It was recently announced that the £17bn expansion of Heathrow Airport has been backed by the Airports Commission, chaired by Sir Howard Davies.
The new runway would bring 250,000 more flights each year, providing a £150bn boost to GDP over 60 years and 70,000 new jobs.
Neil Seager Partner at and Head of Commercial Agency at Haslams Chartered Surveyors gave his thoughts on the announcement.
“This is great news for the UK and the Thames Valley. It is all about creating an international hub. The decision to expand Heathrow is the right decision. It will ensure that the UK keeps up with its global competitors. Lately Heathrow’s standing has declined when compared to other airports in Europe and the middle east which have continued to improve.
Most people think of airports from a passenger point of view and forget about the amount of imports and exports that arrive and depart by this mode of transport. The recent announcement safeguards the economy of west London and the Thames Valley and provides businesses with the chance to expand their operations. The resultant impact for commercial property will inevitably be an increase in demand. The challenge will be for landlords and developers to ensure there is the stock to meet this demand in the market which is already short of quality warehouses. The Heathrow Expansion will put a stop to the many large companies who have their main office close to the airport from thinking of relocating potentially to another country. Not only that, the planned expansion and Cross Rail will also encourage many other international companies to locate their headquarters and major European offices in the Thames Valley. For everyone’s sake let’s hope this does not get stuck in a political black hole and is actually delivered as planned.”
Prime minister David Cameron has pledged to decide whether to accept the Airports Commission’s recommendation by the end of the year.
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Neil Seager
BSc (Hons) MRICS