11 October, 2011 | By Jack Sidders
The development boom due to be ushered in by the £14.8 billion Crossrail project is gathering pace this week as plans for a 500,000 sq ft scheme around Tottenham Court Road are due to be submitted.
http://www.cnplus.co.uk/developers-eye-crossrail-boom/8620983.article 2013-07-15
The scheme is one of several being drawn up around the new train line, which looks set to reshape London’s West End, drawing high end retail and residential opportunities out beyond Regents Street, Bond Street and Western Oxford Street.
Derwent London and Crossrail prepared the plans which incorporate a new piazza around Centre Point tower as well as retail, commercial and residential developments over four sites around Charing Cross Road and the Eastern end of Oxford Street.
Crossrail land and property director Ian Lindsay, who is expected to contribute £545 million to the overall funding package through over-site developments, said he was working with a number of property companies (see box) on plans for more than 800,000 sq ft of new offices in the West End.
Plans for the redevelopment of the other side of the TCR station at Dean Street will be submitted separately by Crossrail and a development partner will be appointed once they are approved by the local council.
The plans are expected to include around 92 residential units.
And Crossrail is already working on a new scheme around Bond Street with Great Portland Estates which could see the compete redevelopment of Hannover Square.
Recent research from JP Morgan estimated property values within an 800m radius of Crossrail stations will increase by 5-10 per cent.
“In some locations that is quite a conservative estimate of what could be delivered,” Mr Lindsay added.
Work on private sector funded over-site developments will commence once work on their respective stations is complete.
Tottenham Court Road station is due to be completed in 2017 and opening in 2018.
Shotlisted bidders for the £200m main station construction package include Bam Nuttall with Kier and Ferrovial (BFK), Dragados with John Sisk and Son, Lend Lease and Laing O’Rourke.
Vinci and Bam Nuttall are already on site at the TCR underground station and BFK are currently carrying out tunnelling work.
Construction work for office developments above the Crossrail stations is likely to be tendered separately.
Other developers are targeting schemes in the West End which they expect to benefit from the vastly improved accessibility and catchment area ushered in by Crossrail.
Almacantar – the new venture of former Land Securities director Mike Hussey – already owns Centre Point above the TCR station and struck a deal to buy the Marble Arch tower earlier this year.
Mr Hussey said Centre Point’s redevelopment could begin before Crossrail was completed and that he was currently preparing plans for Marble Arch.
The landmark Marble Arch tower which borders Oxford Street and Hyde Park is considered a prime spot for redevelopment and Mr Hussey said he was eager to explore retail opportunities.
The building is currently occupied by an Odeon cinema.
Mr Hussey said he would soon pose planners the question of “whether they want to flatten the building or keep a landmark.”
Crossrail has entered into a number of Collaboration Agreements with existing landowners to deliver the over-site developments. Collaboration agreements are in place with:
- Grosvenor Estates (Bond Street West - 65 Davies Street)
- Great Portland Estates (Bond Street East – 18/19 Hanover Square)
- Derwent London (Tottenham Ct Rd East – Astoria Site/Goslett Yard)
- Cardinal Lysander Group (Farringdon West – Cardinal House)
- Aviva Investors (Liverpool Street West – 101 Moorgate)
Further over-site developments will be submitted during the coming months.
http://www.cnplus.co.uk/developers-eye-crossrail-boom/8620983.article 2013-07-15
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