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Crossrail & The Future of Crossrail & The Future of London TransportLondon Transport
Ian LindsayLand and Property Director – Crossrail Ltd
April 2012
Crossrail – – a reminder
21 km new sub-surface railway 90km of improved surface network
28 existing surface stations upgraded (11 major reconstructions)9 new sub-surface stations
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
Main Construction Works
Bill
Funding Land & PropertyAcquisition
Enabling Works
Rolling Stock and Depot – Spec, Procure, Build (CRL)
Engineering Design
2018
Testing / Commissioning
Systems Installation
Trial Operations/Staged Opening
2019
Central Section Works Tunnelling & Stations
Procurement
Commence Main Works 2010
Launch 1st TBM spring 2012
Project progress• Launched TBMs in the
West March 12• £2.0bn spent - 20%
complete• Procured our tunnels
and station boxes
• Railway System • Passenger Experience• Legacy
CrossrailMoving London Forward
Crossrail 2?
London is Growing
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
• 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
Faster, more frequent and more reliable journeys
Investment in rail is essential for GB economy
• Businesses need the rail network to expand to accommodate their growing needs
• Rail investment helps to stimulate private sector growth.
Britain relies on rail
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
St Pancras International
Hong Kong Station
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
Community Infrastructure Levy
(£300m)
GLA(BRS Borrowing and direct
contribution: £4.1bn)
TFL Core Contribution(£1.9bn)
Sale of Surplus Land and Property (£545m)
Developers Contribution(£300m) BAA Plc (£230m)
CoL (£250m)
DfT Grant(£4.7bn)
Network Rail ONWs(£2.3bn)
Other income including CoL Voluntary Contributions
(£250m)
Sponsors Funding Account
Crossrail
TfL FundingDfT Funding
Other funding
£7.15bn £5.2bn
£2.45bn
Other residual costs(-£100m)
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
QuestionsQuestions?