In 2011 we were commissioned by Transport for London and Wandsworth and Lambeth Councils to produce a study into the potential financial and social benefits of extending the Northern line to provide two new Tube stops in the Vauxhall, Nine Elms, Battersea (VNEB) Opportunity Area. One would be located at Wandsworth Road and another at Battersea Power Station.
We found that the Northern Line Extension (NLE) would enable the underdeveloped Nine Elms district to support the same high levels of commercial activity as the rest of central London. This subsequent rise in economic outputs and inward investment means that the scheme offers exceptionally high value for money, with the benefits that the two proposed new stations would bring paying for the scheme an estimated three times over, with a potential even higher rate of return if the regeneration area attracts a high level of foreign investment.
Nine Elms is a 450 acre regeneration area on the South Bank of the Thames, opposite Westminster. A multi-billion development programme has now begun transforming this industrial district into a high density residential and business quarter. Our report asserted that the NLE will provide the extra transport capacity the area needs to support its growing uses and will speed up the regeneration process.
A fully developed Nine Elms would provide up to 25,000 new jobs, 16,000 new homes contributing to the NLE delivering as much as a £7.9 billion growth to the UK economy. TFL will use our findings in their planning application which they plan to submit in 2013 and the new Tube stations could be open by 2018.