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It would appear that Transport for London’s latest property plan will amount to more than just shelter for trainspotters. On the contrary, the £1.1 billion project plans to convert some of the capital’s Tube and bus stations into luxury apartments – and many other uses.
London’s Mayor Boris Johnson has indicated that the revenue collected from the project will be put to use in keeping the rail fares down and in helping the transport system and network in general, needed in view of increasing population numbers.
TfL has opted out of selling its property assets, instead inviting tenders from developers willing to enter into a joint venture, to convert the 50 sites at, around, above and adjacent to the TfL-owned buildings. Luxury residences are just one of the uses proposed. Additional potential uses are retail, tourist attractions and restaurants amongst others.
TfL owns 5,700 acres in London, two-thirds of which is located in zones 1 and 2. It is aiming to raise £3.4 billion in the next decade, and the joint venture opportunity, it is hoped, will contribute almost a third of the revenue required.
The bidding process will last for a year, and heading up TfL’s new commercial development property strategy is Francis Salway, formerly Chief Executive of Land Securities.
TfL has already had experience of the joint venture model, since its project at Earl’s Court with Capital and Counties, which began in March of last year; the Earl’s Court Masterplan will provide 7,500 much needed new homes and 10,000 jobs.
According to Transport for London, the city’s population is set to increase from 8.4 million to 10 million over the next ten years, ‘the equivalent of one full Tube train arriving every three days’ says Graeme Craig, TfL’s Director of Commercial Development.
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.