With the Elizabeth line due to open in less than a year, property consultancy GVA has published new research that shows the impact of the Elizabeth line will be significantly greater than previously predicted in 2012.
The Crossrail Property Impact & Regeneration Study: 2012 – 2026 examines development progress along the route, shares lessons learned, and for the first time looks ahead as far as 2026 for the opportunities that will be realised once the Elizabeth line is fully operational and established as part of London’s transport network.
Key findings of the new report include:
· The Elizabeth line will reinforce London’s status as a global city, it has created the capacity for major HQs including Facebook, Deutsche Bank, Capita and Societe General, allowing for the accommodation of 300,000 new jobs in key employment hubs
· Outside central London, town centres including Ealing, Woolwich, Ilford and Romford are being rejuvenated as the construction of new homes and offices attract more businesses and residents
· 90,599 new homes along the route are predicted by 2021 and 180,000 by 2026 – far greater than the 57,000 new homes (by 2021) predicted in previous report;
· Over 4.4 million square feet of commercial office and retail space expected along the route by 2021 – an increase from 3.35 million square foot predicted in 2012;
· £10.6 billion increase in property values within 1km of a station expected by 2021
The report also explores key themes that can help inform future infrastructure projects such as Crossrail 2, including stakeholder co-ordination, land ownership control, a forward-thinking and joined-up local authority approach, and public realm investment.
Martyn Saunders, Regeneration & Spatial Planning Director, GVA, said: “Our findings reveal that the Elizabeth line will have a much greater impact on London and the South East than previously predicted, with further growth and opportunities to come. In addition to the creation of more than 180,000 homes and 362,000 jobs, Crossrail has set a new precedent for large scale infrastructure projects for future enterprises and developments to learn from.”
Andrew Wolstenholme, Chief Executive, Crossrail Limited, said: “Crossrail is delivering more than just a railway. As well as cutting journey times and giving passengers more options, it is driving regeneration across London and the South East. With less than a year to go until the Elizabeth line opens, this new report by GVA reveals the true extent of the impact, and lays out some of the key lessons for future infrastructure projects.”
Val Shawcross, Deputy Mayor for Transport, said: “Today’s report reiterates the huge benefits the Elizabeth line will provide to London and the South East – not just providing a new world-class transport link that will benefit millions of passengers a year, but as a powerful driver of jobs, homes and economic growth that is already having benefits across the whole of the UK.”
Jo Johnson, Transport Minister, said: “We already know the impact the Elizabeth line will have on rail capacity in London, with half a million passengers every day benefiting from state-of-the-art trains and brand new connections, including faster links to Heathrow, Gatwick and Luton airports.
“This report underlines the wider significance of Crossrail as a catalyst for jobs, homes and regeneration across the South East and sets an ambitious standard for future projects to aspire to. Crucially, with 96 per cent of the contracts for Crossrail won by companies across the UK, the economic opportunities of this transformative project are not just limited to London.”
Mike Brown MVO, London’s Transport Commissioner, said: “Not only will the Elizabeth line redefine how people travel across London, it will also change the areas around the railway with more homes and development being delivered. This report shows how transport infrastructure can regenerate neighbourhoods across our city, helping support the cases we’ve made for future projects such as Crossrail 2 and the Bakerloo line extension.”