TfL annouces firms selected for its Property Partnership Framework
Transport for London has picked 13 development partners - including Balfour Beatty, Canary Wharf Group and Berkeley Group - for a £3.6bn framework to redevelop over 300 acres of land in the capital.
The transport client is set to become one of London’s biggest commercial and residential developers over the coming years, with plans to build at least 10,000 new homes. The wnning firms will work in joint ventures with Transport for London (TfL) to redevelop an initial 50 sites - 67% of which are in the city’s most central transport zones one and two.
The other winners are Barratt with L&Q, British Land, Capco, U+I with Notting Hill Housing Group, Land Securities, Mace with Peabody and DV4, Mount Anvil with Hyde Housing Association, Redrow Homes, Stanhope with Mitsui Fudoxan and Taylor Wimpey.
The programme is part of TfL’s ambitious plan to generate £3.4bn in non-fare income by 2023, which it will plough back into transport improvements.
TfL has already put its first three schemes in for planning, located in Nine Elms, Northwood and Parsons Green. These three projects alone are expected to deliver more than 600 homes and generate £100m to reinvest in London’s transport network.
Graeme Craig, director of commercial development at TfL, said it was an extremely competitive framework selection process and that the framework marked a “major step forward” in enabling TfL to work with private sector developers and housing associations on its portfolio.
“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,” he added.
Francis Salway, chairman of TfL’s Commercial Development Advisory Group, said: “TfL has some of the best assets in London and over the coming years we will be working together with these developers to ensure that we are delivering for Londoners.”