The long-awaited £16billion Crossrail project has been given the green light this morning.
[UKPRwire, Fri Oct 05 2007] Neil Young, Chief Executive of property investment portfolio managers Young Group, comments on the Crossrail funding announcement:
“We’re delighted that the Crossrail project’s funding is now secure. The new railway will bring a much needed boost to the capital’s creaking transport system and addresses one of the principal factors threatening London’s dominant position as the world’s leading financial centre.”
“There’s no doubt that the completed Crossrail project will bring enormous benefit to the capital, but Londoners should be not begin celebrating until the precise details of the project’s funding are confirmed. One of the funding models previously proposed is a levy on the increase in value that homes close to Crossrail stations will see.”
“Transport for London expects the project to boost the UK’s economy by £30 billion, but until the specific details and mechanics of the funding are announced, I’d urge London’s business community to be cautious. London businesses are to be asked to meet up to a third of the £16billion cost through private investment and supplementary business rates.”
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Notes to editors
About Young Group
Young Group specialises in providing Property Portfolio Management services to private investors, identifying the best off-plan opportunities in London on their behalf and managing the entire investment process - from sourcing the property through to financing, furnishing and letting.
Young Group is a wealth manager with a focus on property as an asset class. Young Group owns all the property it sells, and also retains a number of properties for its own portfolio. As the principal in every transaction, Young Group does not realise any profits until completion, giving investors 100% confidence that properties will ‘value up’ and that financing will be secured.
In the last 12 months, Young Group has transacted in excess of 1,500 apartments, with a retail value of £630m. Over 50% of units have been bought by multiple investors. The Group’s lettings division, Young Lettings, has successfully let all investors’ apartments within a week of completion.
For each property exchange, Young Group donates £50 to Children with Leukaemia, the UK’s leading charity dedicated exclusively to fighting Britain's biggest childhood cancer through pioneering research, new treatment and support of children with Leukaemia and their families, and to Norwood, the Children and Families First charity which provides support to families facing social difficulties.
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