TfL signs property developers for housing initiative

Transport for London (TfL) has procured the services of 13 property developers and consortiums, including The British Land Company and The Berkeley Group, as part of its new multi-billion pound Property Partnership Programme. The initiative aims to develop over 50 sites across the capital to provide thousands of new affordable homes, commercial spaces and job opportunities for London residents. It also forms part of TfL's wider plans to generate £3.4bn in non-fares commercial revenue by 2023 for re-investment back into London's transport network. Planning applications have already been submitted for three sites at Nine Elms, Northwood and Parsons Green, which are expected to generate a total of £100m.

Construction News

04/02/2016

TfL Selects 13 Property Developers For New Housing Framework

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The 13 property partners and consortiums were selected following a competitive procurement process to gain a place on TfL's Property Partnership Framework.It is understood thousands of homes, retail and offices spaces will be built across the capital under the programme.The 13 companies and consortiums selected are:• Balfour Beatty• Barratt Development/London and Quadrant Housing Association [Consortium]• Berkeley Group• The British Land Company• Canary Wharf Group• Capital and Counties• U+I/Notting Hill Housing Group [Consortium]• Land Securities Group• Mace Limited/Peabody Trust/DV4 Limited [Consortium]• Mount Anvil Group/Hyde Housing Association• Redrow Homes• Stanhope/Mitsui Fudosan Company• Taylor Wimpey UKThe Property Partnership programme is part of TfL's plans to generate £3.4 billion in non-fares commercial revenue by 2023 which will be reinvested back into London's transport network.Planning applications have already been submitted for developments in Nine Elms, Northwood and Parsons Green.It is estimated the three sites will generate over £100m for reinvesting back in London's transport network as well as delivering over 600 new homes, a new step-free London Underground station at Northwood, new workspaces, retail units and high quality public spaces.Graeme Craig, Director of Commercial Development at TfL, said: "After an extremely competitive process, we have appointed a selection of leading development organisations that we will work with to bring forward thousands of much needed homes, along with commercial space and jobs that will help support the Capital's continued growth."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."This framework marks a major step forward in allowing us to work with leading private sector developers and housing associations on an important part of our portfolio."(LM/CD)