Opinion: How a mixture of new business, Crossrail and, finally, homes will transform Tottenham Court Road forever

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In recent years, the area around Tottenham Court Road has gone through a marked transformation. Once considered the scruffy end of Oxford Street, with no real identity, the area has become a thriving crossroads between London’s creative and technology industries.

Located just moments from Theatre Land and all that the very centre of London has to offer, the area’s £1bn regeneration has been underpinned by the forthcoming arrival of Crossrail at Tottenham Court Road station. The imminent arrival of the Elizabeth Line has catalysed development across all tenures, from new leisure and entertainment offerings, world-class office space and best in class residential development.

This combination of mixed-use development is helping to change the face of the area. On the site of the new Crossrail hub will be the largest over-site development to take place anywhere along the line. Plans have been approved for 500,000sqft of high-quality retail, office and residential space and a new theatre to replace the former Astoria venue.

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Dramatic improvements will also be made to the public realm and how people move through the area. There will be a new open pedestrian space linking Soho Square and Charing Cross Road, set to create a thoroughfare with views of the square and of St. Patrick’s Church.

Recently there has been a real shift in buyer trends, with individuals from the more traditional central London postcodes now considering the quality of product on offer, rather than being driven entirely by location.

All this improvement has resulted in Tottenham Court Road, and its surrounds, establishing itself as a residential address of choice – today recognised as a prime location for any buyer looking in Zone One. Pricing has responded accordingly, with residential property values in Tottenham Court Road/East Oxford Street up 43 per cent in the five years to end of Q1 2017.

Recently there has been a real shift in buyer trends, with individuals from the more traditional central London postcodes now considering the quality of product on offer, rather than being driven entirely by location.

With new high quality residential schemes, such as Centre Point, which has long been regarded as a London icon nearing completion this autumn, buyers will have the opportunity to live in a new home located at the very centre of London’s best entertainment district – an offering that previously did not exist.

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The future is extremely bright for Tottenham Court Road, not only as the plans come to life and key construction milestones are reached. But also as we look forward to Crossrail 2, with the station being the only hub to interconnect both Crossrail and Crossrail 2 services.

As home to some of the best-known advertising, media and tech companies in the world, including Facebook, 20th Century Fox and Dolby, the area around Tottenham Court Road will no doubt continue to attract the best talent across the creative and corporate industries. It is this diverse combination that makes the area truly stand out in today’s market.