Ambitious plans from TfL for 10,000 new homes
28 October 2015, Blog
The capital’s transport system has announced plans to build homes as well as provide transit in London. TfL believes it can add 10,000 homes in London on more than 300 acres of land it owns across 75 sites. It could create 10million sq ft of development in the next decade, with an attractive 67 per cent of the sites in zones one and two.
As one of London’s largest landowners, TfL is in the process of selecting a shortlist of partners to build housing on these allocated sites. Potential sites include South Kensington, London Road, Kidbrook and Borough stations. This also includes TfL’s headquarters at 55 Broadway, the art deco Grade I listed building and London’s ‘first skyscraper’. There will also be larger regeneration schemes in urban centres such as Northwood, brownfield developments in Hanworth Road in Hounslow, and schemes over stations and depots such as Southwark and Parson’s Green.
TfL is placing an emphasis on working with local authorities to help meet their needs for affordable housing. Jonathan Cornelius, head of property development at TfL said: “We have to work hand in hand to get planning permission. [But] not all the sites are straightforward, often they’re above operational sites, and will be complex and expensive to develop, so a balance has got be stuck in recouping the costs of bringing the sites forward for development.”
The scheme is part of a wider ambition of the organisation to raise £3.4bn in revenue over the next 10 years from advertising, sponsorship partnerships and property development.