The expansion of Heathrow airport will open up valuable opportunities for local businesses with regards to commercial property development – enabling businesses near the airport to plan for the future with confidence, following the uncertainty that Brexit left behind.
Matt Clarke, Partner at Vail Williams’ Heathrow office, explained: “One of the key outcomes of the announcement for the commercial property market is that a decision has been finally made, which opens the way for businesses to make plans and go forward.
“The commercial property implications of such a huge, national project range from land values and business rates, to infrastructure and development. But these are big opportunities too which can be very profitable with the right approach.
“The creation and expansion of a Hub airport at Heathrow will link us to our trade partners worldwide and provide new business openings and development opportunities that are available, driven by the local need for more offices and warehousing that will feed into the wider region. 40,000 new jobs will also be created following the expansion, which is huge relief for the region following the ambiguity around Brexit and its implications with regards to employment.
“In terms of air freight, Heathrow carries more freight exports and imports by value than every other UK airport combined – the expansion of Heathrow will allow the UK to open new markets as it’ll have more capacity for long-haul routes to emerging economies allowing businesses to tap into lucrative, expanding markets worldwide.
“Not only this but the infrastructure advances brought by Heathrow’s expansion will deal with the increase in activity and visitors; improving traffic and rail access and adding power to the area’s economic capacity.
“Current investments in transport links such as Crossrail, Western Rail Link and HS2 via Old Oak Common, links Heathrow seamlessly to the Thames Valley and all points west, delivering more convenient journeys for residents, commuters, business and will benefit the whole UK economy.”
