Tender process opened to develop Transport for London’s properties
Property developers are being invited to tender bids for partnerships on more than 50 sites across London as part of Transport for London's plans to turn property tycoon.
The transport body revealed last month it was planning to develop 10m sq ft of the 200m sq ft land it owns across the capital as part of a drive to diversify its revenues away from fares, which it says will help it lower what it charges commuters as well as investing into the network.
In total, it expects to generate £3.4bn in non-fares revenue over the next decade.
Today, alongside the mayor Boris Johnson, TfL launched an official search for partners to help realise this ambition.
The tender has been launched through the Official Journal of the European Union (OJEU) . TfL is seeking submissions from “organisations who can demonstrate their capability as developers to support the strategy of delivering the homes, offices and services that London needs”.
Among the properties in its portfolio are:
- Listed buildings that offer the opportunity for residential conversion;
- Mixed use and residential developments over stations and depots;
- Major regeneration schemes in urban centres;
- Brownfield developments in inner and outer London.
We have mapped TfL's property portfolio here.
Graeme Craig, director of commercial development at TfL, said: “We have a large number of fantastic assets in superb locations across the capital, and this is a once in a lifetime opportunity for leading developers to help us transform this city.
“We’re looking for developers who will help us realise the long-term value of our estate whilst creating the houses, jobs and economic growth to support London's growing population.”
Johnson added: “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.”
Interested parties must complete a pre-qualification questionnaire (PQQ) via TfL’s eTendering portal.
The deadline is 19th March 2015. TfL expects to appoint partners towards the back end of this year.