INDUSTRY NEWS

London Commercial property facing new Crossrail levy

Commercial property developers could be forced to pay a new fee to help fund the Crossrail development.

London Mayor, Boris Johnson, wants developers of commercial property offices within the Central Activities Zone that exceed 5,000sq ft, raise £300 million.

The fee has angered Southwark Council, which has claimed Elephant & Castle and north Southwark had little to gain from the new link, reports London-se1.co.uk.

“The main concern that we want to get across is particularly to do with Elephant & Castle, which is … 2.83km away from any [Crossrail] station, does not have a direct connection with any of the new stations being built and … has lower land values than those areas in central London,”, argued Simon Bevan, the council’s interim head of planning and transport.

However, the local news provider revealed that Deputy Mayor Simon Milton recently told the London Assembly’s planning committee: “It’s wrong to say that boroughs that don’t have a [Crossrail] station won’t benefit.”

Mr Milton explained that benefits were not just from physical assets, but would reduce congestion on certain key lines.

According to National Statistics, in 2005 London had 7.5 million residents.
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