The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

February Feeding Frenzy as Billion Pound Baby Comes Due

06 February 2015 | Updated 01 January 1970
 

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 | Published 06 February 2015

Share



Related Articles

New Office Space Addition to Victoria Nova Development 

The new n2 scheme will comprise 160,000 sq ft of office space in the West End. Real Estate company Landsec, who has worked on the regeneration of the Victoria area and...

 Read Full Article
Newly-Completed 77 Coleman Street Welcomes First Tenant

The new 83,000 sq ft office and retail development at 77 Coleman Street, London, EC2 is now complete. Kajima Properties, the London based property investor has...

 Read Full Article
British American Tobacco Considers Selling London HQ

British American Tobacco is considering selling its eight-storey Westminster headquarters, according to media reports.  The makers of Lucky Strike and Vogue...

 Read Full Article
Property Industry Offers Vacant Buildings For Key Workers

In an open letter to the Prime Minister, property professional bodies are offering vacant buildings to help support the country as it responds to the global...

 Read Full Article
Have Your Say – PropTech Survey

Share your views in the latest survey from GoReport, and shape the future of PropTech. If you work in the property sector this is your chance to contribute to the...

 Read Full Article
Winter (And Autumn) Of Discontent - Strikes All the Way To Christmas

It's going to be strike after strike after strike hitting travellers and workers, club goers and students as FM and rail staff have voted to make it a discontented...

 Read Full Article
Over The Underground - Southwark Station Office Plan

Transport for London is looking at the creation of new commercial and retail space running over and beside Southwark Tube station. The proposals for the over-station...

 Read Full Article
It's Quicker By Tube

The Mayor of London has launched a £10 million boost for full fibre connectivity across London - a ‘Fibre Backbone’, using Tube tunnels and public...

 Read Full Article
The Speechmark Makes You Speechless

Fronted by curved glass and framed in slate black, The Speechmark is arguably now one of the most striking buildings in Southwark – an area of London already...

 Read Full Article
XR Closes Tube On Thursday - Arrest Rate Still Rising

The arrest rate of Extinction Rebellion protestors continues to rise despite a London-wide ban on their activities. The Rebels and associated groups plan to close down...

 Read Full Article