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Wednesday, 3 June

February Feeding Frenzy as Billion Pound Baby Comes Due

This month, London Underground and Transport for London, assisted by the Mayor's office, will launch a tender process to appoint a 'partners' to maximise the value of a massive property estate - those in with a chance to 'feed' can hardly wait

Plans have been announced to develop the London Underground property estate. The aim is to raise £3.4 billion across the whole of the commercial development over the next 10 years - with the claim being made that this will be reinvested in public transport and used to help control fares that have systematically risen 2.2% year on year.

London Underground owns a 5,700-acre property portfolio including buildings and land attached to Tube stations, railways and highways. This is one of the largest and most valuable estates in London.

 

Boris mates

Previously, LU (which is controlled by the Mayor of London), sold assets and properties that were no longer needed. The approach now is to retain and invest in a number of sites to generate long-term revenue.

This month, the organisation will launch a tender process to appoint a small number of 'partners' to take forward a range of sites over the next decade with a view to maximising the long-term value of the estate - that's about 50 sites with around 10 million square foot of development potential.

 

A model

In March 2014, a joint venture with Capital and Counties was formed from a merger of LU freehold of Earls Court 1 and 2 with Capco's long leasehold on the sites. This is now known as Earls Court Partnership Limited, which will enable the development of Earls Court 1 and 2 into 7,500 new homes in one of the most expensive areas of London to live.

Article written by Brian Shillibeer

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