Transport for London turns property developer with plans to build 10,000 homes
You, dear Londoner, could soon be living in a flat built by the very same people who run the Tube network.
Transport for London (TfL) has earmarked 300 acres of land across 75 sites mostly in zones 1 and 2 to be used for housing.
The plan was first revealed in January, when TfL said it would be building houses in an attempt to raise £1bn to help fund the underground, trains and buses.
However, this is the first time the scale of TfL’s property development plans has been revealed.
The transport body plans to build 10,000 homes in the capital, including building above Tube stations like Southwark and Bermondsey.
TfL is planning carefully to ensure it only builds homes on sites that are not likely to be needed for expanding networks at a later date – a mistake train companies have inexplicably made in the past.
“This is only the first wave of sites. We are also looking at zones three to five, which we expect to bring forward next year and will be used to build more affordable housing for Londoners,” said Graeme Craig, TfL’s director of commercial development.
In January, TfL will release a shortlist of private companies it could work with on the complex builds – many of which involve constructing homes around current transport infrastructure without affecting the network.