TfL's property development programme advances
19 Nov 2015 11:39 AM
Transport for London (TfL) has begun the first wave of its programme of property development by submitting planning applications for three sites in Nine Elms, Northwood and Parsons Green. Subject to planning permission, the sites will create more than 600 new homes along with a new step-free London Underground station at Northwood, new workspaces, retail units, high quality public spaces and £100m that will be reinvested in the transport network.
The three developments are part of TfL's plans to release land for the development of more than 10,000 new homes across the Capital over the next decade, and they showcase the diverse range of development opportunities that TfL has across London. They will also support the creation of more than 500 new jobs, further boosting the London and UK economy.
Last month (October 2015), TfL announced plans to release more than 300 acres of land it owns across London to provide vital new homes, offices and retail space to support London's growing population. The release of land is a central part of TfL's plans to generate £3.4bn in non-fares revenue by 2021 to reinvest in London's transport network, supporting jobs and economic growth in London and across the UK.
Graeme Craig, Director of Commercial Development at TfL, said: `The three planning applications we have submitted are the first step in our ambitious programme of development, which will create much needed homes, jobs, offices and retail space across London.
`We are working closely with local communities and boroughs to shape these proposals so that they meet local aspirations and deliver real local improvements. The three sites demonstrate the varied nature of our landholdings, and the potential they have to create economic growth across London whilst providing vital revenues to invest in running and modernising the transport network.'
The three planning applications are:
- Nine Elms - The proposed development above the new Nine Elms Tube station will deliver 362 new homes around 25% of which will be affordable, 2,318 sq metres of office, 550 sq metres of retail, a new public square, play space, pedestrian and cycle connections, cycle parking, and disabled car parking. Revenue generated from the new development will support the funding of the Northern Line extension.
- Northwood - The proposed development at Northwood will deliver 127 homes, around 20% of which will be affordable, as well as a new Tube station with step-free access and a new bus and train interchange. It will also deliver a new public space and 300 parking spaces, as well as 1,300 sq metres of retail floor space. TfL is exploring options to accommodate existing tenants in the development and is providing relocation options to assist them in continuous trade.
- Parsons Green - The proposed development is on the site of a former London Underground depot adjacent to Parsons Green Tube station, which is currently used as workspace. The scheme will deliver 119 new homes, 40% of which will be affordable, as well as over 4,000 sq metres of retail, workspace and restaurants. The development will also support around 300 jobs and enable the opening of three arches for commercial use.
The three sites will be developed through the property development partnerships announced by TfL in February this year. TfL is currently evaluating the bids of the potential partners, with the final partner to be announced in the coming months.
Notes to Editors:
Photos are available on request and more detail about the schemes can be found by following the below links