Transport for London
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Introducing our billion-pound property plan
Ambitious plans have been announced to develop our property estate.
The aim is to raise £3.4bn across the whole of our commercial development over the next 10 years to reinvest in public transport and help bear down on fares.
We have a 5,700-acre property portfolio including buildings and land attached to Tube stations, railways and highways. This is one of the largest and most valuable estates in London.
Next month, we will launch a tender process to appoint a small number of partners to take forward a range of
sites over the next decade with a view to maximising the long-term value of our estate. We will be looking at up to 50 sites with around 10 million square foot of development potential.
Previously, we sold assets and properties we no longer needed, but in recent years we have taken a new approach to retain and invest in a number of sites to generate long-term revenue and the best results for London.
In March 2014, we formed our first joint venture with Capital and Counties when we merged our freehold of Earls Court 1 and 2 with Capco's long leasehold on the sites.
With Capco, we have formed Earls Court Partnership Limited, which will enable the development of Earls Court 1 and 2 in line with the Earls Court Masterplan, creating 7,500 new homes and 10,000 new jobs.
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