Developers involved in the regeneration of the Nine Elms area of South London, which is to include 16,000 new homes, are to escape paying the Crossrail levy
The levy is charge for additional office space above 460m² in London’s ‘central activities zone’ – Westminster, parts of Camden, Islington, Hackney, Tower Hamlets, the City, Lambeth, Kensington and Chelsea, Wandsworth and the northern Isle of Dogs.
Mayor of London Boris Johnson has said that developers will instead contribute towards the cost of the Northern Line extension from Kennington through Nine Elms to Battersea.
A spokesman said that they do not yet know whether this will be more or less than the amount they would have paid under Crossrail.
The Nine Elms area, where development over the next decade is planned to create 16,000 new homes and 25,000 new jobs, stretches from Vauxhall to the Battersea Power Station (pictured above), and the scheme will involve the regeneration of 200 hectares of derelict and underused land.
New transport links include a pedestrian and cycle bridge from Nine Elms to Pimlico as well as the Northern Line extension.
Rob Tincknell, managing director of Treasury Holdings UK, which will redevelop Battersea Power Station, said he was delighted that the Mayor has underlined the importance of Nine Elms to the future of London.
Nine Elms developers should be made to contribute to: