Transport for London (TfL) is set to launch its search for a partner to create a build to rent joint venture to help deliver homes on some of London’s most well-connected sites
The land has the potential to deliver in excess of 3,000 homes, with a minimum of 40% affordable on all new planning consents.
Using a build to rent approach will permit TfL to deliver homes more quickly while retaining a long-term interest in the future development of its significant property estate and delivering a steady income stream.
Graeme Craig, Director of Commercial Development at Transport for London, said: “Making this significant move into the build to rent sector has huge benefits for TfL and London as a whole.
“We want to help meet London’s critical need by building thousands of homes at pace, including high levels of affordable homes. We also want to create a legacy of high-quality homes across London that will create sustainable long-term revenue for TfL.
“Built to Rent allows us to achieve both these aims – and we will looking for a partner who shares our ambition to create the most important property portfolio in London.”
TfL has plans in place to build over 10,000 homes on its own portfolio across London. Since May 2016, half of all homes that TfL has brought forward are affordable.
Sites are being brought to market through a number of different routes including through its Property Partnership Framework, the GLA’s ‘London Development Panel’, as well in partnership with neighbouring landowners and through the GLA’s ‘Small Sites, Small Builders’ programme.
In many areas, TfL sites will play a key role in unlocking development and regeneration opening up new spaces, creating jobs and stimulating economic growth.
The opportunity to submit an Expression of Interest will be available from 24 September and companies should contact Savills for more information.