Mayor and TfL seek property development partners
TfL and the Mayor of Lodnon, Boris Johnson, have launched a search for property development partners as part of a programme to generate £3.4bn in non-fares revenue over the next decade. The revenue generated will be reinvested back into the transport network and help TfL and the Mayor to bear down on fares. The city’s transport authority owns around 5,700acres of property in London, making it one of the London’s largest landowners. To realise the maximum value of its assets to generate longterm revenue to reinvest back into the transport network, it has launched a tender through the Official Journal of the European Union (OJEU) to identify a number of Framework Development Partners. The tender is to enable TfL to take forward 50+ sites with development potential across the capital. The TfL Property Partnerships framework is worth up to £3.6bn. Over the next ten years, the transport authority is expecting to generate net proceeds of £3.4bn to reinvest back into its transport network, of which a third is currently assumed from property development.
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.’