells who have developed the vision for the broader area around the proposed station – named “Park Royal City” – SKM Colin Buchanan forecast that up to 10,000 homes and 40,000 jobs could be accommodated in the vicinity of the station. The development would be the catalyst for regenerating this deprived area of London – the station’s catchment area is in the bottom 20% measured on the overall Index of Multiple Deprivation – with up to 3,300 low-skilled jobs made available. It could also generate up to £3bn in Gross Value Added, £180m in tax revenues and £50m in rail revenues every year.
If the wider Park Royal estate is connected into the new interchange station, for instance through a light rail network, a further 70,000 jobs could be accommodated in the wider area.
The vision is part of the London Borough of Hammersmith & Fulham’s response to the Department for Transport’s consultation on High Speed 2 which was submitted on 29 July 2011.
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