The top of Centrepoint was an appropriate spot to launch research into the impact Crossrail and the Thameslink upgrade will have on rents and property values. Not only do you get incredible views across London but you can also look down on the site of the new Tottenham Court Road crossrail station (click on image for larger version).What Lambert Smith Hampton has done, in a nutshell, is calculate the short term and longer term impact of values and rents around 15 key stations along the Crossrail and Thameslink routes. In Saturday's EG we'll be publishing a map with LSH's key stats for the 15 stations which you can have a sneak peek at here but just whizzing through the full report it easy to spot that some hot spots are hotter than others.
At the western end of Crossrail the Slough/Heathrow area is expected to see the biggest gains with prime rental growth in the next two years predicted to be 7.5% per annum while in the east, Canary Wharf will see a rise of 8% pa.
For Thameslink it is Kings Cross/Euston and Blackfriar's which are the hottest spots. The former with an 11% pa increase on prime rents and the latter 11.5% pa together with a yield compression of 75bp between 2011 and 2013.
LSH's full report, Changing Boundaries will be published on Monday and we'll post a link here.
Crossrail & Thameslink facts:
- £15.9bn scheme due to open in 2018
- Will bring an additional 1.5m people within a 45 minute commute of central London
- Canary Wharf will see the biggest increase in commuter population by travel time, numbers within 30 minutes will increase by 260%
- Crossrail will serve 37 stations increasing London's transport capacity by 10%
- Thameslink upgrade is costing £6bn and is due to complete in 2018
- Longer trains to increase capacity will be introduced at the end of 2011, new rolling stock in 2015
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