London house prices: TfL files planning applications for its first residential developments at Nine Elms, Northwood and Parsons Green
Transport for London (TfL) may be best known for signal failures, but London's transport authority also has recently announced plans to branch out into property development. Today it announced where its first developments will be, after it submitted planning applications in Nine Elms, Northwood and Parsons Green.
Between them, the three sites will yield more than 600 new homes, as well as workspaces, retail units and "high quality public spaces".
The plans at Nine Elms, which is about to benefit from a £1bn extension to the Northern Line, will include 362 new homes, a quarter of which will be affordable, as well as nearly 25,000 sq ft of office space, 6,000 sq ft of retail, and a new public square.
At Northwood, the plan is to build 127 new homes – 20 per cent of which will be affordable – with a new Tube station and 14,000 sq ft of retail space.
Finally, on a former London Underground depot next to Parsons Green Tube station, 119 new homes will be built, 40 per cent of which will be affordable, alongside 43,000 sq ft of retail, workspace and restaurants.
This is all part of TfL's plans to release land to develop more than 10,000 homes across London in the next 10 years.
Last month, TfL put more than 300 acres across 75 sites forward for development. Among the sites on offer were its headquarters at 55 Broadway, a brownfield development in Hounslow, and schemes over stations such as Southwark.
The news comes after reports suggested the chancellor may shrink TfL's government grant by £700m a year in his Autumn Statement next week. Last week, the FT reported that the transport network faced cuts to its operating budget in George Osborne's speech.
Today TfL reiterated that it plans to generate £3.4bn in non-fares revenues by 2021 "to reinvest in London's transport network, supporting jobs and economic growth in London and across the UK".