Transport for London (TfL) is ramping up a programme involving retail, commercial and residential developments over and around stations on the new Elizabeth Line, Europe’s largest infrastructure project, saying it could bring in £500 million.
Plans are in place for 12 major property developments at new stations along the line, which opens in December and will serve 41 stations and stretch across more than 60 miles from Reading and Heathrow in the west through tunnels in central London to Shenfield and Abbey Wood in the east.
Helical has won a £120 million contract to develop space above Farringdon station into offices, agreeing a 150-year lease with TfL. While Grosvenor is developing 11,000 square foot of floor space above the western ticket hall at Bond Street.
Graeme Craig, Director of Commercial Development at TfL, says: “These schemes will result in income of around £500 million and this will be reinvested in modernising and improving the transport network.
“The 12 sites will deliver much needed homes, office and commercial space and have been planned as an integral part of the development of the new railway.
“Not only will they provide revenue for investment, but will also support new jobs and drive economic growth.”
The Mayor of London, Sadiq Khan, says: “When it opens later this year, the Elizabeth line is going to transform travel across London and the South East, helping to improve the lives of millions of Londoners, stimulating much needed housing development across the capital, and providing a huge boost to our economy.”
With the developments announced by TfL, there has never been a better time for London businesses to capitalise on the opportunities presented by the capital’s improved infrastructure, which is creating good enterprise opportunities for entrepreneurs.
Those with a considered business plan and a sector specialist to advise them are more likely to reap the rewards of increased sales and turnover, and our specialist advisers to the hospitality and retail sectors are on hand to assist.
Our Beavis Morgan headoffice is just 300 meters from Farringdon station. As the only station on the entire London network that will be on the underground, Elizabeth line and Crossrail, we are very easily accessible and readily available to assist you with your business ambitions.
If you would like to discuss how we can help you improve business performance and best structure your business for tax, contact Steve Govey in the first instance or your usual Beavis Morgan Partner.