This month Transport for London (TfL) plans to start developing its capital-wide property portfolio.
TfL owns a plethora of disused Tube stations, adjoining land, depots and yards. There is scope for above-site development and the 5,700 acre estate is one of the largest in London.
In the past redundant land and buildings were sold off. Now TfL plans to press the property into service as part of its wider programme to generate £3.4 billion of non-fare revenue over the next 10 years.
Property development partners will be appointed to help bring forward up to 50 sites with around 10 million square foot of development potential.
Says Graeme Craig, TfL’s director of commercial development, ‘Forming joint venture partnerships with property development experts will enable us to generate long-term income that we can invest in improving our network, which carries over 30 million journeys every day.
‘We will be launching a tender process in the coming weeks to identify the best organisations in the world that will help us to achieve this. We’ve already established a successful partnership on the Earl’s Court development and look forward to establishing more for the benefit of Londoners.’
Many of TfL’s properties are in central London in prime locations. Developing them will help answer London’s chronic residential housing shortage as well as fuelling jobs and economic growth.
TfL has already appointed Francis Salway, the former chief executive of developer, Land Securities, as the chairman of its new property advisory group.