New research from GVA predicts a £20.1bn total uplift within one km of a station by 2026, up from the £5.5bn additional value predicted in 2012.
The firm’s Crossrail property impact & regeneration study examines development progress along the route and foresees the impact the project will have as far as 2026.
“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,” said GVA’s director Martyn Saunders. “In addition to the creation of in the region of 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.”
The approximately 180,000 homes predicted by 2026 are well in excess of the sub-60,000 forecast in 2012 and similarly, over 4.4m sq ft of commercial space is forecasted to be developed by 2021 – an increase from 3.35m sq ft predicted in 2012.
“Crossrail is delivering more than just a railway. As well as cutting journey times and giving passengers more options, it is driving regeneration across London and the South East,” Andrew Wolstenholme, CEO of Crossrail Limited, added. “With less than a year to go until the Elizabeth line opens, this new report by GVA reveals the true extent of the impact, and lays out some of the key lessons for future infrastructure projects.”