Excitement over the imminent opening of London’s new underground service, the Elizabeth line is steadily growing as the deadline approaches with less than a year to go. With this in mind property consultancy GVA have conducted a survey into the benefits the development will bring to Greater and Central London and, the results are much more impressive than first predicted.
Original calculations of the impact the £14.8bn Elizabeth line would have over property development and job creation arose back in 2012 before construction began. Now, six years on and in its opening year, GVA have found the development to be a major catalyst for regeneration across London.
Which Locations will the Elizabeth Line Benefit?
The Elizabeth line will run from Reading and Heathrow in the west, through 26 miles of new underground tunnels in Central London all the way to Shenfield and Abbey West in the East. This distance allows for plentiful regeneration along its route, creating an abundance of jobs, homes and offices.
Locations such as Ealing, Woolwich, Ilford and Romford are set to enjoy rejuvenation as well as the regions of Central London that are to feature new stations. Opening these areas up to swift and convenient transport links makes them more attractive to home owners and businesses.
So far, the Elizabeth line has created capacity for major HQs including Facebook, Deutsche Bank, Capita and Societe General to move into London, reinforcing its status as a global city. This has allowed accommodation for 300,000 new jobs in key employment hubs.
However, this is just the beginning in terms of what the Elizabeth line will deliver. Back in 2012, it was predicted that around 3.35 million sq. ft. of commercial office and retail space would be erected along the route. Today, this figure is closer to 4.4 million sq. ft. and the space will support 362,000 new jobs. Property values are also set to see significant increases with the report suggesting that properties within 1km of an Elizabeth line station would see a total increase of £10.6billion.
Further Developments Following the Project
The report also explains how this scheme has helped to inform future infrastructure projects such as wider Crossrail. Factors including stakeholder co-ordination, land ownership control and public realm investment are amongst those to have evolved thanks to the Elizabeth line project.
Speaking to the Crossrail Press Office 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.”
This is highly positive for the future of London and at Londonoffices we are certainly looking forward to the introduction of new commercial properties within the city. Keep checking the blog for the latest updates and newest offices on the market.