Network Rail has formed a "strategic collaboration" with TTL Properties, Transport for London’s wholly owned commercial property company, with plans for more than 20,000 homes and swathes of commercial development.
The agreement is the first of its kind between the organisations. The homes include a significant proportion of affordable housing and will be built over the next decade. Dozens of sites are being considered within the partnership across London and the wider South East.
Network Rail and TfL are among the largest landowners in Greater London with more than 600 stations between them in addition to extensive retail, office and operational portfolios. Collectively, they own almost 14,000 acres of land. While a significant proportion of this is operational, there are also brownfield opportunities across London boroughs and surrounding counties that both say they want to unlock to make a "stronger contribution to providing new housing and supporting economic growth of the capital".
Robin Dobson, group property director at Network Rail, said in a statement: “This is a landmark moment for the capital, to see our two organisations build a partnership together. Jointly working with local authorities, this will benefit London’s communities, and businesses to drive economic growth. We look forward to working closely with key stakeholders to accelerate development delivery which over the coming decade will provide a positive impact for the region.”
Graeme Craig, director and chief executive of TTL Properties, said: “As two of the most significant landowners in London, it makes perfect sense for our organisations to work together. We are looking to combine our efforts to deliver more homes, with a focus on affordable housing, and with great social impact that benefits local communities as well. We are fully focused on the extensive potential that our partnership will unlock as our teams begin to work together on improving the capital for all.”
The new partnership will also look to deliver improvements to National Rail and TfL stations and services through development and ensure the transport destinations continue to drive economic benefits in local areas. Developments will also be designed to be in keeping with the local environment and heritage, and aim to use modern, low-carbon construction methods.
The partnership will work closely with the Greater London Authority, local boroughs, private sector investors and property companies to leverage their joint landholdings.
Network Rail owns, operates and develops Britain's railway infrastructure.
Transport for London is taking forward its development activity through a commercial property company that is wholly owned by TfL, but financed independently of the transport network. The programme will see new commercial office developments and thousands of high-quality new homes, including affordable housing, built on its land across the capital as well as investment in its commercial asset base. TTLP has more than 1,750 homes under construction and more than 250 already completed. Work is forecast to start this financial year on eight additional sites that will deliver a further 2,650 homes.