TfL's commercial property company, TTL Properties, and Network Rail have formed a partnership that is aiming to see 20,000 new homes built on their land in the capital over the next decade.
Network Rail and TfL have more than 600 stations between them in London, as well as extensive retail, office and operational portfolios. Collectively, they own almost 14,000 acres of land across the capital. While most is needed for transport operations, there are still reckoned to be significant development opportunities.
Network Rail group property director Robin Dobson said: "This is a landmark moment for the capital, to see our two organisations build a partnership together. Jointly working with local authorities, this will benefit London's communities, and businesses to drive economic growth. We look forward to working closely with key stakeholders to accelerate development delivery which over the coming decade will provide a positive impact for the region."
TTL Properties chief executive Graeme Craig said: “As two of the most significant landowners in London, it makes perfect sense for our organisations to work together. We are looking to combine our efforts to deliver more homes, with a focus on affordable housing, and with great social impact that benefits local communities as well. We are fully focused on the extensive potential that our partnership will unlock as our teams begin to work together on improving the capital for all.”
TTL Properties already has more than 1,750 homes under construction and more than 250 completed. Work is forecast to start this financial year on eight additional TTL sites that will eventually result in a further 2,650 homes.
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