06/12/2018

“The Growth Corridor – The Future of the UK Economy”

James Mulcare attended EG and Bidwells “The Growth Corridor – The Future of the UK Economy” seminar yesterday.

Following a very well attended and fascinating seminar Hosted by EG and Bidwells on the Oxbridge Growth corridor, a few key points of note from the seminar were as follows:

  • The Oxbridge Growth corridor has been identified as vital economic importance in the UK.
  • This corridor is currently contributing over £90bn/yr to the economy and has a potential to rise to £250bn with investment in homes and infrastructure.
  • The area is already home to leading international universities and science and technology companies and due to attract more global Life Sciences and Knowledge industries.
  • Major infrastructure projects are planned to link Oxford-Milton Keynes-Cambridge, both with new railway and road networks.
  • Aim is to deliver 1m new jobs and homes in the growth corridor by 2050.

There are exciting opportunities to work in public and private partnerships to deliver the development and growth potentials this scheme has to offer. The additional opportunity to design and create new communities and housing for the future of how people wish to live and work is also a very exciting challenge.

PRS/BTR will play a major role in helping deliver the housing requirements and mix of tenures needed to support the predicted growth in these areas.

  • Key Note speech from Robert Jenrick MP, Exchequer Secretary to the Treasury
  • The Government sees this highly valuable asset as a globally important opportunity to drive UK economic growth.
  • They are backing the upgrading of the infrastructure, such as the East West Railway and Oxford/Cambridge express roadway.
  • The National Infrastructure Commission (NIC) have identified the Oxbridge Growth corridor has the opportunity to deliver 1m new jobs and homes across this region by 2050.
  • The NIC proposals not only include expansion of existing settlements but also new settlements of between 10,000 – 15,000 new homes.
  • PRS was identified as a transformational element of housing over the next 5-10 yrs. Sarah Greenwood, Head of Strategic Growth at Homes England saw PRS as providing an essential mix of tenures and having a massive role to play in housing delivery.
  • The arc between Oxford and Cambridge, encompassing Milton Keynes has delivered a long run average GVA of 4.7% p/a since 1998 and more recently 5.5% growth between 2013-2016, compared to the UK average of 3.8% and 3.9% respectively.
  • The 3 core cities of Oxford, Cambridge and Milton Keynes have been and are attracting major global companies especially in the Life Sciences and Knowledge industries.
  • The proposed Varsity Rail Line linking Oxford to Cambridge with Milton Keynes at it’s heart will put areas firmly on the map with new stations, such as Bletchley in the heart of the scheme.

For Godwin Developments, the opportunities to assist in the development of this once in a lifetime scale of development is incredibly exciting and we are ready for the challenge. We are already working on sites for BTR/PRS housing in the heart of the arc.