Transport for London (TfL) has selected 13 lucky developers for its new estate strategy. TfL received over 50 bids from potential partners for the new scheme, which they hope will see 10,000 new homes as well as commercial space built around the capital at over 50 sites, covering a total of 300 acres.
The current range of assets that TfL has in its portfolio include: listed buildings that can be converted for residential use, regeneration schemes in town centres, mixed use and residential developments above stations and depots and brownfield sites in and around the City.
TfL will be putting land into the partnership rather than selling it and the developer will put forward the bulk of the investment. Units will be sold off individually or kept as long term assets that will produce an income for TfL through build-to-rent homes and commercial spaces. The revenue that is generated will be re-invested back into the transport network.
Congratulations to the following developers who now form the Property Partnership framework:
Planning has already been submitted for three sites which will provide more than 600 new homes, a step-free London Underground station at Northwood, new retail units, workspaces and quality public spaces. More than 500 jobs will also be created.
The three sites are:
Nine Elms – this development is above the Nine Elms tube station and will provide 332 new homes (25% affordable), office and retail space, public area, play area, pedestrian and cycle connections, disabled parking and bicycle parking. The revenue this development generates will be used to fund the Northern Line extension.
Parsons Green – Currently used as workspace, this site will provide 119 new homes (40% affordable), retail and work space, restaurants and 300 jobs. It will also results in the opening of the three arches for commercial purposes.
Northwood – this sire will deliver 127 new homes (20% affordable), step-free access tube station, new bus and train interchange, public space, 300 parking spaces and retail space.