Transport for London (TfL) is to release more than 300 acres of land to help build more than 10,000 new homes across London, paving the way for new construction jobs.
The new land-release programme is in addition to the work of TfL’s £360 million growth fund, which is creating more than 50,000 homes and 30,000 jobs by supporting 14 transport projects across London that are directly unlocking development.
The TfL land will be developed over the next decade to provide vital new homes, offices and retail units to support London’s rapidly growing population and the Capital’s contribution to the economy of the country. Sixty-seven per cent of this phase of development is in travel Zones 1 and 2.
The Mayor of London has pledged to have an exit strategy for all City Hall owned land by the end of his term in 2016, with 99 per cent now freed up for development to help deliver thousands of much needed new homes.
The London Land Commission, driven by the Mayor, will also map all land owned by public authorities in London for the first time, to identify further opportunities for housebuilding.
The Mayor of London, 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.’
Graeme Craig, Director of Commercial Development at TfL, said: ‘We’re determined to use our assets to help create more homes and jobs for Londoners. As the custodians of some of the best assets in the Capital, it is right that we explore every opportunity to maximise the use of our land.’