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One of the largest ever portfolio developments is close to beginning with TFL looking to secure Joint Venture partners for its proposed 75 site developments around Central London. Old Street Roundabout, Kidbrooke railway and Bermondsey + South Kensington tube stations have been mooted as potential sites for the vast development plans held by TFL. All types of use classes have been identified in the over ground development concept – with residential, retail, leisure and office space all believed to have usage plans when the works do start, across zones 1-6.
Sally Pillow, Director at Morgan Pryce, has noted how the planned development is in line with TFL’s newly shaped strategy,
“This news of TFL’s proposed development, due to be completed in 2020/21, highlights how strategy has changed from a selling stance, to maintaining and holding a stake on their current holdings. The search for JV partners will allow them to carry out the plans, whilst protecting them from full liability. Furthermore, the development is welcome news to the areas where in some cases regeneration and redevelopment are needed. I’m certainly glad to see more office developments in the pipeline – even if they are a few years off!”
The vast development is one that will need to have JV backing, but with this likely to happen we may yet see more proposed developments around central London of similar sizes and schemes – more good news for the future of London’s commercial property sector.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.