Today, on Richard Carr’s Commercial and Residential blog, he looks at the initiative launched by City Hall and Transport for London last month that will see Londoners become shareholders in a raft of major property developments.
Taxpayers to own 50 sites
This is another example of the UK using its initiative to help get the country building again, whilst also easing the demand for housing.
TfL owns arguably the capital’s largest and most valuable property portfolio, which spans more than 5,700 acres. Instead of selling off land or development rights above stations, TfL plans to retain an interest in sites being redeveloped as it aims to generate £3.4bn in commercial revenue over the next decade.
London’s population set to grow
Redeveloping the aforementioned sites will provide TfL with long-term investment, which is desperately needed according to Mr Craig if London is to cope with the ever increasing population.
Commenting on the plans, Mr Craig said: “London’s population is set to grow from 8.4m today to 10m by 2030, the equivalent of one full Tube train arriving every three days.
“To enable this, London needs more homes and office spaces and the transport network needs sustained, long-term investment.
“Forming joint venture partnerships with property development experts will enable us to generate long-term income that we can invest in improving our network, which carries over 30 million journeys every day.
Mayor Boris Johnson, who also serves as Chair of TfL’s board, said: “TfL’s role is to look to the future, ensuring that transport continues to support jobs, homes and economic growth across the capital and the UK.
“The ambitious plans to redevelop some of TfL’s land and assets presents a fantastic opportunity to support this important work and ensure public land creates homes for Londoners.”
Go Boris, Go!
Richard Carr believes that it’s a great idea from the TfL headed by the modern day Winston Churchill, Boris Johnson!
He believes the TfL should start immediately on the project and stop the socialist dumb down rot that has held back the greatest country on earth. Go Boris, go!