TfL in search for development partners
Fri 6th February 2015, 10:12 am
Transport for London (TfL) has announced it will launch a tender process this month to establish property development partnerships. Redevelopment of TfLís estate through these partnerships could lead to £3.4 billion in extra revenues.
London’s transport authority is planning on bringing around 50 sites forward for redevelopment over the coming decade, totalling over 90ha of land.
Graeme Craig, TfL's director of commercial development, said: "London's population is set to grow from 8.4 million today to 10 million by 2030, the equivalent of one full tube train arriving every three days. To enable this, London needs more homes and office spaces and the transport network needs sustained, long-term investment.
"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."
Mayor of London, Boris Johnson, said: "TfL's role is to look to the future, ensuring that transport continues to support jobs, homes and economic growth across the capital and the UK.
"The ambitious plans to redevelop some of TfL's land and assets presents a fantastic opportunity to support this important work and ensure public land creates homes for Londoners."
TfL will attend Sitematch London next week to discuss opportunities with participating developers and investors. If you’d like to meet TfL at Sitematch on 10 February contact the Sitematch team.