New research by property consultancy GVA shows the Elizabeth line is a major catalyst for regeneration across London and the South East.
90,000 new homes predicted along route by 2021, and will double to 180,000 by 2026
362,000 jobs to be supported by delivery of over 4.4 million square feet of new commercial space by 2021
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 suggest that 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.
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.”
Jo Johnson, Transport Minister, said, “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% 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, added, “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.”