Airport expansion may help Essex property investment take off

Monday, March 29, 2010

Runway extension may lead to increased property investment in the south Essex area

By Ashley Brunskill

An extension to Southend Airport could lead to an increase in property investment in Essex and north-eastern parts of Greater London.

Secretary of state for communities and local government John Denham ratified the project, which could soon mean with the completion of the adjoining railway station, that commuters could reach the Olympic Park within 40 minutes.

The owner of Southend Airport, the Stobart Group, fully intended to complete the runway extension before the start of the Olympic Games and, by 2020, estimates nearly two million people will use it.

In a statement, managing director Alastair Welch said he is "incredibly pleased" with the decision and is eager to get redevelopment work underway. He said the project will regenerate Southend-on-Sea and could bring thousands of additional jobs over the next ten years.

He added: "This development will make a significant contribution to increasing the attractiveness and prosperity of the south Essex area for business, which experts believe will have a positive effect on house and commercial property prices."

Source: ask-re The Property People LLP