TfL Searches for Partner to Expand Commercial Real Estate Portfolio

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24 May 2022

Transport for London is searching for a new joint venture partner to create a portfolio of three new commercial office developments at Bank, Paddington and Southwark.

The partnership opportunities concern three over-station developments: 140,000 sq ft of space above the new Bank station entrance on Cannon Street, a 19-storey building close to the new Elizabeth line station at Paddington and a 17-storey hybrid timber building above Southwark Tube station.

All three sites have received planning consent or resolution to grant planning consent and have the potential to target a BREEAM Outstanding rating.

The proportions of the equity joint venture will see TfL take a share of between 25-49 per cent with the partner as the majority stakeholder.

Interested parties are being asked to register as suppliers on TfL’s ePortal, where access to tender documents will become available.

Picture: a render showing the exterior of the proposed Paddington Triangle Over-Station Development. Image Credit: Grimshaw Architects

Reducing Transport for London’s Reliances on Fare Income

Scott Anderson, Head of Property Development at TfL, said: “We are delighted to be going to the property industry with this exciting opportunity and are looking for a partner to create best in class commercial office workspaces that will positively transform the capital and support its green recovery. This new investment and development partnership will form part of our wider commercial development programme, which seeks to build the homes and commercial spaces the city needs, while also generating vital revenue that reduces TfL’s reliance on fares income.”

TfL is a public body, with no shareholders or parent companies. It’s funded by several sources, including grants, income from the congestion charge and commercial revenue such as advertising and sponsorship. However, fares are the single largest source of TfL’s income.

Picture: a render showing the exterior of the proposed Southwark Over Station Development. Image Credit: Hayes Davidson

Article written by Ella Tansley | Published 24 May 2022

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