Woolwich, Iver and Langley have been identified as the top spots for further Crossrail-related development opportunities, according to JLL.
With less than three years to go before the first trains start running on the line, development is set to step up a gear.
JLL’s latest research on the £16bn railway predicts that Crossrail stations will see value growth 7% above the non-Crossrail average over the next five years. The maximum growth will be 16% higher.
While central London destinations, where investment has focused for the past decade, have little left to offer developers, those in outer areas still have growth potential.
Woolwich, SE18, West Drayton in Middlesex, and Whitechapel, E1, will see values rise by 39.2%, 37.3% and 34% respectively. Meanwhile, in Bond Street, W1, prices are expected to rise by 8% and in Paddington, W2, by 15.4%.
“Crossrail continues to drive value growth along its length,” said Adam Challis, head of residential research at JLL. “What is becoming clear is the additional benefit it brings to some of the lower-value locations along the route. It is supporting regeneration through improved accessibility and as a result offers a longer-term capital growth potential that may be harder to identify in central zones.”
The report uses desirability, development opportunity, risk and projected price growth as metrics to rank the 38 stations, which are considered for different types of development.
Whitechapel comes out on top for larger-scale build-to-rent development, with a 35% growth in rents predicted over the next five years, while Iver in Berkshire came top as the best place to buy to live.
But with Crossrail slashing its central London journey time by 25 minutes, Woolwich came top for both build-to-sell and buy-to-let investment, and took the top spot for overall Crossrail impact, with Whitechapel in second place and West Drayton coming in third.
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