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The Thameslink Programme of upgrading the north-south rail links through central London that was originally due for completion in 2000 may now not meet its revised 2018 deadline, as advised by the National Audit Office.
The National Audit Office published its report last week, stating that the Department for Transport has managed to maintain the infrastructure costs relating to the Thameslink Programme within the original budget. Phase one has been completed on time, in which Blackfriars station was rebuilt and a new Viaduct at borough market created, all costing £1.704 billion and actually coming under budget – the original budget being set at £143 million. Whereas the second phase which now includes London Bridge’s station to be rebuilt – starting this month should complete in 2018.
The delay in the completion of the programmes is actually in the ordering of a fleet of new trains which is behind schedule at the moment. This is because it is too early for the Thameslink programme to decide whether or not they will be achieving value for money if they start the ordering process now. It is better to start this process once the new service is running – which should be a positive process due to everything else being managed within its designated timescale as well as under the budget. The one concern regarding the feasibility to maintain the completion date for this project comes under the possible delay to agree a contract for the building of new trains.
As acquisition agents, we sometimes purchase buildings as well as lease space when acting on behalf of our clients. We can be there to advise our client on whether a project that is deemed to make the area more accessible will actually come available as proposed.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.