Crossrail could help create £1.25 billion of added value to residential and commercial real estate in West London, and to the west of it, between 2012 and 2022 according to updated research from Development Securities.
The research, conducted by GVA, evaluated the Crossrail route between Maidenhead and Acton Mainline stations.
The research illustrates how Crossrail will have a marked impact on a number of West and west of London locations along and around the Crossrail route where the new railway will help stimulate investment in commercial activities, retail and housing. The report showcases that key areas such as Slough, Hayes and Southall will receive a dramatic economic uplift as a result of the scheme.
Key findings of the research suggest that Crossrail will act as a catalyst for growth across the West and west London property markets, supporting the delivery of almost 18,000 new homes, around 315,000 sqm of commercial space, helping create up to 28,000 new jobs, and supporting wider town centre, retail, leisure and public realm upgrades and improvements.
Commenting on the updated research Julian Barwick, Director at Development Securities, said: “We believe that Crossrail presents significant opportunities for developers. It will connect 1.5m more people with Central London and as such, places like Slough, with its existing underlying commercial strength, will have intrinsic, durable qualities as a centre for business employment. We believe in the economic potential in West of London, with developments such as 10 Hammersmith Grove, Brunel Place in Slough and the Old Vinyl Factory in Hayes, totalling in excess of 1 million sq ft of commercial and residential space. With huge investment in the infrastructure of suburban locations across the West and west of London – this growth is only set to further flourish.”
Terry Morgan, Crossrail Chairman said: “Crossrail is already having an impact on property investment decisions. In West and west of London, Crossrail will have a transformative impact as a result of new journey opportunities and direct access to London’s major employment areas. The new Crossrail stations will be spectacular and are being developed to maximise the regeneration opportunities brought by the new railway. In West and west of London, Crossrail will support the delivery of over 18,000 new homes and 315,000 square metres of commercial space along with significant public realm improvements, which will leave a lasting legacy.”
Chris Hall, Director at GVA said: “One of the biggest impacts of Crossrail in West and west of London will be on the commercial and residential property market with additional value of more than £1bn generated along the route in the West. As a result of significantly improved transport brought by Crossrail connections, areas such as Slough, Ealing Broadway and Southall are highlighted as places to watch, with a distinct impact on the residential and commercial property markets. Crossrail is more than a new rail link, it will be the catalyst for regeneration and a key driver in maintaining London’s position as a leading global city and the strength of the wider region.”
The original report, launched in 2012, showed how Crossrail will have a significant impact on a number of central London and suburban locations along and around the Crossrail route. The new West London research builds on the original to provide further detail on the opportunity for the property market in West and west of London