TfL has unveiled one of the sites which will benefit from its push to upgrade its extensive property portfolio.
TfL will partner with Development Securities to redevelop the area above and around Southwark Tube station. The project will create 300 new homes, a retail and restaurant space, as well as more public space.
"Our site is located within an exciting area of Southwark with huge potential to deliver a development that creates new employment and housing opportunities as well as considerable new public realm and leisure opportunities," Julian Barwick, director at Development Securities, said.
TfL said in January that over 500 of its sites were going to be renovated into penthouse properties, new homes and retail space, in a bid to raise £1bn for the capital's transport network.
This marks a change of strategy for TfL, which used to sell off such sites, in order to pay for network upgrades. Its former headquarters in a Grade-I listed building in St James’s Park is among properties to be redeveloped.
Graeme Craig, Director of Commercial Development, TfL said: "Our joint venture with Development Securities is another example of the work we are doing to maximise whilst generating vital revenue that we can invest in the transport network."
"The development above and around Southwark Tube station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long."
"We want to form similar joint venture partnerships with leading developers to help us bring forward some of our other sites to maximise their long term value. We have now launched a tender process to identify partners."