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.