34: London Investors - the major infra-structure developments
Best performance capital value increases are often found where new infra-structure development improve communication, stimulate jobs growth and lead to re-generation and positive change. PropertyInvesting.net provides this article from the Mayor of London's Transport Strategy - which articulates the main schemes in the planning phase. Areas that will benefit from these are outlined in the Special Report 32 - examples include Tottenham Court Road, Blackfrairs, Stratford, Woolwich, Docklands, New Cross Gate and Croydon East.
Major expansion projects
Major projects are central to the strategy and will significantly increase the capacity, and extend the provision of, London’s public transport system.
- East London Line Extension
- Thames Gateway Bridge
- Thameslink 2000
The new railway will run deep in underground tunnels between Liverpool Street and Paddington and will connect above ground to stations across the South East and London, from Ebbsfleet and Shenfield in the east, to Maidenhead and Heathrow in the west. Crossrail sought views in the Round 2 consultation, until 27 October 2004, from residents and stakeholders in areas along the route. Crossrail ran a number of drop-in information centres and exchanges, finishing on 19 February 2005. Details are available from:
Crossrail 1 (East-West)
Crossrail reported to the Government in spring 2003 on the feasibility, costs and financing of options for the routes of line 1. The Crossrail Business Case received the support of the Secretary of State for Transport on 14 July 2003. He confirmed the Government will be willing in principle to support the scheme by way of a Hybrid Bill, following a successful outcome from an independent review of the case for the scheme led for the Department for Transport, and agreement on funding. The Crossrail hybrid bill was submitted on 22 February 2005. A second reading is expected mid March. The Secretary of State for Transport also confirmed the Crossrail Company should work towards safeguarding the preferred route and carrying out consultation. Public consultation along the benchmark route is ongoing.
Highlights of the scheme include:
- Crossrail line 1 will create a brand new network of services linking areas to the east and west of London.
- The heart of the project is the construction of a new tunnelled route across London, with new stations at Liverpool Street, Farringdon, Tottenham Court Road, Bond Street and Paddington.
- It will for the first time allow existing suburban rail services to run through London offering a range of possible services to areas such as Romford and Shenfield to the east, and Ealing to the West.
- Crossrail line 1 also includes an option to serve Heathrow Airport.
Crossrail 2 (NorthEast-SouthWest)
The programme for Crossrail line 2 is not as far advanced as those for Crossrail line 1, but highlights of the scheme include:
- The Crossrail line 2 would create a brand new network of services linking areas to the north east and south west of London.
- The heart of the project is the construction of a core section in tunnel through the centre of London, between Victoria and Kings Cross with an interchange with Crossrail line 1 at Tottenham Court Road. New stations at Victoria, Piccadilly Circus, Tottenham Court Road and Kings Cross St Pancras.
- Crossrail line 2 would allow existing northeast and southwest suburban rail services to be linked across London.
- The proposed extension to the East London Line (ELL) will allow the through running of services onto the National Rail network north and south of the river to serve London's' growth area such as the City and Docklands. It will also encourage regeneration of some of the most deprived areas in the Capital, promote transport integration and facilitate orbital travel by public transport.
- The ELL will improve public transport accessibility to key areas that are currently poorly served, including areas of Hackney, Lambeth, Lewisham, Southwark and Docklands. It will help to ease congestion on radial routes into central London and provide additional capacity to accommodate growing demand, making full use of the valuable but underused river crossing.
- The scheme comprises two extensions, the northern extension from Shoreditch to Dalston, Canonbury and Highbury and Islington, and the southern extension from south of Surrey Quays to Peckham and West Croydon.
- The Government approved the business case in July 2003 and demolition of Bishopsgate Goods Yard is being progressed.
- The SRA are currently discussing procurement issues with the Government.
- The next step is to issue an OJEC notice and invite tenders for construction.
- The proposed Thames Gateway Bridge, between Beckton and Thamesmead, is one of a range of transport projects that will help to deliver growth and new opportunities to the Thames Gateway area, which stretches for over 40 miles from East and South-East London to Essex and Kent.
- The Thames Gateway Bridge would cross the Thames at Gallions Reach, connecting Beckton in the borough of Newham to Thamesmead in the borough of Greenwich.
- A public consultation on the bridge was undertaken during early summer 2003 and found that 85% of local residents are in favour of the scheme. The bridge will be discussed in Parliament or at a Public Inquiry. Parliament or the Secretary of State for Transport would make the final decision on whether or not to grant powers to build the bridge, and if successful the earliest opening date would be 2010.
- The Mayor supports the development of Thameslink 2000, which will be funded by the Strategic Rail Authority and commercial rail operators, will build upon the existing cross-London link between Farringdon and Blackfriars.