TfL Seeks JV Partner For 600K SF Development At Prime Locations

Transport for London has announced plans to form a joint venture to develop three major sites in central London with up to 600K SF of offices and retail.

The body charged with overseeing the capital’s transport is pressing ahead with schemes above stations at Bank in the City of London as well as Paddington in west London and Southwark on the Southbank. 

The three schemes total around 595K SF, with TfL looking to find a JV partner to help develop all three in the coming years. JLL has been appointed to seek out the new development partner.

The largest of the three schemes, the Paddington Triangle Over-Station Development, located by Grand Union Canal, will be close to the new Crossrail station and would stand 19 storeys high with around 235K SF.

The scheme at Southwark station would deliver a 17-storey hybrid timber building that, when complete, aims to be one of the greenest commercial buildings in the UK. The scheme will provide up to 220K SF of offices and retail.

TfL’s plans for Bank station involve an eight-storey scheme above the Tube’s new Cannon Street entrance totalling 140K SF.

All three sites have received planning consent or resolution to grant planning consent and have the potential to target BREEAM Outstanding. The development at Southwark has been designed to achieve the WELL Platinum certification alongside the BREEAM Outstanding rating.

“We are looking for a partner to create best in class commercial office workspaces that will positively transform the capital and support its green recovery,” TfL Head of Property Development Scott Anderson said.

“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.”