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Business rates to pay for Tube link

Wandsworth and Lambeth councils have backed plans which would see business rates income used to pay for the planned Tube extension to Battersea.

Northern Line Extension map

Published on
March 5, 2013

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Wandsworth and Lambeth councils have backed plans which would see business rates income used to pay for the planned Tube extension to Battersea.

Creating two new Northern Line stations is key to unlocking the area’s commercial potential, creating 25,000 new jobs and billions of pounds in new economic growth.

NLE route map inlcuding shafts

NLE route map inlcuding shafts

As new employers move into Nine Elms on the South Bank their business rates payments would be channelled directly into the Tube project.

The system would be in operation for at least 25 years, creating a long-term revenue stream.

The innovative financing package has been worked up over the past year between Wandsworth and Lambeth councils, the GLA and HM Treasury.

The scheme would only apply to business premises within defined areas of Wandsworth and Lambeth. A map showing their exact location can be viewed on Wandsworth Council’s website.

Financial contributions from major development sites in Nine Elms on the South Bank would also be used to pay for the Tube link, including £203million from the redevelopment of Battersea Power Station.

TfL plans to submit an application to build the Tube extension to the Government by the end of April. If approved, the trains could start running in 2019/2020.

Co-chair of the Nine Elms Vauxhall Partnership and Leader of Wandsworth Council Ravi Govindia said:

“This project would give Battersea its first underground station and help bring an underused part of the Thames riverside back to life. It’s the key to unlock 25,000 new jobs and 16,000 new homes.” 

Co-chair of the Nine Elms Vauxhall Partnership and Leader of Lambeth Council Lib Peck said:

“The Northern line extension is an exciting development and we are pleased to be supporting it. This is a vital part of our plan to create thousands of new jobs and homes in Vauxhall, giving the local community a town centre with a proper high street and making the desperately needed safety improvements for pedestrians and cyclists around the gyratory.”

The proposal is to extend the Charing Cross branch of the Northern line between Kennington and Battersea Power Station. It includes two stations, one at Wandsworth Road and another at the power station site.

The financing package for the Tube link was approved by Wandsworth and Lambeth Councils on Monday 4th March.

For more information visit www.tfl.gov.uk/nle

ENDS


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