Southwark Tube Station To Get 300 New Homes in TfL Property Deal

BethPH
By BethPH Last edited 35 months ago
Southwark Tube Station To Get 300 New Homes in TfL Property Deal

Photo by Simon in the Londonist Flickr pool

Transport for London (TfL) and Development Securities have announced they will redevelop a site around Southwark tube station to create homes and retail space.

The one-acre site on Blackfriars Road, which currently houses derelict office building Algarve House, also includes land owned by TfL and the London Borough of Southwark. The plan is to build over 300 new homes, with shops and restaurants below.

There's no indication yet as to what percentage of the residential development will be affordable, but TfL say there will be a consultation with Southwark council, local businesses and residents. TfL's director of commercial development, Graeme Craig, said:

“Our joint venture with Development Securities is another example of the work we are doing to maximise our assets whilst generating vital revenue that we can invest in the transport network. The development above and around Southwark Tube station will see the creation of homes, jobs and new community facilities on a site that has been left undeveloped for far too long.

"We want to form similar joint venture partnerships with leading developers to help us bring forward some of our other sites to maximise their long term value. We have now launched a tender process to identify partners."

In January, TfL announced that it would be looking to create development partnerships to raise £3.4bn in non-fare generated revenue from the 50 sites it owns as part of its property estate. And it's a lot of land — the Guardian's Dave Hill pointed out that with 5,700 acres, TfL is actually one of the biggest property owners in the capital.

Last Updated 02 March 2015

Peasant, London

What about first time buyers without bank of mum and dad?....I suppose we'll just have to battle it out with some huge corporation who just invests their endless funds into these properties to keep us like pet rabbits in cages, barely scraping together the rent which we pay to keep paying for their f***ing holidays while we work until we die, and also have nothing to hand down to our children...

SCREW THIS RAT RACE

David Murphy

TfL are a destructive force now, a panel of right wing anti-labour beauroicratic functionaries, who have extended their "legal services" on a number of occasions to Southwark Council to walk over local communities, turn public land into commercialised private land (luxury foreign investor flats) all the time dangling the baubles of affordable homes on the end of a pole in front of councillors' noses. TfL are obviously joined at the hip with the London Mayor's Office (two cheeks of the same arse) but what is not known is the GLAP which is still the residuary body for assets left over from the abolished GLC is currently wallowing in hundreds of millions of debt outstanding from the "successful" 2012 Olympics. Talk about ball and chain! They cash in too on TfL's helpful legal services to get land deals so they can offset against that debt. The main beneficiaries we know, have vanished into TV and consultancies after makinga quick profit out of ordinary fairly struggling Londoners.