Transport for London (TfL) is to release more than 300 acres of land over the next decade for the development of more than 10,000 homes across the capital.
TfL’s plans aim to generate £3.4bn in non-fares commercial revenue by 2023 to reinvest in London’s transport. It will work with planning officers in local councils to maximise the amount of affordable and social housing that is delivered on the land, 67% of which is in commuting zones 1 and 2.
The new land-release programme is in addition to the work of TfL’s £360m growth fund, which is creating more than 50,000 homes by supporting 14 transport projects across London that are directly unlocking development. London Mayor Boris Johnson has pledged to have an exit strategy for all City Hall owned land by the end of his term in 2016, with 99% now freed up for development.
TfL is one of the largest landowners in the capital, owning around 5,700 acres in total, with assets ranging from zone 1 locations such as London Bridge and Oxford Circus to sites in zone 6 areas, such as Northwood. However, much of that land remains part of the operational transport network and is not simple to develop.
Graeme Craig, director of commercial development at TfL, said: “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.”
Some of the 300 acres will be developed as part of property development partnerships that TfL announced in February this year. TfL is evaluating the bids of the potential partners, with the final partner set to be announced within months.