- The circa £1 billion cost of a new station on the King’s Road could be met within 20 years through a projected increase in stamp duty payments from existing properties.
- Local business turnover is anticipated to rise by £180 million every year, including £100 million a year more revenue for local retailers, and over 3,000 new jobs for Londoners.
- The station would support the delivery of 1,000 much-needed new homes. This in turn would generate Community Infrastructure Levy (CIL) payments equivalent to 39,000 homes in Tottenham Hale.
New figures reveal that a new Crossrail 2 station on the King’s Road could pay for itself within 20 years through a projected annual uplift in stamp duty of £55 million.
The research, conducted by leading economic consultancy Quod, also demonstrates significant economic benefits, with the new station projected to support an additional £180 million of revenue every year for local business – £100 million of this going to retailers on and around the King’s Road with a further £80 million spent on leisure activities including food and drink.
TfL have already said that the station development in Chelsea could support the delivery of 1,000 new homes, which in itself would generate an additional one-off payment of £230 million in stamp duty.
The Community Infrastructure Levy (CIL) payment level for 1,000 new homes in the King’s Road area in the Royal Borough of Kensington & Chelsea would deliver local revenue equivalent to up to 39,000 homes in Tottenham Hale, up to 15,000 at Brimsdown or up to 12,000 at Chessington.
Andy Hunt, Director at Quod said:
“On the economic evidence alone, the case for a Crossrail 2 station in Chelsea is compelling. In addition to the significant benefits this would bring to the thousands of ordinary people, whether living, working and visiting Chelsea, there is clear evidence that the station could pay for itself within 20 years and provide significant increases in revenues for local businesses. For Chelsea to continue to thrive our research suggests that Crossrail 2 will be essential.”
Responding to the findings John Cripps, Chairman of the Kensington & Chelsea Chamber of Commerce, which represents a significant number of businesses in the area, said:
“We welcome these findings which clearly demonstrate that a Crossrail 2 station in Chelsea will have a positive impact on business in Kensington and Chelsea. I have found it particularly reassuring that local retailers on and around the King’s Road stand to benefit with a projected uplift of £100 million every year.”
“The King’s Road is currently the fourth most popular retail destination for tourist spending in the whole of the UK. We cannot rest on our laurels however, and continued investment in better connections is required if we are to maintain this position and safeguard a healthy, vibrant future for the King’s Road and its Chelsea and Kensington neighbours.”
A local independent business owner, Doron Zilkha of the Chelsea Quarter Cafe said:
“I am very optimistic that a new Crossrail 2 station in Chelsea would have hugely positive impact on my business. In boosting pedestrian footfall and adding to Chelsea’s vibrancy, a new station will better support businesses, like mine, which are located on the King’s Road but to the west of Sydney Street. Currently this section of the King’s Road is visited by 8,500 people a week, ten times fewer than Sloane Square, and I fear that without investment this part of Chelsea could be set to decline.”