Crossrail to transform property values

Crossrail has released a report which says the new rail line could help create £5.5 billion in added value to residential and commercial real estate along its route between 2012 and 2021.

The research, produced for Crossrail by GVA, aims to show the impact the line could have on a number of central London and suburban locations along and around the route.

The report says the improvements in journey times to, from and through central London and the frequency of services provided together with the investment in the built environment around the stations will have a significant impact on London’s commercial and residential market.

The report’s says that Crossrail is already having a positive impact on investment decisions along the route, and that around central London stations commercial office values will see an uplift of 10 per cent in capital value above an already rising baseline projection, and residential capital values are projected to increase by 25 per cent.

In West London, the report suggests residential values around stations will grow by 20 per cent above a rising baseline projection, and that the stations will have a transformative effect on the property market and development activity over time, particularly in Ealing Broadway, Southall, and Hayes & Harlington.

Mike Taylor, Director at GVA said: “One of the biggest impacts of Crossrail will be on the commercial and residential property market with additional value of as much as £5.5bn generated along the route. As a result of significantly improved transport connections, areas such as Abbey Wood, Woolwich, Ealing Broadway and Southall are highlighted as future places to watch.”

Andrew Wolstenholme, Crossrail Chief Executive said: “Crossrail will support the delivery of over 57,000 new homes and 3.25 million square metres of commercial space along with significant public realm improvements, which will leave a lasting legacy for London.”

The Mayor of London, Boris Johnson, said: “These latest figures demonstrate the impact of this ambitious project is already taking hold, creating jobs and sparking regeneration across the capital.”

Transport Minister Stephen Hammond said: “Crossrail will revolutionise travel across London and the South-East, delivering faster journey times and bringing an additional 1.5 million people within 45 minutes of the capital’s business centres. It will bring a significant boost to the regional and national economy – not only by facilitating employment growth but also by stimulating investment in the property market along the line of route.”

Stephen Hammond is speaking at Place West London on October 23 – around 300 public and private sector delegates will be discussing, debating and networking. Join them!

Building the new railway involves constructing eight new stations in central London and Docklands and upgrading many existing stations. Stretching from Maidenhead and Heathrow in the west, across to Shenfield and Abbey Wood in the east, the new railway will cover 118km of track including 21km of new twin-bore rail tunnel. Crossrail services are due to commence in 2018.

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