£721m spent on land for Crossrail

Transport for London (TfL) has spent nearly three-quarters of a billion pounds on land and property for the Crossrail scheme.

A freedom of information request submitted by Development Finance Today revealed that, as of 29th November 2016, Crossrail – a wholly owned subsidiary of TfL – had spent £721.2m excluding statutory interest acquiring land and property for the project.

So far, TfL has registered more than 11 million sq ft of land for use by Crossrail.

TfL is under an obligation to only acquire sufficient land necessary to construct and operate the railway.

As the project is still under construction, no surplus land has been sold so far.

Proceeds from the sale of any surplus land are only scheduled to begin to be recovered from the financial year 2018/19 onwards.

Earlier this year, a number of development finance lenders claimed that large infrastructure projects could boost housebuilding in major cities.

In October, Chancellor of the Exchequer Philip Hammond announced plans to make the National Infrastructure Commission a permanent executive agency.

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