BRITAIN ditched plans to link London and the northern city of Leeds as part of a new high-speed rail network, drawing accusations that prime minister Boris Johnson was going back on a promise to fix regional prosperity gaps.
The £96-billion project, known as High-Speed 2 or HS2, has been touted since 2009 as a key way to link the prosperous southeast with cities in the Midlands and the north of England.
However, despite Johnson committing in February last year to complete the Y-shaped railway, transport minister Grant Shapps announced a new plan on Thursday (18) which cut one arm of the line short, and instead upgraded parts of the existing network.
He said the new configuration would be delivered sooner and be more effective at cutting journey times elsewhere.
Speaking in parliament, he said it was "the largest single rail investment ever made by a UK government - an investment that, rather than being felt decades into the future, will arrive much much sooner".
However, the opposition Labour Party said the change was proof that Johnson's government was reneging on a promise to "level up" regional disparities. That promise was the basis of Johnson's 2019 election campaign, in which he won over many traditionally Labour-voting areas of northern England.
"Leeds and the north have been betrayed," said Labour lawmaker Hilary Benn, who represents a constituency in Leeds.
High-speed lines would be built from London to Manchester, 35 miles to the west of Leeds, but the leg originally planned to link with Leeds would stop short at Nottingham. Lines between Leeds and Manchester would now also be upgraded, Shapps said.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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