TfL revs up £1bn partner hunt
Transport for London has launched a hunt for a joint venture partner to bring forward a £1bn pipeline of schemes in west London.
TfL secured planning consent and issued a prior information notice for a joint venture partner for its £350m Bollo Lane earlier year. A second £320m project at Ealing Common was included in the notice. TfL has now added an option for additional schemes in west London valued at £300m.
The beleaguered transport provider, headed by London mayor Sadiq Khan, has been wrestling for a funding deal with central government following loss of revenue during the pandemic.
Transport for London has launched a hunt for a joint venture partner to bring forward a £1bn pipeline of schemes in west London.
TfL secured planning consent and issued a prior information notice for a joint venture partner for its £350m Bollo Lane earlier year. A second £320m project at Ealing Common was included in the notice. TfL has now added an option for additional schemes in west London valued at £300m.
The beleaguered transport provider, headed by London mayor Sadiq Khan, has been wrestling for a funding deal with central government following loss of revenue during the pandemic.
In June, the government agreed to provide a £1.08bn lifeline, on the condition that TfL lay out plans for new income and savings and becomes financially self-sufficient – for example, using commercial property activity for income from April 2023.
While TfL pursues new strategies, the current funding settlement has been extended until 17 December.
TfL’s newest procurement for west London outlines an opportunity for a £1.025bn joint venture across the three sites. Bollo Lane will see 852 homes and 21,000 sq ft of mixed commercial space. Nearby, the Ealing Common Depot site has had detailed pre-application advice, indicating a scheme of 800 new homes.
TfL may also identify additional sites in its west London portfolio with a total gross development value of £300m, to be delivered by the jv.
Tenders are invited until 17 January.
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Image © HOK/TfL
