Southern towns and cities including London and Reading have been identified as the highest paying places in the UK; this will come as no surprise for those of you who have looked at the difference in salaries.
With the new Elizabeth line opening and bringing with it an estimated 5.3 million square feet of residential and commercial property space it’s no wonder businesses such as Pall Mall are eager to learn more about the development and the benefits it will bring to businesses across the area.
If you are not fully up to date with the latest development, firstly where have you been? And, secondly here’s some details to get you up to speed:
The Elizabeth Line
- Known as Crossrail – this is a railway line currently under development in London.
- Crossrail is 118-kilometre’s long.
- The line will connect Berkshire, Buckinghamshire and Essex, making things easier for domestic and inbound tourism as well as commuters.
- In total, there will be 40 stations.
- 24 trains travelling in each direction are expected to run every hour.
- Certain routes are already in service but the full line is not due to open until 2019.
- It’s estimated that this development will add £42bn to the UK economy.
- Crossrail could bring in 55,000 jobs to London, which is set to increase to 85,000 by 2023.
- The population of London is set to grow by around 8.4 million.
- Newham and Greenwich are predicted to see the highest annual growth economically from Crossrail.
- By 2026 it has been forecast that all London boroughs collectively will benefit by £1.24 billion by Crossrail.
Real Estate Estimates
- Residential and commercial real estate could generate £5.5 billion in added value between 2012-2021, according to Crossrail by GVA.
- The development is expected to support 3.25 million square metres of commercial space and also deliver 57,000 new homes.
- Office rental value could increase by an average of 14%, that’s an additional value of £357.4 million.
- Core office markets have received a much higher growth rate than initially predicted in 2012, equating to a growth of 26%.
- Based on estimated figures for property value from 2012 almost doubling it is forecast that values could soar to £20.1 billion by 2026.
Only the future will know what the future holds but for now it’s looking bright for London and the surrounding areas.