Crossrail is expected to add £5.5 billion to residential and commercial property values along its route by 2021. The claim follows research conducted by industry consultant GVA who also expect Crossrail to lead to the development of 57,000 new homes and 3.25 million square metres of commercial space.
Crossrail will cut journey times across London by providing eight new stations and upgrading many more. It will cover 118 km of track stretching from Maidenhead in the west to Abbey Wood in the east. Up to 24 trains an hour will run at peak times carrying an estimated 200 million passengers a year. Crossrail is due to commence service in 2018.
The report from GVA focuses on the impact of the project on central London and suburban locations and how it might stimulate commercial activity in and around the capital. It shows that it is already influencing investment decisions and that it will have a “significant impact on London’s commercial and residential market.”
The key findings of the study include:
A large scale impact is expected in a number of areas. These include Tottenham Court Road, Liverpool Street and Whitechapel on the central section. Elsewhere, other locations to benefit include Ealing Broadway, Stratford, and Woolwich.
London Mayor Boris Johnson responded to the report by saying; “Crossrail is vital to support London’s growing population and to ensure our city’s future economic prosperity in an increasingly competitive world.
“These latest figures demonstrate the impact of this ambitious project is already taking hold, creating jobs and sparking regeneration across the capital. This is good news not just for Londoners but for the nation’s economic health as a whole.”
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