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Crossrail appoints property framework to maximise future development opportunities

Tottenham Court Road - artists impression of over site development for the east ticket hall

Seven property advisory firms have been appointed to a newly established framework to advise Crossrail on future development opportunities.

Crossrail aims to generate in the region of £500 million for the Crossrail funding package by maximising the property development opportunities above its stations and on land currently being used to support Crossrail’s construction.

The firms appointed to the property adviser framework will be called upon as required to provide development advice for a total of 12 sites including Paddington Triangle, Liverpool Street station and Fisher Street worksite.

The property advisers selected to participate in this framework are: BNP Paribas Real Estate Advisory and Property Management UK Ltd; Cushman and Wakefield; Drivers Jonas Deloitte; DTZ; GVA Grimley Limited; Knight Frank LLP and Savills Commercial Limited.

They will advise on the best development use of the available space and assist with negotiations with development partners.

Crossrail Land and Property Director Ian Lindsay said: “Crossrail is not just about the construction of a new railway, it is a huge opportunity to plan and implement developments that will regenerate and transform areas around our stations and other construction sites.

“We are already working with five developers to build high quality retail, office and residential space above our central London stations. We are now turning our development focus towards other construction sites along the route to consider how we can best maximise the return for taxpayers while also creating developments that will benefit communities across London.”

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