A sneak preview at Crossrail's progress.
Mark Collins, CBRE Residential Chairman and Chairman of London Chamber of Commerce and Industry’s (LCCI) Property and Construction Committee, shares his views on Crossrail, after a sneak preview of progress.
I was thrilled to be invited by the LCCI for a tour of Crossrail Farringdon last week. Very few are allowed into the construction site to see the work unfolding, and it was an incredible insight into London’s most ground-breaking infrastructure project.
The tour really brought home the scale of the venture and the progress that has been made to date is impressive. The ticket hall and platform levels are really starting to take shape, and I can just imagine how it’s going to transform travel for Londoners.
There is no question of the huge benefits that Crossrail will bring to London, its residents and many visitors. It will not only affect London travel but also business opportunities, property and skills development – the statistics paint an inspiring picture.
With over 40 stations reaching from Reading to the west of London, through to Shenfield in the east, the coverage is significant. 66 lightweight trains with maximum speeds of 90mph, plus WiFi and 4G connectivity, will transform travel in and around the capital.
Naturally, the impact on property garnered my full attention. With 57,000 new homes anticipated, it will help to stimulate much needed supply for Londoners. We are already working on a number of schemes that will benefit from Crossrail, including The Mansion near Bond Street, Centre Point by Tottenham Court Road and Spire London in Canary Wharf. [hyperlink to each devt page] The coming years should be very exciting for London’s residential property sector.
Our own research predicts a further 10.2% price increase on prices up to 2018 on homes near Crossrail stations. We are also anticipating a c.£35bn expected increase in residential values around Crossrail stations.
I will be excited to revisit the station in 18 months to see the finished product!