Transport for London to scale up its property development drive
The capital’s transport body is seeking further joint ventures with commercial developers as it seeks to secure long term income
Transport for London (TfL) has announced an intensification of its strategy of teaming up with property developers to generate greater income from the land it owns in the capital. A process will be launched early next month to appoint a small group of private sector partners with the aim of, as TfL puts it, “maximising the long-term development value” of its estate – having more and better stuff on it to make more money for TfL, in plainer terms.
Some people think TfL should not get mixed up with this kind of thing, any more than it should be funding cable cars and garden bridges. Fair enough. TfL might ask in response if it would be clever to not bother bringing in an anticipated £1.1bn this way over the next ten years. Good question.
Source: Guardian Transport