Transport for London selects partners to develop £3.6bn of property assets

Transport for London (TfL) has selected 13 partners to develop £3.6bn of schemes on unwanted land and properties across the capital over the next ten years.

TfL will work in joint venture with the firms, including Balfour Beatty, Berkeley, British Land, Canary Wharf Group and Redrow Homes. Planning applications have already been submitted for sites at Nine Elms, Northwood and Parsons Green to be redeveloped. In total, the £3.6bn framework includes more than 50 sites, with 10m sq ft of development potential.

The developer teams are 

• Balfour Beatty
• Barratt Development/London and Quadrant Housing Association
• Berkeley Group
• The British Land Company
• Canary Wharf Group
• Capital and Counties
• U+I / Notting Hill Housing Group
• Land Securities Group
• Mace Limited / Peabody Trust / DV4
• Mount Anvil Group/Hyde Housing Association
• Redrow Homes
• Stanhope/Mitsui Fudosan Company
• Taylor Wimpey

TfL has ambitious plans to generate £3.4bn in non-fares commercial revenue by 2023 from its property partnership programme which it plans to reinvest in London’s transport network. Graeme Craig, director of commercial development at TfL, said: “After an extremely competitive process, we have appointed a selection of leading development organisations that we will work with to bring forward thousands of much needed homes, along with commercial space and jobs that will help support the capital’s continued growth.

“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,” said Craig.

The transport body is moving to a self-sufficient model as a result of it losing £700m a year of state subsidy by the turn of the decade, following cuts to grant funding in the government’s spending review.