CROSSRAIL could boost residential and commercial property values in west London and beyond to Maidenhead by £1.25bn between 2012 and 2022, according to research released yesterday by property consultants GVA.
Speaking at an event hosted by Development Securities yesterday, Chris Hall of GVA said the launch of Crossrail will help spur the development of 315,000 square metres of commercial space, with areas such as Slough and Ealing Broadway seeing the biggest impact.
More than 18,000 homes and 28,000 new jobs are also expected to be created thanks to better transport links.
“Crossrail is more than a new rail link, it will be the catalyst for regeneration and a key driver in maintaining London’s position as a leading global city,” Hall said.
Crossrail chief executive Terry Morgan, who also spoke at the event, said: “Crossrail is already having an impact on property investment decisions. In west and west of London, Crossrail will have a transformative impact as a result of new journey opportunities and direct access to London’s major employment areas.”
In a previous study, GVA estimated that impact of Crossrail on property values along the entire route from Maidenhead to Abbey Wood and Shenfield could be as high as £5.5bn, with 57,000 new homes and 3.25m sq m of commercial space delivered.