Crossrail & The Future of London Transport Ian Lindsay Land and Property Director – Crossrail Ltd April 2012
Crossrail – a reminder 28 existing surface stations upgraded (11 major reconstructions) 9 new sub-surface stations
21 km new sub-surface railway 90km of improved surface network
Transport Benefits • Relieve overcrowding on existing Tube and train services: – 10% extra rail capacity for London – the largest single increase in London’s transport capacity since WWII – Bring an additional 1.5 million people within 45 minutes commuting distance of London's key business districts • Links to key financial centres: – Heathrow, West End, City and Canary Wharf connections – Supports London as a world city • Decrease journey times into and across London: – 24 trains per hour – Reliable, efficient service
Decreasing journey times
Crossrail - Wider Benefits • Crossrail will directly employ c. 14,000 people at the peak of construction, including more than 400 apprenticeships • Supply chain benefits in the UK predicted to be 3:1; more than 1,000 contracts already advertised and 90%+ of budget to date is being spent in the UK • Crossrail is aiming to leave a skills legacy by reinvigorating tunnelling and underground construction skills in the UK • Crossrail is predicted to reduce London’s total carbon emissions by over 1,300 tonnes per annum as a result of modal shift • Crossrail is predicted to reduce road traffic in London by up to 2% • Wider Economic Benefits to the UK worth up to £42bn (impact on GDP)
Programme 2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Bill
Funding
Land & Property Acquisition
Engineering Design Procurement Enabling Works
Commence Main Works 2010
Launch 1st TBM spring 2012
MainSection Construction Central Works Works Tunnelling & Stations Systems Installation Rolling Stock and Depot – Spec, Procure, Build (CRL) Testing / Commissioning Trial Operations/ Staged Opening
Project progress • Launched TBMs in the West March 12 • £2.0bn spent - 20% complete • Procured our tunnels and station boxes
Crossrail Moving London Forward • • •
Railway System Passenger Experience Legacy
Crossrail 2?
London is Growing
Britain relies on rail The rail network is busier than ever • More and more people are choosing to travel by rail • 40% more passenger journeys and 60% more freight than 2000 • 50% more trains run than under BR
The railway is nearly full • At peak times on busiest parts of the network there is no space for more trains but demand is still rising • Over next 30 years freight demand is likely to rise by 140% and passenger demand will double
Faster, more frequent and more reliable journeys
Investment in rail is essential for GB economy
• Better rail links create better connections between people/jobs and greater customer bases • Rail brings businesses closer together, making GB more competitive a better place to do business
• Businesses need the rail network to expand to accommodate their growing needs • Rail investment helps to stimulate private sector growth.
But, rail infrastructure is expensive • McNulty report 2011 – a better deal for passengers and tax-payers • 30% reduction in costs
Reducing Costs: Innovation • BIM - 4D design modelling • Products • Processes • Organisation
Impact on Property Values
Impact on Property Values
Railways & Real Estate Broadgate/Liverpool St
Hong Kong Station
St Pancras International Landmark Station Hotel Marylebone
MTR Hong Kong • Railway Company or Property Company? • 2009 MTR net profit = HK$7.3 billion:$3.55 bn from property & $2.12 bn from transport
Crossrail – Funding Package
Over Site Development/Urban Realm Vision • First UK rail project to fully integrate design of stations, OSDs and urban realm; • First UK rail project to initiate design reviews of stations, OSDs and urban realm – bespoke Design Council CABE Review Panel; • Masterplans produced for all areas around station entrances to identify wider environmental and transport improvements in partnership with local authorities • Catalyst for Regeneration & Growth: Recent research by JP Morgan concluded ..”listed property will be a big winner from Crossrail” on the basis that Crossrail will enhance property values by 5 – 10% for assets within 800m of stations
OSD/Urban Realm achievements to date • 13 central OSD opportunities identified: 3.3m sq.ft gross of offices, retail, residential with £1.6bn GDV • Partnership agreements already in place with existing landowners on 5 sites, and Crossrail acting as developer elsewhere • Design to stages C/D on 7 OSDs • Planning applications made on 4 OSDs • Planning consent received for 1 OSD • Urban realm designs complete for 8 central section stations (13 separate areas of urban realm)
Tottenham Court Road: 4 Sites Strategy
Tottenham Court Road East
Dean Street
Centre Point Plaza Public Realm
Key Issues • London set to grow & prosper • Invest in transport infrastructure we need and in liveable/sustainable communities • Reduce costs through innovation • Develop the rail/property model to bring value • Leverage investments through a national infrastructure bank – new models/greater certainty
Questions? Questions