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What the Northern Line Extension Will Mean for Battersea

Residents in Battersea will witnesslarge changes over the coming years. As Battersea Power Station, which has stood empty since 1983, undergoes a massive revamp into luxury accommodation and leisure facilities, the area will then become under siege from construction sites as the Northern Line creeps its way into the heart of Battersea. As this once industrial and agriculture district in London becomes the next target for rejuvenation in the capital, we take a look at the Northern Line proposal on the table and what it will mean for Battersea�s future. In November 2014, it was announced that work to the Northern Line is expected to begin in spring 2015, with hopes that the line from Kennington to Battersea will be opened by 2020. With the total cost of the project estimated at �1 billion - footed by private funding - many want to know the impact of the extension and the benefits that it will bring the local economy. As the line extension was first disclosed by the government in December 2012, expectations are now high in 2015 for the project to pick up momentum and deliver by the 2020 deadline. As a kick start to 2015, it has now been revealed that the European Investment Bank has agreed a �480 million long-term loan injection, which will cover nearly 50% of the overall estimated costs. Jonathan Taylor, the European Investment Bank vice president said:"The European Investment Bank is pleased to support this extension of the Northern Line. It will both improve connections to Battersea and unlock regeneration in Wandsworth, Lambeth and Southwark.� The Northern Underground Line extension to Battersea is part of a four year plan � the UK Guarantees scheme - to reinvigorate infrastructure projects that have stalled following the financial crisis in 2008. A year after the launch of the scheme in 2012, the Treasury announced that it would extend the guarantees to December 2016. The total amount of capital allocated to rejuvenating UK infrastructure is limited to �40 billion excluding interest; predicted project estimates to date (January, 2015) equate to �24 billion, with �17 billion extended to the Hinkley Point C nuclear power station alone. According to the Financial Times, the Treasury had agreed guarantees worth 1.7 billion in December 2014 and accepted another 39 proposals as part of the scheme. In a bid to help Londoners recognise the projected assets of the extension link, Wandsworth Council has produced a 43-page report that includes the need for the link, and benefits to the wider Vauxhall, Nine Elms and Battersea opportunity area. The report states that the link will create 17,000 jobs alongside 7,500 new homes. The project will also help to introduce 20,000 more residents into the area and serve as a transport link to the power station�s 250,000 m� urban leisure quarter. As a result of this fast 15-minute transport boost from central London, new commercial areas will be unlocked for development, which In turn will attract developers and foreign investment: a driving factor of London�s modern economy. With Battersea Power Station�s sprawling leisure facilities acting as a focal point, economic activity is hoped to grow and evolve in the area over time. Zones with a high density mass of employment in advanced, knowledge-intensive sectors, such as the science and financial industries, often create an increase in trade links and international activity that positively affects the wider economy. Based on present cash flow in the area, this move to more productive jobs will increase capital from �0.8 billion to �6.8 billion. Accumulating benefits will also be offset by the �2 billion redevelopment of New Covent Garden that will create 18,000 homes across the Nine Elms regeneration zone in Battersea. As these highlighted project amalgamate across this part of London, the changed face of Battersea will be evident for all to see. The Northern Line to Battersea can be viewed from many perspectives. If we stray away from the figures and financial jargon, the Northern Line represents a real hope for a capital that is currently struggling to meet the social needs of the people. With an epidemic housing shortage, and more inhabitants in the city since before the Second World War, an entrepreneurial spirit that seeks out untapped areas for redevelopment raises encouraging signs. While Boris Johnson and the government have come under fire, particularly over the lack of affordable flats and houses proposed, the commercial side of each development alone will certainly create jobs and boost the London economy for the better. Whether this money is then used to improve social services or is siphoned off to into the private sector remains to be seen. However, the excitement and eagerness displayed by Wandworth Council is an encouraging sign. In a statement to the BBC in November 2014, Ravi Govindia, leader of Wandsworth Council, said: "This is fantastic news for the people of Battersea and the benefits will be felt right across Wandsworth. "This part of the borough is already coming to life with thousands of new homes and jobs and its two new Tube stations will turbo charge the process.�   Winkworth has seen its fair share of regenerated areas and grand plans across London since it first established in 1835. With unique perspectives on the market and branches across the city, our team are well versed in how the Battersea property market has and will evolve through times of change. For more information, please head to our Battersea office microsite for contact information and the latest news and listings.

Residents in Battersea will witnesslarge changes over the coming years. As Battersea Power Station, which has stood empty since 1983, undergoes a massive revamp into luxury accommodation and leisure facilities, the area will then become under siege from construction sites as the Northern Line creeps its way into the heart of Battersea. As this once industrial and agriculture district in London becomes the next target for rejuvenation in the capital, we take a look at the Northern Line proposal on the table and what it will mean for Battersea’s future.

Battersea Power Station

In November 2014, it was announced that work to the Northern Line is expected to begin in spring 2015, with hopes that the line from Kennington to Battersea will be opened by 2020. With the total cost of the project estimated at £1 billion - footed by private funding - many want to know the impact of the extension and the benefits that it will bring the local economy. As the line extension was first disclosed by the government in December 2012, expectations are now high in 2015 for the project to pick up momentum and deliver by the 2020 deadline.

As a kick start to 2015, it has now been revealed that the European Investment Bank has agreed a £480 million long-term loan injection, which will cover nearly 50% of the overall estimated costs.

Jonathan Taylor, the European Investment Bank vice president said:"The European Investment Bank is pleased to support this extension of the Northern Line. It will both improve connections to Battersea and unlock regeneration in Wandsworth, Lambeth and Southwark.”

The Northern Underground Line extension to Battersea is part of a four year plan – the UK Guarantees scheme - to reinvigorate infrastructure projects that have stalled following the financial crisis in 2008. A year after the launch of the scheme in 2012, the Treasury announced that it would extend the guarantees to December 2016. The total amount of capital allocated to rejuvenating UK infrastructure is limited to £40 billion excluding interest; predicted project estimates to date (January, 2015) equate to £24 billion, with £17 billion extended to the Hinkley Point C nuclear power station alone. According to the Financial Times, the Treasury had agreed guarantees worth 1.7 billion in December 2014 and accepted another 39 proposals as part of the scheme.

In a bid to help Londoners recognise the projected assets of the extension link, Wandsworth Council has produced a 43-page report that includes the need for the link, and benefits to the wider Vauxhall, Nine Elms and Battersea opportunity area.

The report states that the link will create 17,000 jobs alongside 7,500 new homes. The project will also help to introduce 20,000 more residents into the area and serve as a transport link to the power station’s 250,000 m² urban leisure quarter. As a result of this fast 15-minute transport boost from central London, new commercial areas will be unlocked for development, which In turn will attract developers and foreign investment: a driving factor of London’s modern economy. With Battersea Power Station’s sprawling leisure facilities acting as a focal point, economic activity is hoped to grow and evolve in the area over time.

Zones with a high density mass of employment in advanced, knowledge-intensive sectors, such as the science and financial industries, often create an increase in trade links and international activity that positively affects the wider economy. Based on present cash flow in the area, this move to more productive jobs will increase capital from £0.8 billion to £6.8 billion.

Accumulating benefits will also be offset by the £2 billion redevelopment of New Covent Garden that will create 18,000 homes across the Nine Elms regeneration zone in Battersea. As these highlighted project amalgamate across this part of London, the changed face of Battersea will be evident for all to see.

The Northern Line to Battersea can be viewed from many perspectives. If we stray away from the figures and financial jargon, the Northern Line represents a real hope for a capital that is currently struggling to meet the social needs of the people. With an epidemic housing shortage, and more inhabitants in the city since before the Second World War, an entrepreneurial spirit that seeks out untapped areas for redevelopment raises encouraging signs. While Boris Johnson and the government have come under fire, particularly over the lack of affordable flats and houses proposed, the commercial side of each development alone will certainly create jobs and boost the London economy for the better. Whether this money is then used to improve social services or is siphoned off to into the private sector remains to be seen. However, the excitement and eagerness displayed by Wandworth Council is an encouraging sign.

In a statement to the BBC in November 2014, Ravi Govindia, leader of Wandsworth Council, said: "This is fantastic news for the people of Battersea and the benefits will be felt right across Wandsworth.

"This part of the borough is already coming to life with thousands of new homes and jobs and its two new Tube stations will turbo charge the process.”

 

Winkworth has seen its fair share of regenerated areas and grand plans across London since it first established in 1835. With unique perspectives on the market and branches across the city, our team are well versed in how the Battersea property market has and will evolve through times of change. For more information, please head to our Battersea office microsite for contact information and the latest news and listings.

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