TfL is in possession of around 5,700 acres property in London, including buildings and land attached to London Underground stations, railways and highways. In a statement released yesterday, TfL said it was seeking "a small number of property development partners" to develop around 10,000 square feet of potential sites, two thirds of which would be located in London Underground fare zones 1 and 2.
According to the statement, the new partnerships are part of wider plans intended "to generate £3.4 billion in non fare revenue over the next 10 years", which will be "reinvested in the transport network and help TfL and the mayor [of London] bear down on fares". The plans include the establishment of a new property advisory group, to be headed by former Land Securities Group chief executive Francis Salway.
"Forming joint venture partnerships with property development experts will enable us to generate long-term income that we can invest in improving our network, which carries over 30 million journeys every day," said TfL director of commercial development Graeme Craig in the statement."
"We will be launching a tender process in the coming weeks to identify the best organisations in the world that will help us to achieve this," said Craig. "We've already established a successful partnership on the Earl's Court development and look forward to establishing more for the benefit of Londoners."
Mayor of London Boris Johnson, said: "TfL's role is to look to the future, ensuring that transport continues to support jobs, homes and economic growth across the capital and the UK. The ambitious plans to redevelop some of TfL's land and assets presents a fantastic opportunity to support this important work and ensure public land creates homes for Londoners."