D2N2 has approved funding of £2.4m for Chesterfield Borough Council to invest in HS2 infrastructure.
The investment from D2N2 will go towards the development of the Chesterfield railway station area in order to capitalise on the economic benefits that HS2 will bring to the town.
This funding will be particularly beneficial to the area’s future as the local economy recovers from the effects of COVID-19.
D2N2 will be funding the development through its Local Growth Fund allocation, a funding programme that enables D2N2 to invest in projects that benefit the regional economy.
The funding announcement recognises the transformative opportunity that HS2 will bring to Chesterfield and the northern Derbyshire area, which will contribute to the achievement of the East Midlands HS2 Growth Strategy.
Chesterfield Borough Council is leading a partnership which includes Derbyshire County Council, Network Rail, HS2 Limited and East Midlands Railway to bring forward development at key sites in and around Chesterfield railway station.
Previous studies suggest that around £25 billion of the £74 billion growth in the region could come into Chesterfield and northern Derbyshire if anticipated investment decisions are made.
The funding will enable a step-change in developing and delivering Chesterfield Borough Council’s emerging HS2 Station Masterplan, which aims to bring disused sites back into use and maximise inward investment and growth for leisure, businesses and visitors.
D2N2 Chair Elizabeth Fagan said: “HS2 will have a transformational effect, not just on Chesterfield but the whole of our region for generations to come.”
“HS2 will greatly aid our efforts in upskilling our residents to meet the demands of a changing labour market as well as helping us achieve our goal of a carbon-free tomorrow for the region.”
Councillor Tricia Gilby, leader of Chesterfield Borough Council, said: “The development of the station Master Plan is a significant project for Chesterfield and northern Derbyshire’s economy.”
“Our approach to HS2 has been to seek and develop benefits that will help local people find skilled and well-paid jobs and create a station and a destination to inspire future generations.”
“HS2 is a once in a generation opportunity to transform the fortunes of the borough with the prospect of 10,200 new jobs, 4,700 new homes and an annual uplift of £270 million in expenditure on local goods and services.”
The news comes in the wake of the Government announcement that confirmed the proposed HS2 line will be built in its entirety, with lines beyond Birmingham through the midlands and the north.