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The impact of Crossrail so far

Our West End and Clerkenwell offices are located in the heart of the Crossrail development area. The project is the most ambitious and expensive transport initiative that has taken place in London for decades, with services due to commence in 2018. We have long been aware of the significant impact of Crossrail on the local property market. Over the past decade we have been advising our buyers on the advantages of Crossrail, many of whom have already benefited from the investment potential of properties within close proximity of these new Crossrail transport hubs. Investors have witnessed robust capital value growth off the back of strong demand and limited supply in these areas. Indeed, since 2009, when Crossrail construction started, while average £ per square foot values in prime London have increased by 27%, the areas around three of the new central London Crossrail stations have outperformed this average already. Between 2009 and 2013 to date, average £ per square foot values have risen most in the Farringdon and Bond Street areas (by 49% each), and by 48% in the Tottenham Court Road area. Crossrail will speed up access into London’s key employment centres and will bring with it extensive new development over the new stations and in the surrounding areas. The area surrounding Tottenham Court Road and our West End office is already benefitting from significant investment in both the build environment and public realm. Crossrail are planning over three million square foot of residential, retail and office space over stations in central London, making Crossrail one of the UK’s top ten developers. The new development is expected to return £500 million to the Crossrail coffers, offsetting some of the £14.8 billion build cost. FARRINGDON STATION Celebrating its 150th year and originally built as the terminus for the Metropolitan Railway, Farringdon Station, close to our Clerkenwell office, is now considered to be one of the principal beneficiaries of the Crossrail development plans. On completion, Farringdon is set to become one of London’s busiest stations, connecting the Underground, the new Crossrail service and the upgraded north-south Thameslink service (also due to complete in 2018), providing direct connections with three of London’s five airports. Two of the largest private development sites in Central London are located close to Farringdon station, demonstrating the long term potential for the area if fully developed. Currently, residential values are half those in the Bond Street area (on a £ per square foot basis) and have seen some of the fastest growth in the last four years. To read more from the latest West End and Clerkenwell market insight click here: http://admin.winkworth.supadu.com/php/DOCS/office/47---brochureSpot1Brochure.pdf

Our West End and Clerkenwell offices are located in the heart of the Crossrail development area. The project is the most ambitious and expensive transport initiative that has taken place in London for decades, with services due to commence in 2018.

We have long been aware of the significant impact of Crossrail on the local property market. Over the past decade we have been advising our buyers on the advantages of Crossrail, many of whom have already benefited from the investment potential of properties within close proximity of these new Crossrail transport hubs. Investors have witnessed robust capital value growth off the back of strong demand and limited supply in these areas. Indeed, since 2009, when Crossrail construction started, while average £ per square foot values in prime London have increased by 27%, the areas around three of the new central London Crossrail stations have outperformed this average already. Between 2009 and 2013 to date, average £ per square foot values have risen most in the Farringdon and Bond Street areas (by 49% each), and by 48% in the Tottenham Court Road area.

Crossrail will speed up access into London’s key employment centres and will bring with it extensive new development over the new stations and in the surrounding areas. The area surrounding Tottenham Court Road and our West End office is already benefitting from significant investment in both the build environment and public realm. Crossrail are planning over three million square foot of residential, retail and office space over stations in central London, making Crossrail one of the UK’s top ten developers. The new development is expected to return £500 million to the Crossrail coffers, offsetting some of the £14.8 billion build cost.

FARRINGDON STATION

Celebrating its 150th year and originally built as the terminus for the Metropolitan Railway, Farringdon Station, close to our Clerkenwell office, is now considered to be one of the principal beneficiaries of the Crossrail development plans. On completion, Farringdon is set to become one of London’s busiest stations, connecting the Underground, the new Crossrail service and the upgraded north-south Thameslink service (also due to complete in 2018), providing direct connections with three of London’s five airports.

Two of the largest private development sites in Central London are located close to Farringdon station, demonstrating the long term potential for the area if fully developed. Currently, residential values are half those in the Bond Street area (on a £ per square foot basis) and have seen some of the fastest growth in the last four years. To read more from the latest West End and Clerkenwell market insight click here: http://admin.winkworth.supadu.com/php/DOCS/office/47---brochureSpot1Brochure.pdf

1379585985_CrossrailReport

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