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Contractors World  - UK & Ireland
2013 Vol 3 No 2
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Paddington Integrated Project - architects impression of proposed OSDSchemes under planning

In January, CBRE Global Investors acquired two central London properties (110-113 Tottenham Court Road and 83 Clerkenwell Road) in a £20m deal, highlighting Crossrail as a key factor in both acquisitions.

Paddington Integrated Project - architects impression of proposed OSD

Michael Ness from CBRE Global Investors said: “We believe that these two acquisitions will be major beneficiaries of the Crossrail development, as infrastructure improvements are already adding to the commercial attractiveness of both Clerkenwell and the Tottenham Court Road area.”

Also in January, Goldman Sachs submitted plans for a 1.2 million square feet office scheme along Farringdon Street; and in the summer, developers Axa Real Estate expect to complete the construction of ‘Sixty London’, a 215,000 square feet office development in Farringdon. Both developments will benefit from the new Crossrail station at Farringdon which when it opens in 2018, will be one of the busiest rail stations in Britain and at the heart of London’s rail network linking transport services north, south, east and west.

In February, British Land acquired the Ealing Broadway Shopping Centre in a £142.5m deal, highlighting the improved journey times to Ealing Broadway that Crossrail will create as an important driver behind the deal. Charles Maudsley, Head of Retail, said: “We believe there are significant opportunities to grow and develop the shopping centre as a retail destination […] as the area benefits from residential development and the completion of Crossrail.”

Along with wider property investment in the capital, Crossrail’s own property development plans at stations along the new route are making good progress including

  • Planning permission secured for nearly 1 million square feet of development space so far – a total of 3 million square feet of high quality office, retail and residential space is planned above new Crossrail stations and sites. These developments will help create new business space, jobs and new homes for Londoners on top of the world-class new transport links Crossrail is delivering
  • Further over-site development planning applications submitted this year for 65 Davies Street at the new Bond Street Crossrail station and Crossrail’s Fisher Street site in central London also due to be submitted shortly

Further funding secured

Further funding secured for Crossrail’s ambitious Public Realm improvement programme which will deliver improved public areas outside stations along the Crossrail route. Initial urban realm design work has been completed for 16 stations so far, with masterplans for another 12 stations to be completed by the end of 2013.

Leading development partners secured for five over-site development sites: Grosvenor Estates (Bond Street West); Great Portland Estates (Bond Street East); Derwent London (Tottenham Court Road East); Cardinal Lysander Group (Farringdon West); Aviva Investors (Liverpool Street West)

Further investment and development opportunities available at other prime London sites including: Tottenham Court Road (West); Lindsey Street in Farringdon (East); Fisher Street in Holborn; Limmo Shaft, near Canning Town east London; Woolwich East; Paddington Triangle; Liverpool Street East (Blomfield Street)

Crossrail Director of Property Ian Lindsay said: “Recent property deals have highlighted the ‘Crossrail factor’ as a growing influence on London’s property market. It is encouraging to see major UK and international firms citing Crossrail as a catalyst in pushing forward existing schemes and an enabler in identifying new development opportunities. “

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