CAPITAL WATCH

Transport: What'sNext FEATURES The relationship between real estate and transport is about much more than journey times and catchment analysis. How we move around London defines much of our relationship with the city. Whether it’s crowded commutes on the Tube, weaving through traffic on a Santander bike or finding your way through the crowds on Oxford Street, transport has a profound effect on our productivity and wellbeing. What matters for people also matters for property: it is temporal proximity that drives the public transport premium, and Crossrail has already made an impressive impact on property prices. But London’s transport links are not just about getting from A to B. Transport infrastructure and its surrounding assets are increasingly desirable as real estate – evident in the repurposing of unused transport assets and also in largescale regeneration projects such as King’s Cross. In this section, we look at the evolution of London’s transport network, its shaping of the city, its current performance, and the impact of new infrastructure investments on the capital. They say that the best things come to those who wait. London’s transport infrastructure is undergoing several changes in a bid to evolve to meet the needs of an ever-growing city. This article briefly examines the impact of Crossrail to date, and looks at what the future holds for London and Crossrail 2. W ith recent news that the delivery of the central portion of the Elizabeth Line has been delayed at least until 2020, it is perhaps a good time to assess the impact of Crossrail on London so far – and look ahead at what the future holds for the capital when Crossrail 2 is delivered. Against the backdrop of falling Tube passenger numbers for the first time in a decade, there is significant commercial pressure on the Elizabeth Line to be a success. In fact, TfL has predicted that the Elizabeth Line will provide most of its revenue growth over the next five years, some £3.2 billion. Whilst the Elizabeth Line will bring an additional 1.5 million people within a 45-minute commute from central London – as well as increasing central London’s rail network capacity by 10 per cent – the potential benefits of Europe’s largest-ever infrastructure project could be much wider than just increasing the number of people moving through London. One benefit of the new route will be that the stations have been designed with passengers of restricted mobility in mind. All new stations will have step-free access, and 95% of all journeys are forecast to have a step-free origin and destination station. The Impact of Crossrail on London TRANSPORT: WHAT'S NEXT By Christopher Dunn, Senior Insight Analyst, UK Research Christopher.Dunn@ eur.cushwake.com CUSHMAN & WAKEFIELD CUSHMAN & WAKEFIELD 16 TRANSPORT: WHAT'S NEXT 17 TRANSPORT: WHAT'S NEXT

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