Transport for London (TfL) predicts the new Night Tube service will cut late-night journey times by an average of 20 minutes, providing a major boost to those who previously used buses to travel in the early hours of the morning.
Speaking ahead of the launch, the Mayor of London Sadiq Khan spoke of his excitement and pride of the service, which he stated would provide a major boost to a number of industries including those which include doctors, nurses, security guards, porters and tourists.
One of the sectors set to majorly benefit from the new service, all be it indirectly, is the property sector. Richard Waind, regional managing director for Your Move, London, believes the service will have a huge impact on house prices across the capital.
He said: "The Night Tube will undoubtedly prove attractive to owners and tenants either working in, or enjoying, London’s vibrant nightlife.
“Most promising for landlords and those trying to sell their homes, is that locations previously deemed too far afield on the tube map from the hustle and bustle of central London, will now be more easily accessed on the Northern and Victoria and in turn, will be more attractive to buyers and tenants alike.
“Many of London’s central commuting zones may have been historically out of reach for renters and hopeful buyers, but the London Night Tube opens up new possibilities for many Londoners.”
Businesses operating in the security sector are also set to benefit. As well as the 100 British Transport Police (BTP) officers patrolling the network on Friday and Saturday nights, there will also be more opportunities for private businesses to capitalise on.
A perfect example of this is Westminster Security, a private security firm based on Buckingham Palace Rd providing everything from door staff to night clubs to bodyguards for the city’s affluent and famous revellers.
“We feel the night tube will bring a welcome boost to London's flagging night time economy, and in turn have a positive knock on effect for us and the services we provide,” managing director John Moore told BQ.
“More people will stay out to enjoy the restaurants, bars and clubs without worrying about the expensive cab journey home. I believe more licensed venues will open and London's night life will thrive. For us that will mean more door supervisors for those venues, and bodyguards for the more affluent and famous revellers.”
247 retail chains across the capital are also set to benefit from the new service. McDonald’s is just one of the company’s which has been quick to cash in on the Night Tube with targeted marketing at those using the tube during the night.
The company tweeted:
We’ve mapped out some of our 24 hour restaurants for the #NightTube opening, so you don’t have to! pic.twitter.comBCD0DrJjKb
— McDonald's UK (@McDonaldsUK) August 19, 2016
The most obvious businesses to benefit will also be the capital’s bars and restaurants, many of which are open throughout the night.
Jake Bernstone, F&B Specialist at JLL London Unlimited, said: "In a city of rising property prices and rents, more bars are going out of business as the rent demanded by landlords require full all day trade to make a decent return.
“The night tube will ensure that the bars and clubs have a more captive audience, resulting in more staying in business. This can only be a good thing for Londoners; whilst London's food scene has taken off, the late night sector has stagnated in recent years."
The views of businesses have also been echoed by the driver of the first train which departed on Friday night. He hailed the service as being "great for London" and insisted he would be able to adjust to working through the night with no qualms.
Asked if he was concerned about feeling tired, Daniel George, 28, from Cheshunt, Hertfordshire, said: "No, you change your sleeping pattern to work around that sort of thing."
He added: "It's great for people not having to worry about the last train. It's a shame I have to be driving the train and not taking advantage of it but I know it's great for London."
A recent study by business membership organisation London First estimated the Night Tube could be worth £77m each year to the capital's economy by 2029.
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