Farringdon set for Crossrail boost
Morgan-Pryce, the leading London property agency, has predicted that the completion of the capital’s £14.7bn Crossrail project will cause a surge in demand for office space in Farringdon.
The development is set to link 37 stations – including three of London’s major airports - across a 118km line from Berkshire and Buckinghamshire to Essex and Kent, with major terminals at Paddington, Tottenham Court Road, Liverpool Street and Canary Wharf.
Farringdon has been earmarked as the area with the most development potential, with rail connections set to include new Crossrail services alongside the existing Metropolitan, Circle and Hammersmith & City Underground lines, as well as high-speed Thameslink trains.
As momentum for the Crossrail project has increased over the past six months, Farringdon – an area synonymous with the creative media industries - has seen an increase of over 20% for the average rental price of premier office properties, from £35 per sq ft to £42.50 per sq ft.
Two of London’s largest office development sites, Mount Pleasant Royal Mail and the former Guardian newspaper headquarters, are currently located in Farringdon. Both projects signify investor confidence in the project, which was buoyed by a £1bn state guarantee for the production of rolling stock last month.
Despite increased investment, demand is predicted to outstrip supply within the first year of the opening of the line in 2019. Rhodri Mason, of Morgan Pryce, said: “I believe there will still be a shortage of quality space for offices in Farringdon once the Crossrail development is completed.”
Andy Mitchell, Crossrail’s programme director, commented earlier this month on the projects role in cementing faith in the continued ability of Britain to embark on world-class infrastructure projects, following the success of the Olympics.
He told Construction News: “We recognise with the Olympics being over, it is beholden to us in as much as it makes sense to carry the flag for UK construction.
“We understand that and will do all that we can, tempered with the fact that we’re 25% complete, there’s a long way to go and we don’t want to shout too early.”