Kent’s economic future looks bright according to the 20th Kent Property Market Report, issued at the end of 2011. A comprehensive review of property performance and major deals in Kent from Summer 2010 to Summer 2011 has drawn attention to the success of Kent’s commercial landscape, and its regeneration programmes. Locate in Kent saw 213 new projects logged over the course of the year, and the location of future development plans seem to indicate that Ashford, a major destination on the HS1 network is at the heart of Kent’s economic growth.
The proposed High Speed 2 rail development has dominated headlines over recent weeks, with many calling into question the return for the new rail development. When looking at the expected return for high speed 2, it might be useful to consider the returns obtained already on High Speed 1.
Commercial Property Ashford
The commercial property sector in Ashford is enjoying considerable attention, with the proposed new commercial quarter potentially bringing an additional 60,000 sq ft of office space to the town centre.
“These are tough times and we need to do all we can to get the Kent economy moving faster,” said Paul Carter, Leader of Kent County Council.
The competitive advantage of Ashford is tightly linked with its position on the HS1 line, which links London through Kent to the Channel Tunnel, and mainland Europe. The high-speed network puts Ashford just 37 minutes from London, making it an increasingly popular destination for businesses that want regular access to the city without the expensive outlay for business space in London.
Eureka Business Park
The Eureka Business Park is an example of concrete success obtained in the Ashford economy in recent years. The 300,000 sq ft development is one of Ashford’s most recent developments and has already secured outline consent for an additional 1,100,000 sq ft on the premises.
Eureka Business Park includes Northdown 2; two headquarters buildings, which are available for let (as this goes to press); the Phoenix building, comprising 58,853 sq ft of office space; the Herald building, fully let to Smiths Medical International Ltd, and Eureka Place, a full retail development including a nursery, restaurant, convenience store and travel agency.
Eureka Business Park is located just 10 minutes from Ashford International Station, which makes it less than an hour’s journey from London. The easy access to the channel tunnel puts the location under 4 hour’s drive and under 2 hour’s rail journey from the heart of Paris, Brussels and Lille. High Speed Rail has allowed Ashford to situate itself as a premier choice for businesses seeking to expand European business operations.
The Future of High Speed Rail
Just as HS1 has succeeded in transforming Ashford into a hub of business development in Kent, HS2 is set to integrate with the current high-speed network, and thus connect the north and the south of the country. “The route connects the key cities along the spine of the country”, said Richard Thomas, Managing Director of locations4business, “Easy access for people and goods is the fundamental cornerstone of economic activity. Inhibit this in any way and enterprise is discouraged. That means discouraging the creation and maintenance of jobs.”
Greater capacity and more direct routes to mainland Europe can only be a good thing for the integration of the UK and EU economies. Increased trade, easier freight transportation and quicker movement into Europe are all factors that will assist with growth throughout the country.
