TfL reveals shortlist for 3,000-home BTR jv
Three bidders have been taken through to the next round in Transport for London’s joint venture to build and manage a 3,000-home build-to-rent portfolio.
Argent Related, Grainger and Greystar are all in the running to become TfL’s investment partner on the development.
TfL will be a 49% owner in the joint venture, which will see the selected partner finance, design and manage the schemes.
Three bidders have been taken through to the next round in Transport for London’s joint venture to build and manage a 3,000-home build-to-rent portfolio.
Argent Related, Grainger and Greystar are all in the running to become TfL’s investment partner on the development.
TfL will be a 49% owner in the joint venture, which will see the selected partner finance, design and manage the schemes.
The first phase of the development will see more BTR homes delivered on up to 10 sites which have been brought to market via TfL’s Property Partnership Framework, GLA programmes and in partnership with neighbouring landowners.
TfL has said it expects these to include the following:
Limmo Peninsula, Canning Town, Newham (up to 1,500 homes)
Southall Sidings, Ealing (up to 400 homes)
Nine Elms underground station, Lambeth (up to 400 homes)
Armourer’s Court, Woolwich, Greenwich (up to 400 homes)
Hounslow West underground station, Hounslow (up to 350 homes)
Cockfosters underground station, Enfield (up to 300 homes)
Arnos Grove underground station, Enfield (up to 100 homes)
Montford Place, Kennington, Lambeth (up to 100 homes)
These sites have the potential to deliver more than 3,550 BTR homes. TfL said a minimum of 40% of the homes will be affordable.
Daniel Lovatt, head of property development at TfL, said: “Build to Rent provides us with an unrivalled opportunity to deliver affordable, high-quality homes at pace while also generating significant ongoing revenue to reinvest back into the transport network.
“We’re delighted with the level of interest that we received and are looking forward to working with the shortlisted bidders in developing proposals that will help us deliver the homes that our city desperately needs.”
TfL unveiled its ambition to become a major London landlord in September.
The Tube operator is moving away from a strategy of selling off land for single cash sums and instead holding them to create a long-term income stream, helping to plug the gap left by the government pulling its £700m annual grant.
A preferred partner is expected to be selected by March 2019. Savills is advising TfL.
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