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10/03/2014 15:31
Crossrail 'encouraging construction developments'

Crossrail is encouraging the creation of more residential and commercial developments.

Research by property consultants GVA found 41 per cent of planning applications filed between 2008 and 2013 cited the new railway as the main reason for construction. This equates to 53 million sq ft of building projects.

The study revealed central London and the East End have recorded the highest level of activity, with locations such as Tottenham Court Road, Liverpool Street and Custom House each seeing over five million sq ft of development opportunities. Other areas including Southall, Slough and Maidenhead are also experiencing a resurgence thanks to the rail programme.

Mayor Boris Johnson stated: "The creation of new homes, retail and office space is of paramount importance in galvanising and safeguarding London's economy and Crossrail is helping to do just that."

According to previous research by GVA, the railway scheme could create £5.5 billion of added value to real estate between 2012 and 2021. It is thought the 57,000 new homes and 3.25 million sq ft of commercial outlets would be supported by the development.