In another sign the London property market is the place to be right now, Transport for London (TfL) has become the latest to get involved, making a serious bid to become one of the capital’s property supremos.
More than 500 sites owned by TFL across London, including its former headquarters in a Grade-I listed building in St James’s Park, are set to be redeveloped into penthouse properties, new homes and retail space to raise billions of pounds for the capital’s transport network.
TFL will turn property developer to build on some of the 200m sq ft of land it owns, beginning with 10m sq ft at 50 locations across the city.
Property man Francis Salway, the former chief executive of Land Securities, will head up TfL’s new development plans as it begins a search for developers to partner with on the project.
It’s an ambitious move for the transport network, which has previously sold off its land hoardings to raise cash.
Salway will search for another four or five board members to head up TfL’s property advisory group and its commercial development team will grow from five to 29 over the next four to five years, with the ambition of becoming London’s largest property developer over the next decade, TfL commercial development director Graeme Craig told Property Week.
The development of the first 10m sq ft is expected to net TfL between £1.1bn and £3.4bn over the next decade.