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Transport for London is one of the largest land and property owners in the central London. Historically, TFL’s strategy when it comes to property asset management of its portfolio has been virtually non-existent; however, due to a growing population, more capital is required to continue providing and expanding the service. It was revealed this week TFL have appointed its panel of developers for 50 of the 75 sites that are due to undergo redevelopments. This will provide much needed housing and commercial space along with additional revenue for the NFP (Not for Profit) government body. The remaining 25 sites will be open to bids from outside parties on a site-to-site basis. The 75 locations are comprised of 300 acres of land, which when fully developed will provide an estimated additional £3.4 billion of revenue by 2023.
The 13 partners are Balfour Beatty, Barratt Developments/London and Quadrant Housing Associations (consortium), Berkeley Group, British Land, Canary Wharf Group, Capital and Counties, Land Securities Group, Mace/Peabody Trust/DV4 (consortium), Mount Anvil Group/Hyde Housing Association, Redrow Homes, Stanhope/Mitsui Fudosan, Taylor Wimpey UK and U+I/Nottinghill Housing Group (consortium). These selected developers that enter a joint venture with TFL all have a track record of successfullyt completing complex projects in London, and will be able to provide a huge range of knowledge covering all aspects of development.
Eugene O’Sullivan, Managing Director at Morgan Pryce, said: “Entering a joint venture with TFL is a fantastic opportunity, however many professional developers believe it does not come without its risks. TFL is avoiding much risk as they are providing the land and limited capital, while the developers are expected to provide most of the capital for the developments and therefore take on a higher proportion of risk.”
Some of the first sites to be completed will be Nine Elms, South Kensington and Parsons Green. These will provide over 600 homes and circa 130,000 sq. ft. of commercial space. The homes and commercial space being built are expected to help relieve a starved office and residential market.
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.