The report illustrates how Crossrail will have a marked impact on a number of central London and suburban locations along and around the Crossrail route where the new railway will help stimulate investment in commercial activities, retail and housing. The report findings unveil which areas these are, and what the scale of those changes is likely to be.
Crossrail is among the most significant infrastructure projects ever undertaken in the UK. From improving journey times across London, to easing congestion and offering better connections, Crossrail will change the way people travel around the capital. Crossrail's new stations will revitalise the concept of the station being the centre of the community it serves.
-- Advertisement --
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.
Crossrail will, for the first time, produce a direct connection between all of London’s main business centres, linking Heathrow, with Paddington, the West End, the City and Canary Wharf. Up to 24 trains per hour will operate in the central section between Paddington and Whitechapel during peak periods, with each train able to carry 1,500 passengers. An estimated 200 million people will travel on Crossrail each year.
Crossrail will also 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.
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. Crossrail will have a distinct impact on the residential property market not just in London but also several areas in Essex and Berkshire. 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. 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."
(CD)
