The Impact of Crossrail 1 & 2 + Other Proposed TFL Schemes
The £14.8 billion Crossrail project is Europe’s largest infrastructure project. Crucially, Crossrail integrated the designs for major property developments over and around its central London stations and other key infrastructure as part of the project. Development plans across 12 sites comprise over three million sq ft of office, retail and residential space between Paddington and Woolwich. Income from Crossrail property development forms part of the core Crossrail funding strategy. The line will open next year as the Elizabeth Line carrying an estimated 200 million passengers per year, immediately increasing central London’s rail capacity by 10% and bringing an extra 1.5 million people to within 45 minutes of central London.
Crossrail 2 will enable the development of 200,000 new homes and support new 200,000 jobs. It will increase London’s rail capacity by a further 10 percent providing additional capacity for up to 270,000 more people travelling into London in peak periods, relieving congestion and over-crowding on Tube and regional rail services. The recent joint statement on Crossrail 2 from the Secretary of State for Transport, Chris Grayling MP, and the Mayor of London, Sadiq Khan, confirmed the need to ensure a funding package that delivers the new capacity and connectivity that London needs.
It is timely then that session will review the progress made on property development on Crossrail. It will assess what lessons have been learned and how those lessons will be applied to Crossrail 2. It will set out how both projects play a part in TfL’s wider plans to build the homes and jobs that London badly needs, and also how all this development activity will help to fund improvements to the capital’s transport network.