Network Rail and TTL Properties – Transport for London’s (TfL) wholly owned commercial property company – have created a major new partnership to deliver more than 20,000 homes over the next decade in London.
The partners will use their estates to deliver much needed homes in the capital, including a ‘significant proportion’ of affordable housing.
Network Rail and TfL are two of the biggest landowners in Greater London. They collectively own almost 14,000 acres of land, more than 600 stations between them, in addition to extensive commercial property assets.
Robin Dobson, group property director at Network Rail, said: “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, added: “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 joint venture partners said they will work closely with the GLA, local boroughs, private sector investors and property companies to leverage their joint landholdings. They will also look to deliver improvements to NR and TfL stations and services as part of the agreement and all new developments will be designed with the local environment and heritage in mind, and aim to use modern, low-carbon construction methods.
