During the detailed design phase Crossrail undertook a Property and Regeneration Study to evaluate market activity in and around our station sites, with its aim to maintain and strengthen the arguments on the regeneration effects of Crossrail.
The study assessed the initial impact of Crossrail in:
Central London – established areas such as the West End, Soho and “hot-spots” such as Farringdon; and the
Surface section – town centres such as Romford, Ilford, Ealing, Hayes and regeneration areas such as Southall and Abbey Wood.
Crossrail could help create £5.5 billion in added value to residential and commercial real estate along its route between 2012 and 2021 according to new research for Crossrail by GVA, the UK’s largest independent commercial property consultant.
Crossrail will create quality new buildings above and around its new stations, benefitting workers, residents and visitors for generations to come. The improvements in journey times and the frequency of services provided together with this investment in London’s built environment will have a significant impact on London’s commercial and residential market.
- Crossrail will support the delivery of over 57,000 new homes and 3.25 million square metres of commercial space
- Significant property investment could take place at locations including Canary Wharf, Farringdon, Whitechapel, Abbey Wood, Custom House, Ealing Broadway, Southall and Woolwich
- Crossrail is already having an impact on property investment decisions particularly in central London
- The impact of Crossrail on residential property market will also extend out to Berkshire and Essex
The report’s key findings include:
- Crossrail is already having a positive impact on investment decisions and at many locations Crossrail will be influential in supporting and influencing new development;
- Commercial office values around Crossrail stations in central London will increase over the next decade, with an uplift of 10 per cent in capital value above an already rising baseline projection;
- Residential capital values are projected to increase immediately around Crossrail stations in central London by 25 per cent, and by 20 per cent in the suburbs, again above a rising baseline projection; and
- In many locations, Crossrail will have a transformative effect on the property market and development activity over time.
Areas where they are likely to be distinct or large scale impacts on the property market as a result of Crossrail include:
- Crossrail central section: Tottenham Court Road, Farringdon, Liverpool Street and Whitechapel;
- Crossrail western section: Ealing Broadway, Southall, Hayes & Harlington, Slough and Maidenhead;
- Crossrail eastern section: Stratford, Ilford, Seven Kings, Goodmayes, Romford, Brentwood and Shenfield; and
- Crossrail south-east section: Custom House, Woolwich and Abbey Wood.