The impact of the introduction of the Elizabeth line will exceed expectations by some distance according to a new study from GVA.
The property consultancy’s latest research shows that the Crossrail project has been a major catalyst for regeneration across the capital, with the number of homes and jobs created at much higher levels than first expected.
Research comes from the Crossrail Property Impact & Regeneration Study: 2012 – 2026, which examines progress up to now and identifies the opportunities to be realised once the Elizabeth line is opened.
According to the report from GVA, predictions regarding the number of houses created, and the amount of commercial space both wildly exceed what was originally forecast.
In 2012, it was predicted that 57,000 new homes will be developed. However, the latest research forecasts the number will be more than 90,000, and by 2026, it expected that 180,000 new homes will be developed within one kilometre of an Elizabeth line station.
For commercial properties too, there will be more space close to these stations than initially thought; In 2012, it was projected that there would be 3.35 million square feet of commercial office and retail space along the route. But the GVA report says this will be more than 4.4 million square feet by 2021.
With less than a year until the start of the phased opening of the line, research shows areas outside central London will also benefit from regeneration, with the likes of Ealing and Romford expected to enjoy rejuvenation with construction of homes and offices that will attract businesses and residents to the area.
Martyn Saunders is the Regeneration & Spatial Planning Director of GVA. He said the research shows a greater impact on homes and jobs – the something the latter has enjoyed through the construction period too.
“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.”