Elizabeth Line sparks property development

Official Project Partner: TfL

As the Elizabeth Line develops, a huge programme of retail, commercial and residential development is being promoted, with plans already in place for 12 major property developments over and around the new stations and construction sites.

TfL has complimented the plans, saying that the series of developments could see some £500M reinvested into London transport.
Currently, some three million square feet of high quality office, retail and residential space is planned between Paddington and Woolwich, the proceeds from which would be reinvested by TfL, thus providing benefits for Londoners all round.

Recent development agreements have been signed with:

• Grosvenor Britain & Ireland, to develop 110,000sq ft of office space over six floors, above Bond Street Station.
• Helical Plc, to develop space above Farringdon station, opposite the historic Smithfield Market, comprising some 120,000sq ft of office floor space over six-storeys
• Derwent Plc, who acquired the site above Tottenham Court Road’s eastern ticket hall, on the corner of Oxford Street and Charing Cross Road. Planning permission has been granted for a 285,000sq ft project comprising offices, retail and a 40,000sq ft theatre – the first new West End theatre in a generation. Enabling works are underway with main contractor tenders under consideration.
• An existing agreement with Great Portland Estates sees redevelopment of Bond Street eastern ticket hall at Hanover Square underway. The new mixed use scheme is expected to be handed over fully in the summer.

The Crossrail programme is the first major infrastructure project in the UK to integrate station designs with above station developments and improved public spaces. The Elizabeth line sites are a key part of TfL’s plans to establish a significant long-term revenue stream to reinvest in transport.

In 2016/17, TfL brought forward sites that will deliver 1,000 homes. By the end of March 2018, TfL will have brought forward sites that will deliver more than 3,000 homes. Half of all these homes will be affordable.

Graeme Craig, Director of Commercial Development at TfL, said: “The Elizabeth line is set to redefine travel across our city and it is fantastic to see the sites above some of the major central London stations progressing.

“These schemes will result in income of around £500M and this will be reinvested in modernising and improving the transport network.

“The twelve sites will deliver much needed homes, office and commercial space and have been planned as an integral part of the development of the new railway. Not only will they provide revenue for investment, but will also support new jobs and drive economic growth.”

 

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