There have been lots of problems and disruptions with plans for the HS2 rail link. Sadly in 2023 the entire northern leg was axed. Other parts of the project are continuing though. In fact, we recently got confirmation about a crucial part of the plan. We want to have a look at this here because it could lead to a huge amount of property investment in Camden.
Connection
Initially the plan was to extend the line from the new Old Oak Common super hub in West London to Euston. This would allow people to travel directly into the centre of the city. However, the plans stalled because of funding concerns. The belief was that it would only be possible to do it if billions in private finance would cover the cost.
The good news in the recent Budget was that HS2 will link to Euston. In fact, tunnel boring machines are now in place at Old Oak Common. So, work can begin again.
Optimism
Camden Council was incredibly happy with the news. The Leader, Richard Olszewski, said the local authority wants to be a leader in the partnership to make the vision for Euston a reality. The council wants the project to be transformative for the whole borough, making it a thriving place.
The Mayor of London was happy with the announcement too. Sadiq Khan said it was fantastic that “the capital can finally realise the full economic benefits of the project”. It is positive after long periods of delays, changes, and other issues.
The news is especially good when you consider all of the upheaval to this point. There have been many changes to plans for a new station in Euston. Homes and public spaces have been lost. Businesses have had to deal with losses too. So, it is fantastic for some positivity. It could inspire more people to think about property investment in Camden.
There is a bit of a caveat though. The estimate is private finance may be needed to pay for the new Euston Station. It could cost as much as £5bn to create it.
Transformative
The Council has some big plans for the area. They believe the regeneration of Euston with a new station would create up to 2,500 new homes, including 1,200 affordable ones. It would boost the Knowledge Quarter massively. The economic benefits could be huge too, with up to 34,000 new jobs and £41bn added to the economy by 2053.
Crucially, the regeneration would be excellent for 5 hectares of land in Euston. It has been a blight for years because of the construction delays. However, development would bring it back to use with housing, public space, and community amenities.
Do you want some help with property investment in Camden?
Finefair Ltd is an excellent company to work with if you have any interest in investment properties in London. We can provide a full range of services, including guaranteed rent. We can review portfolios, give recommendations on ways to increase income, and more.
So, speak to us if you need some help with property investment in Camden or other parts of the city. Keep an eye out for future opportunities around Euston in particular; it could become a hotspot.
