New research by property consultancy GVA has revealed that Crossrail will potentially increase commercial property values by £1.25 billion.
Office blocks from west London to Maidenhead are set to benefit greatly, whilst areas such as Ealing Broadway and Slough will enjoy 315,000 sq m of new commercial space. It iss also estimated that 18,000 new homes and 28,000 new jobs will be created through the scheme.
In 2012, GVA estimated that overall changes to property values could be as high as £5.5 billion, with 57,000 new homes and 3.25 million sq m of office space being built along the Maidenhead - Shenfield/Abbey Wood route.
Speaking at an event hosted by investment and development firm, Development Securities, Senior Director of GVA, Chris Hall said: “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."
Crossrail chief exec Terry Morgan, who also spoke at the event, said: “Crossrail is already having an impact on property investment decisions. In the west of London, Crossrail will have a transformative impact as a result of new journey opportunities and direct access to London’s major employment areas.”
Crossrail will link Berkshire and Buckinghamshire via Greater London to Essex via 118km of new track, including the construction of 42 km of new tunnels, with up to 24 trains running per-hour in each direction.