The new Crossrail project, the largest of its kind in Europe, is set to create ‘hotspots’ of commercial property across London.
It is estimated that locations along the route will benefit greatly, especially Canary Wharf, Woolwich and Ealing. Both home and office prices are set to rise, whilst more developers will be keen to build in such locations. One such project includes the 1.2 million sq ft headquarters for Goldman Sachs that will be situated close to Faringdon Station. Other stations are set to become major hubs for business, retail and leisure.
JLL’s Adam Challis said to Homes and Property: “People are waking up to the infinite possibilities of Crossrail. Though launch day is some way off, the construction upheaval around London and our new stations is a reminder of Crossrail’s scale.”
An area that is being paid particular attention to is Ealing, as more properties begin to be built in the area. With tube and rail accounting for 78 per cent of all the trips made to the centre, it is estimated that the area will see a £42 million increase to its local economy.
Simon Walker of Savills added: “Ealing will be one of the biggest beneficiaries as it will connect commuters to every key employment centre. Anyone who lives on the western fringes and works in central London will benefit.”
Other areas set to benefit include Essex, which will have its first proper link to the West End of London, whilst new stations are to be implemented in Fulham and Hammersmith by 2020.
Spanning across 118 kilometres, the twin tunnels will link Maidenhead to Shenfield, increasing rail capacity in the capital by 10 per cent. It is estimated that 200 million people will use the service every year.
The Crossrail is set to open in 2018.