Transport for London has selected 13 property developers to build a total of 10,000 homes on more than 300 acres of TfL land, as the authority looks to generate £3.4 billion in non-fares revenue in the next seven years. It plans to reinvest the money in transport.
The companies will now be placed on TfL’s Property Partnership Framework and will be able to bid for work across the city. And TfL is reviewing its assets to see if more sites can be developed, especially in outer London.
The 13 companies are: Balfour Beatty plc; Barratt Development plc/London and Quadrant Housing Association (Consortium); Berkeley Group plc; The British Land Company plc; Canary Wharf plc; Capital and Counties plc; U+I/Notting Hill Housing Group (Consortium); Land Securities Group plc; Mace Limited/Peabody Trust/DV4 (Consortium); Mount Anvil Group /Hyde Housing Association; Redrow Homes Ltd; Stanhope plc/Mitsui Fudosan Company; and Taylor Wimpey UK.
Three sites have been identified so far, with planning applications in Nine Elms, Northwood and Parsons Green. TfL anticipates that these three sites will deliver more than 600 new homes, a new Underground station at Northwood, and generate more than £100 million for reinvestment.