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Crossrail property boom is predicted

THE value of property near Hayes and Harlington station is likely to soar because of Crossrail, research has found.
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THE value of property near Hayes and Harlington station is likely to soar because of Crossrail, research has found.

But the benefit to West Drayton will be minimal.

Hayes and Harlington is one of the locations where the £15billion line will be a ‘significant driver for change’, and have ‘distinct or large-scale effects on the residential property market’, according to an impact study by property consultants GVA on behalf of Crossrail.

It also states that the arrival of Crossrail is acting as a draw for businesses, and is supporting and influencing regeneration projects already in the pipeline, such The Old Vinyl Factory in Blyth Road and the extension of Hyde Park Hayes business park, in Millington Road.

It is believed the station’s enhanced links to the town centre will be a catalyst for new retail and commercial opportunities.

Andrew Wolstenholme, Crossrail chief executive, said of the findings: “Crossrail is already having an impact on property investment decisions.

“In many areas, Crossrail will have a transformative impact as a result of new journey opportunities and direct access to London’s major employment areas. The new Crossrail stations will be spectacular and are being developed to maximise the regeneration opportunities brought by the new railway.

“There are clear, available development sites and areas of underused land in and around many of the stations, offering developers opportunities to bring forward appropriate schemes.”

Data collected for the study also indicated that average property values during the worst of the housing market recession in a ‘zone of influence’ – defined as within a radius of one kilometre around the station, in Station Road, Hayes – did not drop at the same rate as elsewhere in the borough, with the prospect of Crossrail ‘offsetting’ the worst of its effects.

It is forecast that by 2019, the average house price within the zone will pass the average for Hillingdon, and exceed £400,000 by 2021, although this cannot be entirely credited to the Crossrail effect.

There is also potential for Crossrail to facilitate the change of use of the ample amount of commercial land near both Hayes and Harlington and West Drayton stations to make way for homes, according to the report.

However, the study finds that the benefit to West Drayton will be minimal, with the potential lying more in the Hayes-West Drayton corridor.

Residential property in the suburban Crossrail’s destinations can expect to see a 20 per cent increase in values, while those in central London are likely to rise by up to 25 per cent.

It is concluded that, overall, the lure of Crossrail could add up to £5.5bn to the value of homes and commercial property on the route.

The line, which is due to start operating in 2018, will link all the capital’s major business centres, and serve Essex and Berkshire.

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