The £1 billion Crossrail 2 station in Chelsea would pay for itself within 20 years, an independent group has claimed.

Research carried out by leading economic consultancy Quod states a projected increase in stamp duty payments from existing properties would cover the costs of the contentious station in King’s Road within two decades.

It says the new station will bring compelling “economic” benefits, resulting in a increased local business turnover of £180 million every year and over 3,000 new jobs for Londoners.

The station would also support the delivery of 1,000 much-needed new homes, which will result in developers paying Community Infrastructure Levy (CIL) payments which will be used to improve surrounding infrastructure.

Quod director Andy Hunt said: “On the economic evidence alone, the case for a Crossrail 2 station in Chelsea is compelling.

“In addition to the significant benefits this would bring to the thousands of ordinary people, whether living, working and visiting Chelsea, there is clear evidence that the station could pay for itself within 20 years and provide significant increases in revenues for local businesses.

“For Chelsea to continue to thrive our research suggests that Crossrail 2 will be essential.”

The news was greeted by John Cripps, Chairman of the Kensington and Chelsea Chamber of Commerce, which represents a significant number of businesses in the area.

He said: “We welcome these findings which clearly demonstrate that a Crossrail 2 station in Chelsea will have a positive impact on business in Kensington and Chelsea.”

And Chelsea Quarter Cafe owner Doron Zilkha added: “I am very optimistic that a new Crossrail 2 station in Chelsea would have hugely positive impact on my business.

"In boosting pedestrian footfall and adding to Chelsea’s vibrancy, a new station will better support businesses, like mine, which are located on the King’s Road but to the west of Sydney Street.

"I fear that without investment this part of Chelsea could be set to decline.”

However, there is huge opposition to the proposed station . A No Crossrail in Chelsea group has attracted significant backing and handed in a petition with the names of 10,000 people opposing the proposal.