HS2 bosses cite Sheffield Gateway’s impact on Rateable Values

Posted on 23 October, 2014 by Cliff Goodwin

Seven years after the completion of a £25m upgrade to Sheffield railway station the value of commercial property in the area has increased by two-thirds and almost 3,000 new jobs have been created.

two modern high speed train with motion blur

The figures were revealed during a parliamentary committee hearing which was told that at least £74m of traditional investment would have been needed to achieve the same results — three times more than the Sheffield Gateway project.

Submitted in written evidence to the House of Lords Economic Affairs Select Committee — which is examining the economic case for the HS2 project — the company behind the high speed rail link claimed that rateable values for properties within 400 metres of Sheffield station had increased by 67 per cent, from £8.7m to £14.7m.

The Government-established rail company stated the increase in rateable values close to the station was “more than three times the corresponding increase for Sheffield as a whole, and reflects the increase in both the quantity of commercial development and value per square foot”.

It went on to claim: “New or renovated stations can have a considerable impact upon their locale by improving appearance, improving retail and leisure offerings and increasing non-travel footfall.”

More important, the committee was told, was the need for cities to take advantage of the network’s arrival. The new line, HS2 Ltd said, “is a key catalyst for northern city regeneration, not simply as a means to shorten journey times. HS2 will also generate economic opportunities and development, beyond the direct expenditure, which can deliver significant benefits to local economies”.

In London, the company estimated the £15bn investment in the Crossrail scheme “could help create additional residential and commercial value of as much as £5.5bn along the route between 2012 and 2021”.

During the five year Sheffield Gateway project the station itself received a new ticket office, waiting areas, extensive work to platforms and canopies and an extended concourse area with new shops and cafes. The improvements were so impressive that they won the coveted Project of the Year Award in the 2006 National Rail Awards.

Footfall through the 1870-built station also increased. It is now the 35th busiest in the UK and the 11th busiest station outside London.

Sheaf Square, on to which the station opens, was redesigned with water features, trees, seating and a new tram hub. Access was also improved to adjoining offices and retail malls.

“The redevelopment of Sheffield station and Sheaf Square has provided the city with a modern, world class, quality entrance to the city,” commented Jan Wilson, then leader of Sheffield City Council.

“It’s absolutely crucial that the city’s station gives the right impression to visitors and business people as well as being an excellent public transport facility for the people of Sheffield to use and we have certainly achieved that,” she stressed.

“So many people’s first view of the city is from the station, so it’s absolutely right that investment has gone in to make it vibrant, modern, safe and welcoming.”




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme