29 January 2015/Categories: Industry News
Transport for London (TfL) has announced that it plans to exploit its property portfolio to help fund further improvements to the capital’s transport systems.
TfL owns 5,700 acres of property apart from working stations and other transport infrastructure. Of this portfolio, over 75 per cent is located in Zones One and Two, making it an attractive prospect for investors. Some of these locations are disused Underground stations that were last used during the Second World War.
By retaining these assets while developing the locations, TfL hopes to generate £1.1 billion over the next ten years. This will go towards improvement works across the network, as well as a drive to minimise fare increases. Mayor of London Boris Johnson publicly backed the plans, saying: “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.”
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