The company behind some of the country’s most successful transport-related regeneration projects is being lined up to work with Nottinghamshire County Council to realise the massive economic benefits linked to the East Midlands High Speed 2 (HS2) rail hub.
Nottinghamshire’s selection as the location for the new East Midlands HS2 Station presents a ‘once in a generation opportunity’ for the local, regional and national economy. This will include new infrastructure, homes and thousands of new jobs before and after the expected opening of the new station at Toton in 2033.
Yesterday (Wednesday 17 October), the County Council’s Policy Committee agreed in principle to enter into a Memorandum of Understanding with development and regeneration specialists, LCR.
LCR, which is wholly owned by the Department for Transport, is a property and regeneration company with a 20-year track record of creating new homes, jobs and economic growth from transport-linked schemes. It previously led the multi-billion-pound, mixed-use developments at King’s Cross and Stratford City, two of London’s most successful regeneration stories.
LCR is currently spearheading the transformation of the Mayfield Quarter in Manchester, which lies adjacent to Piccadilly station, and is working with local authorities to deliver regeneration projects around new and existing stations in Leeds, Sheffield and Staffordshire.
Pending legal sign off of the agreement, LCR will get to work with the County Council immediately on issues like land assembly, property management and master planning, ultimately paving the way for the creation of a locally-led development body to fast track growth and infrastructure investment in and around the new station.
Councillor Kay Cutts, Leader of Nottinghamshire County Council and Chairman of the Toton Delivery Board, said: “The arrival of HS2 has the potential to provide massive economic benefits for Nottinghamshire and the wider region, so it is important we are in a position to maximise that potential.
“This is a once in a generation opportunity with the potential to benefit local people and our economy for generations to come, but we must plan and act now if those benefits are going to be achieved.
“There is still much work to do to formalise the development body, which may take some time and be subject to Parliamentary assent, so it’s our intention to work with LCR in the interim on the preliminary work and to assist in the creation of the development body.
“We believe that LCR’s expertise and track-record in delivering world-class infrastructure projects make them the ideal partner to help realise our vision of homes, jobs, investment and growth, linked to HS2.”
David Joy, chief executive of LCR said: “As a platform for driving investment in the local economy, the potential benefits of HS2 are vast. Our proposed partnership reflects Nottinghamshire County Council’s forward-thinking approach to maximising the regeneration benefits offered by better connectivity and the creation of a major new transport hub.
“Together, we will ensure the region is in the best possible position to take advantage of this unique opportunity to attract investment and create new places and community assets that Nottinghamshire can be proud of.”
Chancellor, Philip Hammond announced plans to create the development body at the Conservative Party Conference earlier this month.
The Toton HS2 – Moving Forward with Delivery report, agreed by the County Council’s Policy Committee yesterday is available to download as part of the 17 October Policy agenda at: www.nottinghamshire.gov.uk/dms/Meetings.aspx