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I suspect the choice of location has more to do with convenience for freight
Seems likely - maybe is was considered but would a 'freight only' airport be something that was possible, take it all out of heathrow (more space for passengers) and stick it in a more specialised airport somewhere (specifically, somewhere else where they won't start flying over my house :))
I suspect the choice of location has more to do with convenience for freight than anything else. Seeing as most of that would end up in London and the SE I guess they want to be as close as possible to cut road transport costs. If being a "transport hub" was all that mattered then location wouldn't make much difference as most of the passengers would be flying straight out somewhere else anyway. A Midlands airport would make a lot more sense for holidaying Brits though.