THE CASE FOR CROSSRAIL 2 IN CHELSEA
PAY FOR ITSELF WITHIN 20 YEARS THROUGH AN UPLIFT IN STAMP DUTY
We have concluded that a Crossrail 2 station on the King’s Road will:
1. Provide a significant economic boost for the local area:
- Enabling an increase in business turnover of £180 million a year, including an extra £100 million of retail spending. This could support an additional 3,000 new jobs.
- Boosting pedestrian footfall to better support businesses 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.
- Better connecting visitors to three of the top 10 attractions in the UK (Natural History Museum, Science Museum, V&A), which have already grown by 25% in the last five years and attract much needed tourism revenue to the area.
- Providing a vital new transport link, serving Chelsea Riverside and Stanley wards and improving access to employment opportunities for local people, including residents of the World’s End and Cremorne Estates for example, 59% of whom have no access to a car.
2. Enhance transport links in an area which is currently poorly served by rail.
- Many parts of Chelsea have poor levels of public transport (measured in PTAL) – despite its central London location.
- Despite poor connectivity, passenger numbers are projected to rise by 55% at Sloane Square Station and by 88% at South Kensington Station between 2014 and 2030. This equates to an additional 48 million people travelling to Chelsea by Tube.
- The new station would enhance transport connections for 44,000 local residents living within 1km of the proposals. These local residents are amongst the highest earning and most productive workers in London.
- It would also enhance transport access to an area which already supports 45,000 jobs – a figure which is only likely to increase in high growth industries such as retail and hospitality.
- With three large hospitals within a 1km radius, the new station would provide better access to work for 10,000 hospital workers and over 1.3 million patients. This would support recruitment which is currently very problematic for local hospitals such as Chelsea & Westminster.
- It would also improve accessibility for RBKC’s 1,900 registered wheelchair users to the King’s Road, in addition to 7,100 people with walking difficulties.
3. Be fully deliverable in an area with significant funding opportunities
- TfL has estimated the new station could support the delivery of 1,000 new homes in the borough, contributing towards RBKC’s housebuilding target of 733 homes a year.
- These 1,000 homes could provide the same Community Infrastructure Levy (CIL) funding as 39,000 dwellings of the same size at Tottenham Hale, 15,000 at Brimsdown and 12,000 at Chessington.
- A Crossrail 2 station on the King’s Road could increase residential values by up to 20%. With an average of 3% of homes sold every year (1,100 sales), this would result in an annual uplift in Stamp Duty Land Tax (SDLT) of £55 million.
- The estimated £1 billion cost of the station could therefore be paid off within 20 years through the stamp duty uplift alone.