Camden approves £41 million transport improvement project

In the past, London property prices would fall or rise and serve as a reliable predictor for the movement of the market throughout the rest of the country. This is no longer the case, as for the past seven years the property market in London has outperformed the national average. The strength of demand from overseas buyers has resulted in escalating prices in central boroughs. Prime areas such as Chelsea, Fulham, Hammersmith and Camden now possess a relatively low correlation with the rest of the country, offering attractive opportunities for investors and developers.

With its world famous open air markets, Camden has been attracting tourists, shoppers and homebuyers since the early 1970s. Camden has recently given the green light for a £41 million transformation of the Tottenham Court Road area. The aim of the rejuvenation is to make the location safer and more attractive for residents, boost business and create additional public spaces ahead of the arrival of Crossrail in 2018. The project will tackle congestion and traffic, create direct pedestrian crossings, reduce pollution and speed up bus journeys. The borough will also see a network of new cycle routes open including four kilometres of segregated cycle tracks connecting Bloomsbury to the West End. The project will produce a pedestrianised plaza close to the new Crossrail station, the West End’s first park for a century, and an extra wide crossing outside the University College London.

As more professionals and families flock to rent in affluent locations throughout the capital and the arrival of Crossrail looms ever closer, we are seeing an array of redevelopment projects and plans devised to provide safe, convenient and efficient transport links. The Tottenham Court Road project is the most ambitious that the council has undertaken and will render the area one of the city’s premier cultural, commercial and academic districts.

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