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Transport for London (TfL) is hunting for a joint venture (JV) partner to deliver around 3,000 build-to-rent homes on 10 of its sites as it looks to tackle huge debts.
The sites will have a “minimum” of 40% affordable homes as part of planning consents to reinforce TFL’s commitment of 50% affordable housing across its portfolio.
TfL is reportedly aiming to sign up a partner by next March and hopes to start building work by 2020/21.
The move, TfL’s debut in the build-to-rent sector, is part of a long-term plan by the authority to build more than 10,000 homes on its land to generate extra revenue and boost the capital’s housing supply.
TfL is reportedly labouring under nearly £1bn of debt, while a London Assembly committee has warned this could balloon to more than £13bn by 2022-23.
“We want to help meet London’s critical need by building thousands of homes at pace, including high levels of affordable homes,” said Graeme Craig, commercial development director at TfL.
He added: “We also want to create a legacy of high-quality homes across London that will create sustainable long-term revenue for TfL.”
TfL has enlisted Savills to help find a JV partner, with the authority expected to take a 49% stake and an investor 51%.
Interested parties can submit an expression of interest from 24 September.
The 10 sites are: