Crossrail deal clinched
A deal to help the planned Crossrail development in London move
ahead has been agreed, involving a £350 million funding
contribution from the City of London Corporation, something that
may help create new property investment opportunities.
In a move described as a "landmark moment" by transport minister
Lord Adonis and a "crucial milestone" by London mayor Boris
Johnson, the Corporation said it was donating £200 million
itself and will raise another £150 million from
As a result, it has been announced that the project is being handed
over to Transport for London tomorrow, with work to start on
Parts of London where transport links are improved by Crossrail
will see property prices rise, it was predicted last month.
Property portfolio firm Young Group's chief executive Neil Young
said that this effect had been observed around the capital,
including at the company's own Dalston development following the
announcement of the East London Line extension, which will pass
through the district.