Transport for London (TfL) has selected 13 property development companies and consortiums, making them eligible to bid for work under the Property Partnership Framework.
A part of TfL’s plan to generate £3.4bn in non-fares commercial revenue by 2023, the Property Partnership programme seeks to build thousands of affordable homes across 300 acres in London under the first phase.
TfL commercial development director Graeme Craig said: "We are currently reviewing our assets to see how many more sites we can develop, especially in outer London, to provide homes that Londoners can afford while also generating revenue that can be reinvested in the transport network."
The returns from the programme also includes the development of retail and office spaces and will be reinvested in London’s transport network.
The 13 organisations have been shortlisted from a lot of 50 companies, including Balfour Beatty, Berkeley Group and Canary Wharf Group.
With the selection of the prospective contractors, TfL can avoid procurement of a development partner on a site by site basis.
"After an extremely competitive process, we have appointed a selection of leading development organisations that we will work with to bring forward thousands of much needed homes, along with commercial space and jobs that will help support the Capital’s continued growth.
"This framework marks a major step forward in allowing us to work with leading private sector developers and housing associations on an important part of our portfolio," Craig added.
TfL will begin its project with plans for Nine Elms, Northwood and Parsons Green, where the organisation has submitted planning applications to develop 600 new homes, a rail station, office and public spaces.
Development in these three areas is estimated to generate more than £100m and create 500 new jobs.
Proposals for Nine Elms include 332 new homes, around 5,332m² of office, 612m² of retail, a new public square, play space, pedestrian and cycle connections, cycle parking, and disabled car parking.
Revenue generated from Nine Elms will support the funding of the Northern Line extension.
In Northwood, TfL is planning 127 new homes, a new Tube station with step-free access and a new bus and train interchange, a new public space, and 1,240m² retail floor space.
Development of a former London Underground depot adjacent to Parsons Green Tube station will deliver 119 new homes and 5,100m² of retail space, workspace and restaurants.
Image: Revenues generated from the Property Partnership Framework programme will be infused into London’s transport network. Photo: courtesy of Transport for London.