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Crossrail regeneration - New homes for Abbey Wood and Woolwich

Posted 7 February 2017 by Helen Christie

Crossrail, or the Elizabeth Line as it has been officially named, is approaching its launch after many years of planning and construction…

Abbey Wood and Woolwich, at the south-east end of the route, are undergoing major development, including housing, ahead of the first services, including the building of thousands of brand new homes to meet demand.

Crossrail is the first transport project that is aiming to transform areas by delivering integrated station designs, focusing on the station itself, improved public spaces and developments above the stations.

It has been shown that, since the announcement of the Crossrail in 2007, properties at all 40 of the stations along the Elizabeth line have seen prices increase at double the average rate of England as a whole, with experts confident that there are still opportunities to buy and get good investment returns and offering a useful tool to keep investors up-to-date with the property market along the route.

Central London stations Tottenham Court Road and Bond Street have seen a huge increase, and average property prices are now over £1.7m. More affordable areas in south-east London have also seen high increases, with the average property prices in Abbey Wood rising by 61% to an average of £289,468. 

Abbey Wood

Abbey Wood is an area that has not seen a huge amount of development and regeneration in the past, but all that is now changing thanks to Crossrail.

Named after the ancient woodlands surrounding Lesnes Abbey, Abbey Wood remains one of the few places in London where potential homebuyers can find a two-bedroom house for under £300,000, but with Crossrail due for completion soon, prices are sure to increase.

According to the Crossrail website, the design aims to be: “Attractive, adaptable and sustainable so their use can change over time; accessible including, where possible, step free; legible and free from clutter; and safe and secure. Importantly they also aim to retain the identity, diversity and characteristics of local areas giving confidence to local communities and to potential investors.”

Crossrail will significantly improve travel time from Abbey Wood. According to the Crossrail website, Canary Wharf will be reached in just 11 minutes, 20 minutes faster than the current journey time, travel time to Bond Street will be just 25 minutes and passengers will be able to get to Heathrow in just 51 minutes, which is 42 minutes quicker than it currently is. The full Crossrail route will be open from December 2019, which will see an Elizabeth line service every five minutes, meaning passengers can catch just one train to get through central London to Paddington, Heathrow or Reading.

Cross QuarterAs a result of the new and improved transport links, Abbey Wood is already attracting new businesses and developments which will highly benefit the area. The Cross Quarter regeneration scheme is a multi-million-pound venture that will see a new supermarket, over 220 private and affordable homes and a new hotel. Peabody, working in partnership with the London Borough of Bexley and the Royal Borough of Greenwich, is also contributing to the regeneration of the area with a £500m investment, building over 500 new homes, as well as a new library, open spaces and retail units, creating a new high street connecting Abbey Wood and South Thamesmead stations. There are also plans in place to improve the roads and pavements. These works are expected to coincide with the arrival of the Elizabeth line.

Currently, Abbey Wood is home to several Ofsted rated “good” primary schools, and Bannockburn Primary School, which is rated “outstanding.” There are also several “good” secondary schools, including St Paul’s Academy, adding extra incentive to families looking to get on the housing ladder in Abbey Wood. 

The new Abbey Wood station will open for Southeastern passengers in October 2017, and December 2018 is scheduled to see the Elizabeth line between Paddington and Abbey Wood opening, allowing passengers to travel quickly and easily through central London.

Woolwich

On the Elizabeth line coming from Abbey Wood is Woolwich. Woolwich is already somewhere with excellent transport links, and thanks to Crossrail, journey times from Woolwich to Canary Wharf and beyond will be even quicker. Greenwich and Blackheath are beautiful neighbours to Woolwich, home to parks, shops, restaurants and leisure facilities, and are easily accessible for Woolwich residents.

Royal Arsenal RiversideThe new Crossrail station is built on the Royal Arsenal Riverside site, which was among other things, formally a military academy but is now home to new cultural, commercial and leisure facilities, as well as 5,000 new homes. According to research from Lloyds Bank, Woolwich has seen a 22% property price increase over the last two years, and the area has seen a great deal of regeneration.

Lovell Homes, asra Housing Group and The Royal Borough of Greenwich have partnered up to transform three estates into desirable and affordable living spaces in a £400m Trinity Woolwich regeneration scheme. One development in this scheme is Trinity Walk, a collection of new apartments and townhouses located just a mile from the new Woolwich Crossrail station. These homes are available now with prices from £330,000 for a one-bedroom apartment, and they are available through the Help to Buy London scheme.

Another development in the Royal Arsenal Riverside scheme is Drummond House from Notting Hill Sales, a collection of one- and two-bedroom apartments, offering outdoor living spaces in either patio or balcony form. 

Berkeley Homes have also been granted permission from Greenwich council to revamp Grade II listed Building 10 and 11. The development will have zero affordable homes, however Berkeley Homes have agreed to revisit this decision in the future.

Karl Whiteman, divisional managing director at Berkeley Homes (East Thames), says: “We are delighted that councilors have voted to approve our application, which is an important step towards completing the Heritage Quarter at Royal Arsenal Riverside.

“Our proposals will retain two Grade II Listed buildings and open them up to the public for the first time in 40 years, as well as provide 146 high-quality new homes, new commercial space and a public square. The plans will deliver vital new infrastructure for the Woolwich Crossrail station, which is due to open at Royal Arsenal Riverside in 2018, supporting access and interchange for millions of station users.”

For potential homeowners looking for something a little different, Durkan Estates are restoring the Royal Military Academy into a collection of new homes. The Academy will be in a prime location for the new Crossrail station.

Dan Gandesha, CEO of Property Partner, who has conducted research on property prices along the Crossrail locations says: “The Woolwich and Abbey Wood areas are interesting as the huge scale of their regeneration projects, combined with slashing of travel times to Canary Wharf to eight minutes from Woolwich, means that real change is likely to take place over the next few years.”

Romford Gidea Park and Chadwell Heath are other areas that have benefited from the Crossrail Regeneration.


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