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St GilesA renewed London Quarter emerges

01 02ST GILES ST GILES A RENEWED LONDON QUARTER EMERGES

A RENEWED LONDON QUARTER EMERGES

St Giles at-a-glance

Over 400,000 sq ft of new retail lettings since Primark opened in 2012

400,000sq ft

12 UK flagship stores

12

Media & Tech businesses increasingly dominate office market – more than 830,000 sq ft of space acquired since 2000

830,000sq ft

4 established hotels

4

Prime retail rents have increased by c.75% since 2012

In 2015, annual shopper footfall in the area increased by +6.6% to 54.3m

+6.6%

2015 office investment volumes reach 8-year high of £343m in 2015

£343m

60,000 sq ft of new and refurbished places to eat and drink

60,000 sq ft

c.75%

Sources for pages 01 & 02: Colliers International, Property Data, Springboard / BRC, AM:PM



St Giles area boundary map

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St Giles: a renewed London Quarter emerges

Until comparatively recently the area of London around the intersection of Oxford Street, New Oxford Street, Tottenham Court Road and Charing Cross Road was only known for Centre Point – the iconic high-rise building around which the busy St Giles Circus traffic system flows.

Rather than a destination in itself, it was somewhere that Londoners passed through. The shopping was lacklustre and it was largely shunned as an office location.

However, in the past decade, as the neighbouring areas of Fitzrovia, Soho and Covent Garden have flourished, the area around Centre Point has become a focus for new development. This trend is also being driven by the development of the new Crossrail Tottenham Court Road station which, when complete, will see more than 100m passengers move through it each year – three times more than the current volume.

Emblematically, Centre Point itself is now the subject of redevelopment: its tired office accommodation is being comprehensively refurbished to provide contemporary living spaces and a new public square with a vastly improved environment around its base.

This injection of capital and people means this area of London stands on the verge of an exciting new phase of its evolution.

For the purposes of this research, we have named the area ‘St Giles’. This research observes recent and future changes to the dynamic in the area. With Facebook deciding to locate its new HQ on the border of this emergent new quarter of London, it will undoubtedly reinforce the area’s credentials as a major Media & Tech hub while high quality office, retail and mixed-use developments by Almacantar, Great Portland Estates plc ‘GPE’, Derwent London, Exemplar, Shaftesbury, Ponte Gadea and Consolidated Estates will boost the area’s evolution.



Shoppers lead way as retail booms

The launch of Primark’s second flagship store at the eastern end of Oxford Street in September 2012 was a significant catalyst for the shopping scene in St Giles.

Since the launch of the 149,000 sq ft store, the area continues to transform itself with the opening of new flagship stores by retailers who are keen to have a foothold prior to the opening of Crossrail in December 2018. Commencing with Primark, over 400,000 sq ft of new retail lettings have been confirmed, including a dozen flagship units, complemented by a range of food and beverage lettings at Central St Giles and Tottenham Court Walk.

More feet on the streetsFollowing the launch of the Elizabeth line at Tottenham Court Road in 2018, expected passenger numbers at the station are to rise by 33% to more than 200,000 every day. Whilst the full launch of the new Crossrail service will be the primary driver of higher levels of footfall in the area, the launch of the key flagship retail stores and new office space are likely to also contribute to higher pedestrian foot flow. Analysis has been undertaken to understand the relationship between the regeneration of the St Giles region and footfall levels, identifying a key trend between station redevelopment and Oxford Street East footfall.

2011 saw the highest levels of footfall in the area over the last five years, over 60 million visitors over the full year, representing 165,000 people every day. The primary driver behind this was the closure of the Northern line at Tottenham Court Road, which led to a 10% increase in station usage at Oxford Circus. With the Northern line re-opened in 2012, footfall remained largely flat at just over 50 million between 2012-14, despite Primark’s opening. Since 2014, and the launch of 11 new operators, footfall on Oxford Street East has markedly improved – showing a rise of 6.6% in 2015, an annual total of 54.3 million. Whilst the improvement in the vibrancy of the retail offer in the area has clearly been a driving factor behind improved figures, lack of Central line access at Tottenham Court Road during 2015 undoubtedly skewed the figures as, again, more passengers made use of Oxford Circus.

The new station exits for Tottenham Court Road and increased passenger numbers resulting from Crossrail will transform pedestrian movements in the area. New pedestrian routes through Rathbone Square and flowing out from the Centre Point square will improve access to areas around Charlotte Street, Charing Cross Road, Soho and Covent Garden. Key stakeholders in the surrounding area, like Shaftesbury, can look forward to an upside.

New schemes shaping the offerDerwent London’s Tottenham Court Walk has delivered nine new names to the area including Planet Organic and a 7,000 sq ft flagship Waterstones with a café, bar and pop up cinema. The scheme has also signed a new UK retail market entrant – T2, an Australian born tea retailer. DF Mexico, a new restaurant concept from the owners of Wahaca also signed a lease to take its second London restaurant in the scheme and, in July, Fabled by Marie Claire, a joint venture with Ocado, announced its first opening in a 7,500 sq ft unit.

On the southern side of Oxford Street, a number of new retailers have already launched stores, including a 35,000 sq ft Zara, which joins Tiger, Office and Whittard of Chelsea. The completion of the GPE development at 73-89 Oxford Street in May 2017 will see the launch of two further flagship stores from New Look (32,000 sq ft) and Benetton (15,000 sq ft).

On the northern side of Oxford Street, phase 2 of the Oriana development, a joint venture between Land Securities and Frogmore, was sold prior to completion to Ponte Gadea and will deliver 76,500 sq ft of pre-let retail space next door to Primark in November 2016. In addition to a 41,000 sq ft extension to Primark (creating a 190,000 sq ft store), Hawes & Curtis (6,000 sq ft), Skechers (8,000 sq ft) and Schuh (11,500 sq ft) will launch new stores when the development completes in November 2016. Whilst being slightly outside the St Giles boundary, Next is undertaking a significant redevelopment of the Plaza Shopping Centre, knocking all units together to create a 73,000 sq ft store.

For so many years, this part of the West End was virtually a shopping desert, but now after the opening of a 140,000 sq ft

Primark store we’re seeing a procession of domestic and international brands establishing flagships stores, including Benetton, Zara, Next and New Look. The importance of this cannot be understated because it generates huge footfall, which in turn drives the emerging restaurant and bar scene. The location is becoming a major and exciting piece in the West End’s retailing jigsaw.

Tottenham Court Walk

Paul Souber Head of Retail Agency London and EMEA Retail Colliers International

Source: Springboard / BRC

08ST GILES ST GILES A RENEWED LONDON QUARTER EMERGES


07

Oxford Street East – Prime Zone A Rent

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Values rising as retailers arriveOn the back of flagship lettings at the eastern end of Oxford Street, prime Zone A rents and values have risen sharply over recent years. Rental tone on the street has shifted with almost every new letting following the opening of Primark in 2012. By 2013, following five years of very modest rental growth, prime rents had risen to £475 per sq ft. 2013 and 2014 saw a 5% rise to £500 Zone A rents, following lettings to Office, Tiger and Whittard of Chelsea. Since 2014, major flagship lettings to Zara and New Look pushed Zone A rents further – Zara’s 35,000 sq ft store saw a 20% rise to £600 per sq ft. New Look pushed the record level even further to £700 per sq ft, representing a 75% rise in Zone A rent against pre-Primark in 2012.

While the east / west differential in rents on Oxford Street has closed significantly, parity may be held back in the short-term by a combination of appropriate sized units and the forthcoming business rates revaluation. What may be required is another step change in the retail offer by way of a new department store.

Source: Colliers International

St Giles is set to become a major transport hub serving the retail arteries of Tottenham Court Road and Oxford Street in the heart

of London’s West End. We look forward to playing our part in helping to shape the changes taking place; for the benefit of business and those working and living in the area.The Fitzrovia Partnership

73-89 Oxford Street

ST GILES ST GILES A RENEWED LONDON QUARTER EMERGES


1009

More to eat and drink

Transforming the iconic Centre Point building into superb new homes is one part of the equation; we also want to create a new

unique dining destination for Central London.

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THE AVENUE EXEMPLAR

Dining clusters

FITZROVIA SOUTH

SOHO SQUARE

BLOOMSBURY QUADRANT

TOTTENHAM COURT ROAD

• 25,100 sq ft existing outlets 1,100 sq ft average unit size

• 0 new/refurbished units trading

• c. 5,000 sq ft new outlets proposed• 59% independent restaurants



• Unknown new outlets proposed• 70% independent restaurants



• 0 sq ft new outlets proposed• 15% independent restaurants



• c. 5,000 sq ft new outlets proposed• 10% independent restaurants

KEY

This important and fast-changing area of the West End dining scene has been divided into five zones based on the historic character of the restaurant and bar mix. 60,000 sq ft of new and refurbished food and beverage space has recently been occupied in this area, with a further 35,000 sq ft in the pipeline.

With new food and drink developments planned in most of these zones over the next five years, it will be fascinating to track the changes in mix, unit size, values and rents.

Fitzrovia South

• Established restaurant destination, particularly leading into the southern end of Charlotte Street.

• Predominantly independents and higher end national chains occupying small, historic units many of which have some outdoor seating.

• Rathbone Square development will provide one signature restaurant, with the potential to be complemented by one or two quality coffee offerings. This is likely to borrow from the character of the area attracting upmarket, independent operators.

Soho Square

• A handful of small, independent food and beverage operators continue to trade in this area, which has been long blighted by hoardings and reduced visibility.

• Historically, the north east part of Soho has been central to London’s entertainment and restaurant scene, but major works have fragmented the existing offer.

• The completion of works and resultant opening up of the streetscape through to the new theatre, square and two Elizabeth line concourses will provide a significant opportunity for a more coherent offering in the future.

Tottenham Court Road

• The completion of Tottenham Court Walk has increased the average unit size of the food and drink provision. These refurbished, larger units have attracted a mix of independents and brands.

• The new flagship Waterstones which opened in December 2015 includes both a bar and a café.

• The 14,000 sq ft of retail and leisure space at Exemplar’s The Avenue is likely to have a food and drink element, which we anticipate being occupied by high footfall brands in keeping with the immediate surrounds. Sub-area

Major new development

Existing F&B

Vacant F&B unit

Crossrail/Elizabeth line entrance

National Chain

London Brands

Independent

Almacantar

ST GILES



• c. 45,000 sq ft of retail and F&B outlets proposed

• 45% independent restaurants



11

Bloomsbury Quadrant

• This area surrounding the Dominion Theatre and Congress Centre has struggled to find an identity, with small units and lower footfall.

• The new restaurant terrace on New Oxford Street, however, has significantly improved the food and drink offer, with openings from Shake Shack, Ichiryu, Kimchee and Manitoba Tigella – branded restaurants with the majority of their UK representation in London.

• Any further improvement is likely to wrap around Bloomsbury Street or be focussed on the parade opposite.

St Giles

• This quadrant includes the Central St Giles development (Legal & General Ltd and Mitsubishi Estate Company Limited) and the upcoming Almacantar scheme.

• The units here are the largest of all the zones, with an average size of 3,300 sq ft. These large, modern boxes have attracted a number of national brands, such as Zizzi, Byron Burger and Cabana.

• The Centre Point (Almacantar) development, which will include 45,000 sq ft of retail and F&B, is looking to attract unique propositions, taking advantage of terraces overlooking a new square and positioning the area as a new dining destination for London.

Centre Point - new public square


As a major investor in the area, it is good to see how key ownerships are ensuring that the opportunity presented by

Crossrail to regenerate the East end of Oxford Street and Tottenham Court Road to its rightful position in the heart of London is not missed.Derwent London



1413

Office market: targeted by media & tech

We are developing into this resurgent market, helping to regenerate the building stock and upgrade the local environment,

while seeking to close the rental gap with other prime West End offices and retail.

St Giles has benefitted significantly from the surge in demand from the Media & Tech sector in particular. Since 2000, the area has experienced consistently strong levels of demand from this sector.

Between 2000 and mid-2016 there was 832,230 sq ft of expansion space taken by Media & Tech occupiers. Within the St Giles submarket, this was the equivalent to growth of 289%. The major new entrant to the scene has been Facebook which has taken 227,000 sq ft of space at GPE’s Rathbone Square development for its new HQ.

Tech & Media Business Services Financial Other Public Sector Retail & Leisure Property Education Legal Manufacturing

St Giles occupational market

58%

15%

5%

5%

5%

4%4%

2% 1% 1%




St Giles media & tech occupation

St Giles media & tech occupier changes: 2000-mid 2016

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Pre-2000 Expansion New to Location New to Location(Expansion)

St Giles Circus +0.76m

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Great Portland Estates

Infrastructure events

Crossrail Hybrid Bill receives Royal Assent

Crossrail breaks ground at Canary Wharf

Demolition complete at TCR

Northern line at TCR closes

Northern line at TCR reopens

Crossrail tunnelling begins

TCR Eastern ticket hall opens (Exit 1). Central line access closes. West End Project for TCR plans approved

Tottenham Court Road Eastern ticket hall (all other exits) opens. Central line reopens

The West End Project TCR due to commence

Tottenham Court Road station improvements completed. (Inc Dean Street. exit)

West End Project TCR improvements complete (pre Crossrail opening)

Liverpool Street to Shenfield

Heathrow to Paddington

Paddington to Abbey Wood

Paddington to Shenfield

Reading to Shenfield

Selected office and residential events

Legal & General's Central St Giles scheme completes (405,000 sq ft offices, 24,500 sq ft of F&B, 109 flats)

NBC Universal leases 112,000 sq ft at Central St Giles

Almacantar acquires Centre Point

Google leases 155,000 sq ft at Central St Giles

GPE acquires Rathbone Place site

Derwent London granted consent for 1 Oxford Street (204,000 sq ft offices, 37,000 sq ft retail, 350 seat theatre)

Almacantar granted consent to convert Centre Point into 82 apartments, 13 affordable units and 45,000 sq ft of F&B

Exemplar and Ashby Capital granted consent at One Bedford Avenue (115,000 sq ft, 14,000 sq ft retail)

GPE granted consent for Rathbone Square (217,000 sq ft offices, 42,000 sq ft retail, 142 apartments, 20 affordable units

Estee Lauder pre-lets 144,000 sq ft at Exemplar's Fitzroy Place

Facebook pre-lets 227,000 sq ft at GPE's Rathbone Square

Capita agrees pre-let of Derwent London's The Copyright Building (87,150 sq ft)

Oriana Phase II at 26-48 Oxford Street completes (76,500 sq ft retail and 18 residential units)

Exemplar's One Bedford Avenue development completes (70,000 sq ft offices, 14,000 sq ft retail)

73-89 Oxford Street (88,000 sq ft retail & office) completes (GPE)

Rathbone Square development to complete (GPE)

Almacantar’s Centre Point completes

The Copyright Building completes (Derwent London)

Consolidated Developments' St Giles Circus to complete (150,000sqft mixed use including music venues)

Derwent London's Holden House 54-68 Oxford Street (137,000 sq ft) completion date unconfirmed

1 Oxford Street (Derwent London) completes (275,000 sq ft mixed use including new 350 seat theatre)

Retail events Primark opens 149,000 sq ft flagship in Oriana (Frogmore / Land Securities) development (26-48 Oxford Street)

Office opens flagship store 47-49 Oxford Street. Tiger opens 241-243 Tottenham Court Road

Whittard of Chelsea (43 Oxford Street), Tiger (105-107 Oxford Street) opens

Ponte Gadea purchases 1848 Oxford Street (Primark and future extension) for c.£435m

Zara 61 Oxford Street opens

Leon & Hotel Chocolat Tottenham Court Walk opens (Derwent London)

DF Mexico & Planet Organic Tottenham Court Walk opens

T2 Tottenham Court Walk opens

Paper & Oasis Tottenham Court Walk opens

Waterstones Tottenham Court Walk opens

Fabled by Marie Claire Tottenham Court Walk opens

Primark extention, Hawes & Curtis, Skechers and Schuh opening 26-48 Oxford Street

New Look & Benetton 73-89 Oxford Street to open

Next 73,000 sq ft flagship store - 120 Oxford Street (Plaza SC) to open

Month Jul-08 May-09 May-10 Dec-10 Mar-11 Apr-11 May-11 Nov-11 Apr-12 May-12 Sep-12 Jul-13 Aug-13 Sep-13 Oct-13 May-14 Aug-14 Jan-15 Mar-15 Apr-15 Jul-15 Sep-15 Oct-15 Nov-15 Dec-15 Feb-16 Aug-16 Sep-16 Nov-16 Dec-16 Mar-17 Apr-17 May-17 Jul-17 Summer-17 Dec-17 May-18 Oct-18 Dec-18 May-19 Dec-19 Jan-20 Mar-20

Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

ZA Retail Rent £400 £400 £400 £425 £475 £475 £500 £600 £700

St Giles area development timeline 2008 - 2020



1615

The 10 largest expansionary deals by Media & Tech within St Giles in the last five years have been from the full range of tech and media sectors including internet, software consultancy, broadcasting, advertising, marketing and PR and electronics. These include, Google, Mindshare, NBC Universal, LinkedIn, Burston Marsteller and Dolby Labs. The chart below shows how the respective sub-sectors have expanded over the past 15 years.


St Giles media & tech growth by subsector

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Advertising Computer/Internet

Film andMultimedia

Marketingand PR

Publishingand Printing

Other

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Since 2000, the major growth sector in terms of office occupation within St Giles has been computer and internet related companies, including Google, LinkedIn, King.com, Palantir, Tripadvisor, Expedia and Betgenius. A full schedule of new entrants is listed below.

The major leasing activity amongst Tech & Media companies within the St Giles area, particularly to the likes of LinkedIn, Facebook and Google, has established this “quarter” as a major hub for a vibrant and growing sector of the workforce. There will undoubtedly be a “Facebook effect” as businesses who have an affinity with the online giant look to settle close to them. We are already seeing the same trend at King’s Cross in the wake of Google’s decision to base its HQ there. Facebook will establish Rathbone Square and the surrounding locale as a key commercial destination and also demonstrate the location’s attraction to global brands.


St Giles – new tech & media occupiers 2010-2016

Address Occupier Business Sector Sq Ft Grade of Space Date Taken

Rathbone Square Facebook Internet Related 242,800 Under Construction Sep-15

7 Soho Square Tripadvisor Internet Related 12,108 Second-hand Grade A Oct-10 / Sep-14

1 Stephen Street Freud Communications

Public Relations 28,350 New – Refurb Jul-14

Castlewood House 77-91 New Oxford Street

LinkedIn Europe Internet Related 40,031 / 3,319 Second-hand Grade A Nov-12 / Mar-14

55 New Oxford Street NBC Universal Software/Consultancy 19,700 Second-hand Grade A Sep-12 / Dec13

Charlotte Building CHI & Partners Advertising 12,400 New – Refurb Jun-13

Central Saint Giles 1-13 St Giles High Street

King.com Software/Consultancy 24,866 New – New Build May-13

23-25 Soho Square Palantir Software/Consultancy 8,265 / 29,244 New – Refurb Dec 12 / Feb-13

23-25 Soho Square Betgenius Internet Related 8,201 New – Refurb Oct-12

7 Soho Square Expedia.com Internet Related 8,334 Second-hand Grade A Jul-12

Central Saint Giles 1-13 St Giles High Street

Google UK Internet Related 155,099 New – New Build May-11




1817

Investment: buyers look to lock into growth

2015 saw investment volumes within St Giles reach an eight-year high of £343 million. The key deal was Tishman Speyer’s purchase of 100 New Oxford Street for £130 million. Average annual deals volume over the past 15 years has been £164 million.

Historically, the St Giles investment market has been dominated by UK property companies such as GPE, Derwent London, Lazari Investments, Exemplar and Structadene who were all quick to see the area’s potential. However, buying in the area is now broadening.

Between 2014 and 2015 the balance of capital flows in St Giles has shifted toward overseas money. In 2012-2013 the total investment volume was £183 million, with none of that being derived from overseas buyers. In 2014-2015 volumes rose to £446 million, with £278 million coming from European, North American, Far Eastern and Middle Eastern investors.

Overseas investors dominated the market, accounting for 50% of deals by volume, mirroring the wider trend across the London and West End markets throughout 2015 and this trend has continued in 2016.

West End St Giles investment volumes 2000 to 2015 vs prime yields

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Investment breakdown by purchaser type

St Giles investment breakdown by origin of capital



Private UK Institutions Overseas UK Property

Private UK Institutions Overseas UK Property

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St Giles West End Core

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1 20 Soho Square Aviva Investors

2 1 Bedford Avenue Exemplar & Ashby Capital

3 1 Rathbone Square Great Portland Estates

4 1 Dean Street Great Portland Estates

5 1 Oxford Street Derwent London

6 The NOW Building Consolidated Developments Ltd

7 15 - 18 Rathbone Place Royal London Asset Mgt

The map below indicates the main office schemes in the development pipeline through to 2020. This will provide over 660,000 sq ft of new and refurbished Grade A office space. If progressed through planning, Derwent London’s Holden House on Oxford Street could add another 137,000 sq ft.

Development pipeline (with planning consent or under construction)

Dean Street public realm, Tottenham Court Road station west exit



2221

Hotels: rooms for improvement?

Focussing on “branded” hotels rather than guest houses and B&Bs, there are only four hotels of scale within the confines of the St Giles area boundary – The St Giles Hotel, The Bloomsbury Hotel, Radisson Blu Edwardian, Kenilworth and Radisson Blu Edwardian, Bloomsbury Street. They comprise a total of 1,218 rooms.

However, as illustrated on the map, there are a number of quality hotels on the fringe of the St Giles boundary, including the Charlotte Street Hotel, Sanderson Hotel and London Edition.

Daily rack rates for a double room range from £129 without breakfast to £480 with breakfast. Discounts of 10-15% are available on these rack rates for some hotels through third party web booking sites.

At present there is little additional hotel development in the pipeline. With Criterion Capital’s application for a 166-room hotel on Great Russell Street having been turned down, the confirmed pipeline is limited to a 12-room extension at The Rathbone Hotel and a new 14-bedroom hotel at Consolidated Developments’ St Giles scheme.

With the impending infrastructure upgrade, the St Giles area is ideally located to serve both the business and leisure tourism sectors, especially given its proximity to Oxford Street, Covent Garden, Theatreland and The British Museum. Arguably, as the area continues to evolve and benefit from improved infrastructure there will be scope to support additional hotel development.

St Giles – hotels

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1 Charlotte Street Hotel

2 The London Edition

3 St Giles Hotel

4 Radisson Blu Edwardian, Kenilworth

5 My Hotel Bloomsbury

6 Rathbone Hotel

7 Radisson Blu Edwardian, Bloomsbury St

8 The Gresham Hotel

9 Covent Garden Hotel

10 Travelodge Covent Garden

11 Radisson Blu Edwardian, Mercer St

12 The Bloomsbury Hotel

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Raddison Blu Edwardian, Kenilworth in Bloomsbury west exit



23

Residential: Rathbone Square and Centre Point lead the way

Within the St Giles area there are only two residential developments of more than 30 units under construction:

• Rathbone Square (GPE), with 142 private and 20 affordable apartments located around a new garden square. Studio apartments are currently on the market at between £830,000 to £950,000, with 1 bedroom apartments on the market for £960,000 to £1,150,000. Three bedroom apartments are in the order of £3,250,000. The development will also house a swimming pool, gym, residents’ lounge, private screening room, private garden, 24-hour concierge and a wine storage room.

• Almacantar’s Centre Point development will comprise 82 private apartments and 13 affordable apartments in neighbouring White Lion House. Prices for the private apartments range from £1,825,000 for a one bedroom apartment to a reported £55 million for a five-bedroom duplex. Facilities will include a 30m swimming pool, treatment rooms, a residents’ lounge, private dining / meeting room, private screening room, a 24-hour concierge and 24-hour security.

When completed, rents in these two premium developments will, no doubt, be at the upper end of the spectrum and exceed the typical rents seen in either Camden or Westminster Boroughs. Typical weekly rents in Camden and Westminster are as follows:

Camden Westminster

1 Bed Private – Median £379 £438

1 Bed Private – Upper Quartile £430 £515

2 Bed Private – Median £495 £594

2 Bed Private – Upper Quartile £594 £750

Source: Hometrack

Rathbone Square



2625

Infrastructure: getting there quickly

The development of Crossrail, with a new station at Tottenham Court Road, is a major catalyst for change and renewal. In addition, Camden Borough’s proposed transformation of Tottenham Court Road to reduce congestion and improve the environment provides a further boost at street level.

The two key pieces of infrastructure impacting on the St Giles area are:

• Crossrail (now known as the Elizabeth line)

• The West End Project – transforming Tottenham Court Road

The Elizabeth line will transform travel across the city, boosting the economy by billions of pounds and supporting thousands of new jobs and homes. The line, currently being constructed by Crossrail, will be named after the UK’s longest serving monarch when it becomes operational through central London in 2018.

A fleet of 66 new 200 metre long trains will run on the Elizabeth line, featuring nine walk-through carriages, air conditioning, CCTV and real-time travel information. Each train will be able to carry up to 1,500 people.

Stretching over 60 miles from Reading and Heathrow in the west across to Shenfield and Abbey Wood in the east, the Elizabeth line will stop at 40 stations – 10 newly built and 30 newly upgraded – and serve approximately 200 million people each year. When fully operational, there will be up to 24 trains per hour, in each direction, serving the central section.

Crossrail / The Elizabeth line

Impact on Tottenham Court Road:

Arup’s most recent projections indicate that up to 108 million annual entries and exits could occur at Tottenham Court Road station in 2026 – an increase of 76 million over today’s throughput. This is equivalent to an average of 219,000 daily additional entries and exits at the station. These figures are based upon the latest population projections for London and are 50% higher than the figures originally presented by Crossrail in 2004.

Arup’s forecasts (The Impact of Crossrail on Visitor Numbers in Central London - January 2014) indicate that peak passenger flows through Tottenham Court Road station will be 3.5 times greater than present levels, dispersed through five exits, with up to 38,000 entry / exits during the three hour evening peak commuting period.

Source: Arup

Note: All figures include all entries and exits associated with Crossrail and the existing London Underground lines.

Source: Arup

Note: Single hour station entries and exits in the morning peak (07.00 – 10.00) and evening peak (17.00 – 20.00). Totals represent an average single hour, NOT the entire three hour period. All figures include all entries and exits associated with Crossrail and the existing London Underground lines.

Tottenham Court Road Station forecasts Tottenham Court Road Station – peak time entries and exits

West End Project improvements at Charing Cross Road / Oxford Street; Tottenham Court Road station new eastern exits

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400,000

500,000

Current Numbers 2026 F no Crossrail 2026 F Arup

AV

ER

AG

E D

AIL

Y E

NT

RIE

S /

EX

ITS

Daily (LHS)

0 10,000 20,000 30,000 40,000

Morning Peak – Weekday

Evening Peak – Weekday

No. of Entries and Exits

2026 F Arup

Current

Aerial view of Centre Point Square



2827

1 Oxford Street, W1

The West End ProjectThe Tottenham Court Road area currently suffers from traffic congestion, poor air quality, narrow congested pavements and a lack of public space.

Camden Council has secured a £26 million investment which will be used to convert the one way system on Tottenham Court Road into a two-way tree-lined street as well as bringing significant improvements to the public realm including wider pavements, cycle lanes, pedestrian crossings, tree planting and a new park at Alfred Place.

The West End Project will improve Tottenham Court Road by reducing traffic, improving bus journey times and making it a cleaner, safer and more attractive environment. It is proposed that only buses, bicycles and local access will be permitted between 0800 and 1900 from Monday to Saturday.

The project is a public / private sector 2030 vision for an area spanning both Camden and Westminster; the area’s enhancements at Tottenham Court Road are very much a project also supported by the West End Partnership.

The plans have been put in place in order to increase business and create a more enjoyable user environment ahead of Crossrail opening in 2018. Improvement work is due to start in September 2016.

West End Project – Tottenham Court Road improvementsThe public realm improvements that the West End Project will bring will have a positive impact on retail in the area. As the area becomes more pedestrian friendly, it will provide a more engaging environment for consumers which in turn will encourage longer dwell times and higher spend. Derwent London’s development at Tottenham Court Walk is a good example of improving access, widening pavements and creating the right type of retail units to attract new retailers and shoppers.

Oxford Street ‘pedestrianisation’ The July announcement by Val Shawcross – Sadiq Khan’s Deputy Mayor for Transport – regarding plans for the proposed pedestrianisation of Oxford Street was a significant move forward for the West End.

Together with Westminster City Council and Transport for London, options will be considered for full or partial pedestrianisation and reduction of through traffic in order to improve the environment and accommodate the additional footfall to be generated through the opening of the Elizabeth line.

New West End Company has been campaigning for many years for a significant reduction in traffic across the West End and on Oxford Street in particular. It does not believe that full pedestrianisation of Oxford Street is the way forward, arguing for a scheme that reduces, rather than diverts, buses and taxis, and also allows some traffic movement, particularly on the north-south routes, to serve shops, shoppers and local employees. New West End Company is calling for a full economic impact assessment of every option to judge the effect on businesses and the wider district prior to any commencement.

What is clear is that any solution will have to work for residents, businesses and the public transport network – a huge challenge.

Tottenham Court Road

New theatre and 1 Oxford Street



29

FITZROVIA

RUSSELLSQUARE

TOTTENHAMCOURT ROAD

WARRENSTREET

EUSTONSQUARE

GOODGESTREET

SOHO

BLOOMSBURY

The West End Project area

Centre Point and St Giles

With thanks to:

Great Portland Estates Shaftesbury Derwent London Almacantar Ponte Gadea

www.colliers.com/stgiles

Paul SmithDirector & Co-Head, London OfficesT 020 7487 1767E [email protected]

Paul Souber Head of Retail Agency London and EMEA Retail T 020 7344 6870 E [email protected]

Mark Charlton Head of Research and Forecasting T 020 7487 1720 E [email protected]

New West End Company

Jace Tyrrell Chief Executive T 020 7462 0680 E [email protected]

The Fitzrovia Partnership

Lee Lyons Business Improvement District Manager T 020 7755 3192 E [email protected]

inmidtown

Tass MavrogordatoChief Executive T 020 7078 7077 E [email protected]

For more information, please contact Colliers International:

This brochure is printed on FSC® certified materialsSeptember 2016

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