Transport for London may become major Build To Rent player in capital
Transport for London is to release more than 300 acres of land to help create more than 10,000 new homes across London – with two thirds of it in Zones 1 and 2.
TfL is one of the largest landowners in the capital with assets ranging from Zone 1 locations such as London Bridge and Oxford Circus to sites in Zone 6 areas, such as Northwood. In total, TfL owns around 5,700 acres.
Much of this land is likely to be disposed of through a development panel of potential developers – possibly including Build To Rent players – which will be finalised in early 2016.
However, TfL commercial director Graeme Craig has told commercial property magazine Estates Gazette that there was also potential for TfL to retain some of the homes that may be built for private rental under the Build To Rent umbrella.
“I am sure we will become a significant PRS [Build To Rent] player in the future. Given the quantum of sites we are talking about, particularly if you are thinking of Zones 3, 4 and 5 and even some in Zones 1 and 2, we are confident that PRS is part of the mix” he is quoted as saying.
“Whether we do that ourselves or through joint ventures … I am sure we will become a significant PRS player.”
TfL says London’s population is set to grow from a record 8.6m today to around 10m by 2030 and says the release of the land is in addition to the work of TfL’s £360m growth fund, which is creating more than 50,000 homes and 30,000 jobs by supporting 14 transport projects across London that are directly unlocking other development sites.