Plans to monetise Transport for London’s extensive landholdings took a major step forward this week when the agency appointed 13 major developers to help deliver thousands of new homes, offices and retail spaces.
With the capital’s population continuing to grow, both Mayor Boris Johnson and those hoping to succeed him in May have identified TfL’s land as the key to ensuring housing supply meets demand.
The agency selected its new slate of partners, which includes both standalone commercial developers and partnerships between social landlords and the private sector, following a competitive procurement process.
More than 50 companies registered their interest in working with TfL and the successful applicants will now be placed on its Property Partnership Framework, entitling them to bid for work on individual sites.
TfL says “thousands of affordable homes” will be built across the capital, helping support its growing population and contributing to TfL’s plans to generate £3.4bn in non-fares revenue by 2023.
Commercial revenues are set to become increasingly important to TfL’s ability to fund future network investment and expansion following the government’s decision to cut the funding it provides to London.
Graeme Craig, Director of Commercial Development at TfL, 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.
“This framework marks a major step forward in allowing us to work with leading private sector developers and housing associations on an important part of our portfolio.”
The 13 companies and consortiums selected are:
• Balfour Beatty PLC
• Barratt Development PLC / London and Quadrant Housing Association (Consortium)
• Berkeley Group PLC
• The British Land Company PLC
• Canary Wharf Group PLC
• Capital and Counties PLC
• U+I / Notting Hill Housing Group (Consortium)
• Land Securities Group PLC
• Mace Limited / Peabody Trust / DV4 Limited (Consortium)
• Mount Anvil Group Limited / Hyde Housing Association Limited
• Redrow Homes Ltd
• Stanhope PLC / Mitsui Fudosan Company Limited
• Taylor Wimpey UK Ltd
In addition to TfL, the framework will be available to City Hall, the Met and other parts of the Greater London Authority as they bring forward plans to develop their own real estate.
