Weekly Bangla Mirror | Bangla Mirror, Bangladeshi news in UK, bangla mirror news
Network Rail says Liverpool Street station must be redeveloped to ensure it is future proof
The redesign of London’s Liverpool Street station has been described by opponents as a “billion pound gamble” after a report raised doubts over its financial viability.
The review found the planned scheme was not currently profitable due to the expected costs of revamping the Victorian site compared with the income it would generate.
However, the plan was close to becoming viable due to a likely upturn in economic conditions.
The Victorian Society said relying on an economic boost was “remarkably cavalier and not in the public interest”. Network Rail said it was confident the project could progress and that it would generate “hundreds of millions of pounds”.
The firm said the project aimed to future-proof the station for the 200 million passengers using it each year.
Its original redevelopment proposals were scaled back due to strong opposition.
But a new office block above the station is still planned, as well as new entrances, concourses and some external landscaping.
The recent viability assessment, by real estate services firm JLL, was prepared as part of the planning application and weighed up costs against rental values for the scheme.
It concluded the project was not “technically viable” – meaning it would not be profitable based on current growth figures.
But, it said the local office rental market was “cyclical”, and was likely to be buoyed if the local authority approved the scheme, according to the Local Democracy Reporting Service.
It also said “relatively few further efficiencies or market improvement” were needed in order for the plans to become financially sound.
Under the plans, Liverpool Street station will get new passenger concourses as well as office space
The Victorian Society’s director James Hughes said: “This is one of the country’s most important and impressive historic railway stations, as well as one of its busiest. It should not be a token in a billion-pound gamble.
“The report itself concludes that the works proposed would not fund the works to the station, only a part of them, unless favourable market conditions emerge,” he said.
A spokesperson for Network Rail: “Our plan will tackle congestion, improve accessibility and enhance the customer experience.It is an operationally led scheme that will generate hundreds of millions of pounds.
“Although the City property market is cyclical, there is a rising demand for landmark office space.
“We are confident in being able to bring this scheme forward and working with future partners means the scheme can be delivered at no cost to the customers or the taxpayer.”
