U+I and Notting Hill partner for TfL Kidbrooke site

A partnership between U+I and Notting Hill has been selected as the preferred bidder for TfL’s Kidbrooke site in south east London. Half of the 400 homes on the four-acre site will be affordable. TfL will set up a joint venture with Triangle London Developments, as the pair’s vehicle will be known, in which it will invest equity to deliver the site and share in development profit. The jv will seek planning to start on site in 2018. It is the first site to be marketed through TfL’s property partnerships panel, a 13-strong framework announced in February last year, that was to allow TfL to quickly choose its partners for development. The intention was to release around 75 sites in zones 1 and 2, London, to contribute towards TfL’s £1.1bn target of property development revenue. However, once Sadiq Khan was elected mayor he instigated a review of TfL’s assets on the premise of increasing the affordable housing requirement. The site was first brought to market in August 2016. Documents released at the time showed the mayor was willing for TfL to take less income from its sites in order to increase the affordable allocation. The GLA Act requires TfL to achieve best value on sites it or a subsidiary develops as if it were a commercial enterprise, but not if its sells them. However, a Mayoral Directive at the time superseded this. The directive said: “While the disposal of the land with 50% affordable housing could reduce the land’s residual value and return to TfL, the significant provision will provide housing for local people. “The mayor may conclude that on this occasion this benefit justifies the financial impact of the lower land value and reduced return to TfL.” The site is adjacent to the 4,5000 Berkeley redevelopment of the Kidbrooke Estate. Other sites announced include Landmark Court in Southwark, which has the potential to deliver a mixed-use scheme with 35% affordable housing, and Fenwick South in Lambeth, which will provide 55 homes, which will all be social housing. Last week it released a 1.8-acre site in at Blackhorse Road in north east London, N17, with the potential for 350 homes. James Murray, deputy mayor for housing and residential development, said: “The mayor is determined to fast-track more public land for development and to ensure at least half the new homes across TfL’s portfolio of sites will be genuinely affordable. “Kidbrooke is a site that has sat unused for the last eight years, so I welcome this joint venture and I look forward to seeing work gather pace to deliver new affordable homes for Londoners to buy and rent.” TfL advised by Deloitte Real Estate. • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette