Transport for London is planning to release over 300 acres of land to create thousands of new homes across the Capital
Over the next 10 years, TfL plans to develop 300 acres of land, 67% of it in Zones 1 and 2, to provide new homes, offices and retail units.
The scheme has been designed to support the Capital’s ever growing population, which is predicted to grow from a record 8.6m today to around 10m by 2030.
TfL’s new plan is hoped to generate £3.4bn in non-fares commercial revenue by 2023. All revenue raised will be reinvested into the transport network, which TfL says will help to bear down on fares and support jobs and economic growth.
The programme, which is said to build on City Hall’s plans to ensure that brownfield land is put to use in providing housing for Londoners, will be delivered by TfL in conjunction with local council planning officers in order to maximize affordable and social housing.
This release of land is in addition to TfL’s £360m growth fund, the money from which is being used to create more than 50,000 homes and 30,000 jobs through its support of 14 transport projects across London.
Some of the 300 acres will be developed as part of property development partnerships that TfL announced in February this year.
TfL is currently evaluating the bids of the potential partners, and the final partner will be announced in the coming months.
TfL's property portfolio includes:
- Listed buildings that offer the opportunity for residential conversions, such as the historic 55 Broadway, which is being developed into new homes including affordable housing.
- Major regeneration schemes in urban centres such as Northwood.
- Brownfield developments in inner and outer London such as Hanworth Road in Hounslow.
- Mixed use and residential developments over stations and depots at locations such as Southwark Tube station and Parson's Green Depot.
Graeme Craig, director of commercial development at TfL, said:
'We're determined to use our assets to help create more homes and jobs for Londoners. As the custodians of some of the best assets in the Capital, it is right that we explore every opportunity to maximise the use of our land. This next phase of development will see us working with our partners to turn those plans into reality.
All revenue raised from the developments will be reinvested into the transport network, helping us to bear down on fares and continue to support London's economic growth and booming population.'