Transport for London (TfL) has announced today that its strategy of utilising the land it owns in the Capital will intensify. TfL is teaming up with property developers to turn up to 50 of its sites into homes and offices.
This is good news for those looking to live or rent office space in London, despite the sky-rocketing prices in residential property.
TfL commercial development director, Graeme Craig, told Property Week that the company will likely focus on the regeneration of Old Street roundabout, Vauxhall and Hammersmith bus stations, Norwood and South Kensington Underground stations, Morden town centre and Kidbrooke Train Station.
The Mayor of London, Boris Johnson says the project will boost profits for TfL without having to raise fair prices further.
This is good news seeing as fair prices have more than tripled since their privatisation. The development projects will no doubt see some great office spaces opening up. With the tube stations being so close, these premium spaces will offer commuters the ultimate convenience.
TfL plan to generate £3.4bn over the next 10 years, with a third expected to come from property development. TfL currently is one of the biggest land owners in London, totalling at 8.9 square miles. Allocation of these areas will be split with up to 60 developers says the guardian, meaning that some unique office spaces will open up to businesses in London.
But yet, many have voiced concerns about the lack of affordable housing in London. With London Councils estimate of 809,000 homes needed by 2021 this could pose a problem. London councils are expecting only 250,000 to be finished, with few expected to be "affordable". Utilising this land could pose an opportunity for the building of more affordable homes, at great benefit to the average London worker.
The creation of new office spaces in London is certain to be a huge benefit for businesses. However, many feel that we should give more attention to the utilisation of the land for the benefit of all those who live and work in London.