Crossrail project to boost investment in Abbey Wood

Abbey Wood has undergone a series of changes in recent times, and an increasing number of people are looking at it as a place to invest in property.

Currently, there is significant redevelopment work in the area, with millions being pumped into it. One of the most notable regeneration schemes is the Crossrail project.

London's £15.9 billion new east-west rail network is set to open in 2018, and has been billed as one of the biggest infrastructure ventures ever undertaken in the UK.

The new dual level Crossrail station at Abbey Wood is likely to become a gateway for passengers in South-East London who want to travel to Heathrow Airport in under an hour.

This development alone is creating thousands of jobs in Abbey Wood and across the rest of London.

In fact, it has been estimated that not only will it increase transport links across the city, it is also set to boost residential capital values by 20-25 per cent, and inflate the capital's property bubble.

It is likely to change the way people travel around the capital and reduce service times.

But Abbey Wood itself is a very popular and affluent area, even without the new addition of Crossrail.

Earlier this year, an £85 million planning application to regenerate Abbey Wood was submitted to Greenwich Council.

The plans for the Cross Quarter regeneration scheme include a Sainsbury's supermarket, 216 homes, a 100-bed hotel, a nursery, public square and 5,000 square ft of accommodation for start-up businesses.

Berkshire Investment Capital and Development Securities submitted the plans and said that it would deliver much needed jobs and investment in the area.

The area is also known for its recreational facilities and parks, which include football and bowling pitches and leisure centres.

Abbey Wood is also quite a multicultural area where you can find many Indian and Caribbean eateries, as well as traditional English food.

Published 5th November, 2013

© 2013 Estates IT Limited