We’ve seen various statements recently about plans for the new Elizabeth train line, and how this may encourage an increase in commuter tenants in the areas of which the line travels through.
Ten years in the making, Crossrail Limited is almost ready to introduce multiple infrastructure contracts, new trains and three different signalling systems. It has been calculated that the Elizabeth line will add 10% to central London’s rail capacity, as well as boost the economy by an estimated £42billion.
The completion of the line will occur in Autumn 2019, nine months later than originally planned. It has been said that the delay is in order to ensure adequate time for testing has been allowed. Crossrail Limited want to ensure that the testing is guaranteed to be safe and reliable.
The line will run from Reading and Heathrow in the West, through 13 miles of new tunnels, to Shenfield and Abbey Wood in the east, going through central London.
Simon Wright, Crossrail Chief Executive has commented: “The Elizabeth line is one of the most complex and challenging infrastructure projects ever undertaken in the UK and is now in its final stages. We have made huge progress with the delivery of this incredible project but we need further time to complete the testing of the new railway. We are working around the clock with our supply chain and Transport for London to complete and commission the Elizabeth line.”
For landlords with property in those areas, this could mean an increase in interest. Many tenants are eager to find areas outside of central London to rent as their home, whilst being nearby a reliable commuting line. The completion of the Elizabeth Line could mean an influx of commuters to the area, and may indicate a prime opportunity for investment.
As it stands, there has been some progress already with the new line. Trains are now operating between Shenfield and Liverpool Street (mainline station), and between Paddington (mainline station) and Hayes & Harlington.
The Elizabeth line is expected to bring an extra 1.5m people to within 45 minutes of central London. More than 200m passengers are also expected to use the line each year.