Transport for London and Network Rail have agreed a new partnership with the intention of building 20,000 new homes in London and the surrounding counties within the next decade.
The two transport groups own a combined 14,000 acres of land in London, including a number of brownfield sites that they have targeted for development.
“As two of the most significant landowners in London, it makes perfect sense for our organisations to work together,” Graeme Craig, chief executive of TfL’s commercial property arm TTL Properties, said. “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.”
TfL and Network Rail added that the developments would be “in-keeping with the local environment” and that a “significant portion” of the homes will be affordable housing. Alongside the new housing, the regenerations will include significant improvements to TfL and Network Rail stations.
“This is a landmark moment for the capital, to see our two organisations build a partnership together,” Network Rail group property director Robin Dobson said.
“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.”