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?