Crossrail 2 is vital to 'fix housing crisis' say property experts

By Isabelle Fraser

Time for Crossrail 2? CREDIT: BLOOMBERG

Giving the green light to Crossrail 2 has been backed by more than 60 property industry leaders, who said it would help ease London's housing crisis by unlocking more than 200,000 homes.

Writing to the Chancellor Philip Hammond, they said: "It will transform transport capacity and connectivity for underdeveloped areas of the capital, such as the Upper Lea Valley, giving the certainty needed to accelerate the development of up to 200,000 new homes."


Signatories of the letter include Melanie Leech, head of the British Property Federation, all of the members of the G15 - London's biggest housing associations - and Tony Pidgley, the chairman of Berkeley Homes, who said that "Crossrail 2 is the only scheme that can make a significant difference to the South East’s housing stock".

The opening up of these areas previously under-served by transport would help not just London, but boost house building across the wider South East, with 30pc of the new homes to be delivered outside the capital.

Ms Leech said that the scheme "will stimulate regeneration up and down its route from the Solent to the Wash, opening sites for new housing and employment. A swift decision from Government on Crossrail 2 would provide a vote of confidence for our industry".

Crossrail 1, which is due to open fully in 2019, opened up the development of Thamesmead in south-east London, with 20,000 new homes there built by Peabody. Stephen Howlett, chief executive of the housing association, said: “Crossrail 2 would have a similarly transformative effect across London."

A new report by JLL for the Westminster Property Association found that the property sector could pay more towards the cost of the project than the Elizabeth Line, due to revenue from the community infrastructure levy and the business rate supplement. London has committed to meeting half the cost of the project.

Last month, more than 70 business leaders including EY, Canary Wharf Group and Heathrow Airport said that Crossrail 2 was "of national importance", adding that it would create more than 100,000 additional jobs in the capital. A decision on the project is expected from Government in the spring.

http://www.telegraph.co.uk/business/2017/04/03/crossrail-2-vital-fix-housing-crisis-say-property-experts/

Crossrail Property Hotspots: Royal Docks E16

The impact of Crossrail on Royal Docks E16, East London

The £15 billion Crossrail project is on schedule for operations to commence in 2018.

This will bring enormous benefits to E16 with journey times between Liverpool Street and Custom House reduced to just 7 minutes.

Custom House is located just north of the Royal Victoria Dock, and the station will bring both international and regional visitors to the ExCeL, which is located right in the heart of E16 and is the largest conference centre in London, and to London City Airport which is close by. There will also be direct links with Heathrow Airport and Reading.  

Brett's thoughts

“I’ve been talking about East London E14 for the past 5 years and my investors have benefited massively from the growth, now is the time to look further East to Royal Docks E16 and all it is going to offer.” Brett Alegre-Wood

In 2012 if you had said Royal Docks I would have been saying ‘White Elephant’ because many of the developments for sale were exactly that, overpriced and lacking real fundamentals. These newly released developments are the first of many of the remaking of East London E16. You just have to take a look around at prices in Stratford (to the North), Woolwich (over the river) and E14 (to the East) to see that the inevitable ripple effect of property is coming (has begun) to this area.

Stay tuned as we will have loads of development sites over the coming years. I have my Acquisitions team and my development business focused on this area."

Economy & Employment

The sheer weight of fundamentals taking hold in the area means that there is massive employment opportunities, the retail and commercial space will create jobs in the media, technology and financial areas which London already excels in.

Boris has thrown his weight squarely behind Royal Docks E16...

"London’s Royal Docks, historically the throbbing arteries of UK trade and commerce, present a huge opportunity which I’m determined to  capitalise on. My vision is to develop a world-class international business district, creating local jobs and growth and strengthening trade between east and west."

Boris Johnson, Mayor of London

Investment

London’s vast Royal Docks once attracted trade and visitors from across the world. Today, they are coming alive with new build development and investment activity from the over 10,000 new homes being built, the Asian Business Park, numerous other schemes for retail, commercial and leisure. Royal Docks E16 East London represents one of the most exciting investment and development opportunities in London... The city is creeping eastwards and now is the time to get involved.

The Royal Docks sits within an ‘arc of opportunity’, an area running from Stratford down the River Lea to the Thames that has £22 billion of development potential. Investment in the Royal Docks is a real chance to change the lives of some of London’s most deprived communities. The Enterprise Zone within the wider Royal Docks opportunity area will support economic growth and create new businesses and jobs.

The joint vision for the Royal Docks E16 is a vibrant waterside neighbourhood and a world-class business and leisure destination, a leader in emerging technologies and green enterprise and an international gateway for trade in modern commodities:knowledge, ideas and expertise.

For an area of around 500 hectares, the Royal Docks E16 has a relatively small resident population of less than 10,000 people. An important aim for the regeneration of the Royal Docks E16 is to integrate existing residents into more clearly defined neighbourhoods with community facilities at their heart.

Just up the road is Custom House and Canning Town redevelopment programme is already underway with an estimated cost of £3.7 billion. The project includes the construction of10,000 new homes, much improved town centres, and the creation of several thousand new jobs.

Transport

London City Airport is located in the heart of the E16 postal district and it serves around 3.5million passengers a year.

The area is served by the Docklands Light Railway (the DLR) which links London City Airport to Stratford, Lewisham, Tower Gateway, Bank in the City of London financial district, and Woolwich Arsenal. There is an underground station at Canning Town.

The opening of Crossrail will also bring an enormous boost to transport, eventually linking Custom House directly with Heathrow Airport and Reading.

Education

The University of East London (Docklands Campus) and the Angel Training College are located in the area. There are numerous secondary schools; some of note are Rokeby School, Plashet School,Langdon School, and Brampton Manor Academy, all of which received an Ofsted five star rating.  There is a good selection of primary schools, preschools and nurseries. 

Both town centres are undergoing extensive redevelopment which includes building new shops and leisure facilities. There are already many new and trendy restaurants, bars and pubs. By 2014 the area will have developed into a thriving community with excellent facilities for all members of the community.

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