TfL names its development partners
Thirteen developers and building companies have been selected by Transport for London (TfL) for its new property partnership framework.
The chosen companies will help meet TfL’s aspiration to develop land that it owns to build thousands of homes, offices and shops across the capital. The target is to generate £3.4bn in non-fares commercial revenue by 2023.
TfL has already begun the process of identifying development opportunities for the partnerships by submitting planning applications in Nine Elms, Northwood and Parsons Green.
The 13 selected organisations were chosen from more than 50 companies that pitched for a role. They are:
- Balfour Beatty
- Barratt Development / London & Quadrant Housing Association
- Berkeley Group
- British Land
- Canary Wharf Group
- Capital & Counties
- U+I / Notting Hill Housing
- Land Securities
- Mace / Peabody Trust / DV4
- Mount Anvil Group / Hyde Housing Association
- Redrow Homes
- Stanhope / Mitsui Fudosan Company
- Taylor Wimpey UK.
TfL commercial development director Graeme Craig said: “The 300 acres of land we have announced for development is just the first phase. We are currently reviewing our assets to see how many more sites we can develop, especially in outer London, to provide homes that Londoners can afford while also generating revenue that can be reinvested in the transport network.”
The proposed development above the new Nine Elms Tube station will have 332 new homes as well as 5,332m2 of offices and 612m2 of shops. Revenue generated from the development will support the funding of the Northern Line extension.
The proposed development at Northwood is for 127 new homes, as well as a new Tube station with step-free access and a new bus and train interchange.
At Parsons Green the proposed development is on the site of a former London Underground depot next to the Tube station, which is currently used as workspace. The scheme will deliver 119 new homes, as well as more than 5,100m2 of shops, offices and restaurants.
It is anticipated that these three sites will generate more than £100m for TfL to reinvest in London's transport network.
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This article was published on 4 Feb 2016 (last updated on 5 Feb 2016).