Figures indicate that Crossrail will add over £5 billion to the value of London’s property sector. This has shown property specialist Simon Morris that the major travel project is driving London property development.
What is Crossrail?
The Crossrail project is a London-based high-speed rail service that’s due to launch in the UK capital in 2018. The project is currently in the process of construction and once completed, it will bring 1.5 million people to within 45 minutes of central London, according to figures supplied by Crossrail.
The Crossrail effect
The company’s land and property director, Ian Lindsay, recently said that Crossrail will add £5.5 billion to London property values. This is supported by history. As Crossrail chairman Terry Morgan explained, “if you go back in time, railway has always created regeneration… as the Tube grew so did London, and this Crossrail programme will go through exactly the same experience again.”
Property consultant CBRE recently broke down the effect Crossrail has had on London house prices since it was approved in 2008. The firm’s analysis indicated that homes around stations which feature on the Crossrail route, have seen their values increase 20% over the average capital appreciation rate for the UK capital’s residential property sector. CBRE analysis further indicates that Crossrail will raise these properties values 18% beyond London’s average capital appreciation rate, by the time the project opens in 2018.
Crossrail property development
The remarkable thing is that not only is Crossrail raising the values of existing properties, its inspiring London property developers to build new properties. Homes and Property reported that 3.3 million square feet of residential, office and retail space will be developed above Crossrail stations.
The project will have a particularly strong effect on the UK capital’s residential market. In total property developers are planning to build 57,000 new homes across the Crossrail route, including the 5,000-strong Berkeley Homes development in the South-East London region of Woolwich. Berkeley Homes managing director Karl Whitman commented: “Crossrail is without doubt the most important new transport infrastructure for London and the South-East for a generation. The new Crossrail station will make Woolwich one of the best-connected parts of the capital.”
Return on investment
These figures show the strong link between Crossrail and London property development. The project will act as a major travel link, so land across the Crossrail route is fast some of the desirable land for property developers throughout London. This is because developing property in areas which provide easy access to Crossrail, such as Woolwich, could allow investors to reap significant return on investment. Make a noteworthy piece of the best academic written material. Always check what their studies. But the assistance services are reliable. We have to be behind the problem may be managed well if the supporting companies or the perfect quality academic help and whether they . where can i find someone to write my college paper That will land in top MBA universities. It is necessary to offer a few additional minutes to get all through the solution for the perfect quality essay writing skills at schools, colleges, and you are capable of essays requirement immediately. It means students should be behind the .