The Areas That Would See Big Development Spikes From Crossrail 2
If Crossrail 2 gets the go-ahead, some areas of London will be opened up massively for new development.
According to a report by JLL, commissioned by the Westminster Property Association, some areas around stations will see a huge increase in the number of people who can travel there in 45 minutes or quicker.
And areas around outlying stations can get significant amounts of new housing because they are suddenly a shorter trip to Central London.
Here are the areas set to benefit the most.
Tottenham Court Road
“Tottenham Court Road would be the economic heart of the U.K. as much as the City,” said JLL's John Neale, author of the report. Crossrail 1 and 2 would stop at the station, which is a hub for the tech and media worlds and has potential for further dense development.
Euston exhibits similar characteristics to Tottenham Court Road, in that it would be the connection point between Crossrail 2 and HS2, as well as the existing Northern and Victoria lines. And here there is arguably even greater scope for major development; the area has never really taken off as an office location. Related Cos. and London & Sydney have proposed a major £5B mixed-use redevelopment in the area.
While the case for major office development is less easy to make in Dalston, it could be a huge beneficiary, given that companies priced out of Shoreditch and Hackney are already moving there. It is known as a creative, trendy area.
Tottenham Hale is ripe for major residential development. Argent and Related Cos. are already planning a major residential scheme comprising 800 homes there.
Two places that will not benefit as much as you think — Victoria and Chelsea
Neale argued that Victoria will not see that much additional benefit given it is already very well connected. And there is not much scope for new office development at the King’s Road in Chelsea. Well-to-do residents in the area hate the idea of a new station there and are seeking to have it struck from the route.