Beware HS2 cometh – Forearmed is Forewarned (part 1)
In the first part of this two part series, we highlight the current state of play as regards progress with the Government’s planned implementation of HS2 and also highlight key considerations for interested parties (whether currently affected or potentially affected landowners) in terms of compulsory purchase compensation.
In part two (which will be published in a future edition) we will focus on the utilities and rail network infrastructure considerations that will form an intrinsic part of the Government’s plans.
For the uninitiated, and with the exception of the Crossrail project, HS2 represents the first major rail infrastructure project since the development and construction of the “Eurostar” train link between the United Kingdom and mainland continental Europe in 1994 (which was then known as HS1); the idea being that it will create a “Y” shaped high speed rail network linking London to Birmingham, Manchester, the East Midlands, Sheffield and Leeds.
The total cost of the project is estimated to be in the region of £32 billion. There is still a great degree of cross parts to HS2, and if Crossrail is anything to go by, this resistance will continue for a protracted period. However, with the announcement of the proposed route this will already be affecting values and business decisions in relation to the properties affected. Every time a new large scale public scheme is initiated, there is an automatic possibility that there will be a blight on the property values along the route.
Some businesses relocate, the number of voids rises and the properties still being used are often depressed as a consequence of the voids (in business and value).