Northern line extension to Battersea gets the go-aheadNovember 14, 2014
London First this week welcomed the news that the Secretary of State for Transport has given the go-ahead for the extension of the Northern line from Kennington to Battersea via Nine Elms.
The vital addition will support the development of the Vauxhall, Nine Elms and Battersea area as a major extension to central London, supporting 24,000 new jobs and over 18,000 new homes. The extension will cut journey times to the West End and the City to just under 15 minutes.
Two new stations will be constructed – one at the heart of the Battersea Power Station redevelopment and another at Nine Elms to the east, serving new developments such as the US Embassy and the redevelopment of New Covent Garden Market, as well as existing communities.
The full cost of the Northern line extension is expected to be up to £1bn, which is being funded entirely through contributions from the developments in the area that will benefit from the extension. An innovative funding package has been agreed between the Mayor of London and Government, which includes the creation of an Enterprise Zone from 2016 for a period of 25 years. The Enterprise Zone will allow for the retention of incremental business rates generated by new commercial development within the VNEB Area to be used as a funding stream for the NLE.
London First is looking at how we might learn from schemes like the NLE for funding future infrastructure projects in London – reducing our reliance on central government grant.
Contact: David Leam firstname.lastname@example.org