INDUSTRY NEWS

Crossrail could be delayed

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The Crossrail development could be delayed because of falling land prices and funding problems, it has been reported.

Problems with the commercial property market may have left a shortfall of £400 million, according to industry publication, Building.

“Clearly there’s still a question about funding, particularly the part dependent on property values of both surplus property and the developed Astoria,” said former Tory transport minister, Steven Norris.

“It’s a big hole,” he noted. “It gives the Treasury half a chance to delay the projects. The question remains whether we’ll get a spade in the ground.”

Crossrail had agreed to raise £800 million from developers and sale of land belonging to its partner, Transport for London.

In order to move forward it needs to borrow £2.7 billion – this has also been called into question in light of current lending and economic problems.
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