London Underground: Jubilee Line

House of Lords written question – answered on 11th June 2013.

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Photo of Lord Bradshaw Lord Bradshaw Liberal Democrat

To ask Her Majesty’s Government what assessment they have made of the costs of construction of the extension of the Jubilee Line through Docklands to Stratford against the subsequent rise in land and property values in the surrounding areas; and what research, if any, that assessment was made on.

Photo of Earl Attlee Earl Attlee Lords Spokesperson (Department for Transport), Lord in Waiting (HM Household) (Whip)

None. Two reports were commissioned by Transport for London to assess the impact of the Jubilee Line extension on land and property values in the proximity of two Underground stations, Southwark and Canary Wharf, using different methodology and data sets:

Land & Property Value Study—Assessing the Change in Land & Property Values Attributable to the Jubilee Line Extension, conducted by Jones Lang LaSalle, published in July 2004, and Property Value Study—Assessing the Change in Values Attributable to the Jubilee Line Extension, conducted by Atisreal and Geofutures, published in May 2005.

The estimated cost of the Jubilee line extension was £3.5 billion. Jones Lang LaSalle’s report concluded that the estimated total uplift in land values around Southwark and Canary Wharf stations between 1992 and 2002 was approximately £2.8 billion, and Atisreal and Geofutures’ report estimated a total property value increase around the stations between 1999 and 2002 of over £2.1 billion.

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