Network Rail and Transport for London (TfL) have announced plans to join forces to develop up to 20,000 new homes over the coming decade.
The two transport bodies are set to coordinate use of their separate estates – which often overlap due to the nature of the railways – to build new homes as well as workspaces.
Network Rail will form a strategic partnership with TTL Properties, TfL’s wholly owned commercial property company, aimed at accelerating the delivery of regeneration and development activity across London.
The agreement is the first of its kind between the organisations. A “significant” proportion of the 20,000 homes are estimated to be delivered within 10 years and will include dozens of sites across London and the South East.
Network Rail and TfL are among the largest landowners in Greater London, with almost 14,000 acres of land owned between them across the capital. A large proportion of the land is currently in use, with stations, offices and retail outlets. However, the bodies state that their portfolio includes a large number of brownfield sites.
Commenting on the announcement, Network Rail group property director Robin Dobson said: “This is a landmark moment for the capital, to see our two organisations build a partnership together. 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.”
TTL Properties chief executive Graeme Craig said: “As two of the most significant landowners in London, it makes perfect sense for our organisations to work together.
“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. We are fully focused on the extensive potential that our partnership will unlock as our teams begin to work together on improving the capital for all.”
The new partnership will also look to deliver improvements to both Network Rail and TfL stations and aims to prioritise low-carbon construction methods. The partnership will work closely with the Greater London Authority, local councils, private-sector investors and property companies to leverage their joint landholdings, the companies said.