TfL to sell off land for 10,000 London homes
Transport for London’s development project is to provide an extra 10,000 homes across the capital.
More than 300 acres of TfL land across the city has been brought forward for 10m square feet of development over the next 10 years – with 67 per cent of the sites within zones one and two.
TfL, one of the London’s largest landowners, is currently narrowing down its short-list of 16 developers for a list of partners who can pitch for the 75 sites across the city.
The five sites already put forward are South Kensington, Parsons Green, London Road, Kidbrooke and Borough stations.
Jonathan Cornelius, head of property development at TfL, told City A.M.: “We’re always working with local authorities and the local community, to help meet their needs for affordable housing.
“We have to work hand in hand to get planning permission. [But] not all the sites are straightforward, often they’re above operational sites, and will be complex and expensive to develop, so a balance has got be stuck in recouping the costs of bringing the sites forward for development.”
The Mayor of London, Boris Johnson said: “TfL’s plans will build on the great efforts we’ve already made at City Hall to ensure brownfield land that has laid empty for years is put to productive use in providing much-needed housing for Londoners.
“It’s important that all key agencies work together to accelerate the rate of housebuilding across the Capital and redevelop land and assets wherever possible to deliver more homes.”
The scheme is part of TfL’s plan to generate £3.4bn in revenue over the next 10 years from advertising, sponsorship partnerships and property development, which it will reinvest into updating the transport network.