Crossrail deal clinched

A deal to help the planned Crossrail development in London move ahead has been agreed, involving a £350 million funding contribution from the City of London Corporation, something that may help create new property investment opportunities.

In a move described as a "landmark moment" by transport minister Lord Adonis and a "crucial milestone" by London mayor Boris Johnson, the Corporation said it was donating £200 million itself and will raise another £150 million from businesses.

As a result, it has been announced that the project is being handed over to Transport for London tomorrow, with work to start on construction shortly.

Parts of London where transport links are improved by Crossrail will see property prices rise, it was predicted last month.

Property portfolio firm Young Group's chief executive Neil Young said that this effect had been observed around the capital, including at the company's own Dalston development following the announcement of the East London Line extension, which will pass through the district.