Crossrail will lead to 90,000 new homes along its route by 2021 and 180,000 by 2026, according to a report from GVA.
It says Crossrail far exceeds expectations for homes and jobs and will also deliver 4.4m sq ft of new commercial space by 2021.
With Crossrail due to open in less than a year, the Crossrail Property Impact & Regeneration Study: 2012-2026 examines development progress along the route.
Its findings include:
- The line will allow for the accommodation of 300,000 new jobs in key employment hubs.
- Outside central London, town centres including Ealing, Woolwich, Ilford and Romford are being rejuvenated.
- 90,599 new homes are expected along the route by 2021 – far more than the 57,000 predicted previously.
- More than 4.4m sq ft of commercial office and retail space will be built along the route by 2021 – up from 3.4m sq ft predicted previously.
- A £10.6bn increase in property values within 1km of a station is expected by 2021.
Martyn Saunders, director of regeneration and spatial planning at 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.”
See also: The Crossrail effect: how the development has changed central London rents
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