Romford has been named as one of the towns that is now exceeding predictions of new jobs and homes created by the delivery of the Elizabeth Line.
The Crossrail Property Impact & Regeneration Study: 2012 – 2026 examined development progress along the route, shares lessons learned, and for the first time looks ahead as far as 2026 for the opportunities that will be realised once the Elizabeth line is fully operational and established as part of London’s transport network.
Key findings of the new report include:
- The Elizabeth line will reinforce London’s status as a global city, it has created the capacity for major HQs including Facebook, Deutsche Bank, Capita and Societe General, allowing 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 as the construction of new homes and offices attract more businesses and residents
- 90,599 new homes along the route are predicted by 2021 and 180,000 by 2026 – far greater than the 57,000 new homes (by 2021) predicted in previous report;
- Over 4.4 million square feet of commercial office and retail space expected along the route by 2021 – an increase from 3.35 million square foot predicted in 2012;
- £10.6 billion increase in property values within 1km of a station expected by 2021
Martyn Saunders, Regeneration & Spatial Planning Director, 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.”
Andrew Wolstenholme, Chief Executive, Crossrail Limited, said:
“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. 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.”