Transport for London (TfL) has unveiled details of its plans to raise £3.4bn by developing over 300 acres of its land to create homes, offices and shops.
The 10-year plan will see listed buildings such as the historic 55 Broadway turned into new homes; plus major regeneration schemes in urban centres such as Northwood.
There will also be brownfield developments in inner and outer London such as Hanworth Road in Hounslow, and mixed use and residential developments over stations and depots at locations such as Southwark tube station and Parsons Green Depot.
Boris Johnson said: "TfL's plans will build on the great efforts we’ve already made at City Hall to ensure brownfield land that has laid empty for years is put to productive use in providing much-needed housing for Londoners. It’s important that all key agencies work together to accelerate the rate of housebuilding across the capital and redevelop land and assets wherever possible to deliver more homes."
TfL is one of the largest landowners in the capital, with assets ranging from Zone 1 locations such as London Bridge and Oxford Circus to sites in Zone 6 areas, like Northwood. In total, TfL owns around 5,700 acres.
While much of that land remains part of the operational transport network and is not simple to develop, TfL says it is "determined to work with all partners — the mayor, London’s boroughs and the commercial property development sector — to bring forward all that it can in innovate and creative ways, to respond to London’s needs in terms of infrastructure, housing and commercial and retail property".
TfL, says all revenue raised from the developments will be reinvested into the transport network.
While welcoming the news of more homes being built, Labour's Tom Copley says it's important the homes are affordable.
"While we need to develop a new income stream for TfL to keep fares down, we also need that to be balanced by a focus on meeting the housing needs of ordinary Londoners not solely chasing the highest price, which risks costing the capital more in the long run. This will be a challenging balancing act but it is vital if we are to get the most benefit possible from TfL’s land reserves.
"Given the disappointingly small amount of affordable housing included in the deal to sell their former Broadway HQ, it seems TfL has a way to go before it finds that balance."
Green Party assembly member Darren Johnson says TfL should "do something different" with the land.
"The mayor's failed approach is to work with the same big developers to build expensive homes for rich investors. TfL should embrace community-led and co-operative models to provide permanently affordable homes for Londoners, with a reasonable return to put back into public transport.
"I'd also like to see TfL trial rent controls for their commercial properties, helping small businesses to weather the storms of gentrification."
