A step forward has been taken by TfL in its plans to build thousands of homes across London and raise £850million over the next five years to invest in the transport system.
It has named Triangle London Developments — a consortium of the developer U and I and the housing association Notting Hill — to regenerate Landmark Court, a 1.9acre site near Borough Market in Southwark.
TfL bought the land 25 years ago to aid construction of the Jubilee line. Since then, it has either been used for operational rail purposes or has been occupied by commercial tenants.
It will now be transformed into a mixed-used development with 130,000 sq ft of commercial, retail and workspace and 80 new homes, at least 35% of which will be affordable.
U and I deputy chief executive Richard Upton said: “This is an important site for the neighbourhood and an important site for London, steeped in history and at the heart of our ever-changing city.
“There is huge opportunity to create something very special here that really adds to and compliments the fabric of the neighbourhood.
“We are looking forward to working with the local community and Southwark Council to bring forward plans that celebrate the identity of this place, respects the history of the site, and creates a vibrant future.”
TfL will lose £700million a year of subsidies by 2020 after the Government cut its grant.
As a result it has developed a programme to deliver 10,000 homes across 300 acres of surplus land it owns, which it says will help generate revenue to invest in its transport network and help London Mayor Sadiq Khan hit affordable housing targets.
Landmark Court is one of the first five sites fast-tracked for development by the Mayor, which overall comprise 50% affordable housing.
The others are Blackhorse Road in Waltham Forest, Fenwick South in Lambeth, South Kensington station and Northwood station in Hillingdon.
It is also the second site to be awarded a property partner under Mr Khan. In March, TfL named Triangle London Developments as part of a joint venture to build 400 homes, shops and office space on four acres of land in Kidbrooke, Greenwich.
Proposals for Landmark Court will seek to maximise outdoor public space, improve walking routes on Southwark Street, Redcross Way, Borough High Street and provide access to the increasingly popular walkway along the Low Line
The Cross Bones Graveyard, a historic graveyard for prostitutes and paupers, adjoining the site, will be safeguarded, with a view to support a high-quality memorial garden.
Subject to contracts and agreements, the joint venture will consult with Londoners to develop a detailed design in order to seek planning permission and to start on site in 2019, aiming for completion by 2022.
Director of commercial development at TfL Graeme Craig said: “We are working with some of the best organisations across London to bring forward a portfolio of sites that will help to create the homes, jobs and work spaces London needs for the future
“We look forward to establishing a long-term, joint venture partnership with Triangle London Developments to contribute to the Bankside neighbourhood, which has been known for centuries as a hotbed for London’s creativity and independent businesses.
“The development at Landmark Court will also provide vital revenue to invest in London’s transport network.”
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