Report suggests two new tube stations in Nine Elms will bring in billions of pounds in tax

Preliminary findings from a report indicate that a two station tube extension could maximise development in Vauxhall Nine Elms, adding an extra 17,000 jobs and 7,500 homes to the area-wide regeneration programme.

 

The new jobs and homes could generate approximately £4.5 billion in tax receipts for Her Majesty's Treasury at today's prices.

 

If, as expected, more overseas investors take a stake in the regeneration zone the returns could be significantly higher.

 

The on-going study is expected to be published within the next two weeks.

 

The Northern Line Extension (NLE) will improve transport capacity throughout the Vauxhall Nine Elms area with stops at Wandsworth Road and Battersea Power Station. It will also relieve pressure at Vauxhall station. 

 

Battersea Power Station would become the focus for a new town centre with 66,000 square metres of retail, restaurant and cafe space - more than Clapham Junction and Wandsworth town centres. Chancellor George Osborne was at the site today and hinted at where the money for the Northern Line Extension will come from.

 

The construction of the new underground tunnel and stations will be funded largely through a levy on private development sites in the Vauxhall Nine Elms Opportunity Area.

 

Three years of detailed planning and design work are already complete and the scheme received widespread backing during its first and second round public consultation.

A formal planning application - called a Transport and Works Act Order - could be submitted in 2012 and the Tube link open for business by 2018.

 

Leader of Wandsworth Council Ravi Govindia says:

 

"Volterra's work has sought to quantify the enormous benefits this scheme has to offer the UK economy and the vital role it can play in delivering growth. It's not just about regenerating the power station site, the NLE will drive growth throughout the whole Vauxhall Nine Elms area which is set to deliver a total of 16,000 homes and 25,000 jobs.

"No other scheme in the capital could match this potential and no other project is so far advanced."

 

The Volterra study has been commissioned by Transport for London and Wandsworth and Lambeth Councils.

For more information visit http://www.northernlineextension.com/ and  www.wandsworth.gov.uk/nineelms