Mon, 02 Aug 2010 | COMMERCIAL PROPERTY
A huge increase in value is anticipated for East London commercial property as the 2012 Olympic Games draw ever closer.
Both residential and commercial property in the area is tipped to enjoy price rises, thanks to the massive regeneration efforts and new facilities and transport coming to the area.
Investment is trebling the capacity of Stratford Regional Station, the main transport hub for London 2012 which is expected accommodate 120,000 passengers and enable 200 trains every hour during the Games. A range of other transport improvements serving the Park are already underway, including an extension to the Docklands Light Railway (DLR) and increasing capacity on the Jubilee Line.
The spotlight has also been shone on east London like never before, creating more demand for property there. One major commercial development already underway is the Westfield shopping centre which will open next year, creating 18,000 jobs.
Richard Everitt, the franchisee of the Stratford office of estate agent Winkworth said, “Commercial development projects on Stratford high street will also be in extremely high demand from property investment firms, and values will be further increased by the new transport system which is second only to Kings Cross.
"It is all pinned by the general regeneration of the area. With the Olympics, all it has done is accelerated it. The Westfield site opening up is going to be a major part of all this regeneration,” added Mr Everitt.
Property services company King Sturge recently claimed that commercial development assets in London are far outperforming those elsewhere in the country.
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