Transport for London CHRIS TOWNEND, HEAD OF PROPERTY DEVELOPMENT

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1 Transport for London CHRIS TOWNEND, HEAD OF PROPERTY DEVELOPMENT

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4 4 BACKGROUND OVER 30m JOURNEYS are made on our road and public transport networks every day + London s population is forecast to grow to OVER 10m during the next 15 years = INVESTMENT IS VITAL to ensure that transport continues to enable that rapid growth & support more housing and jobs We are delivering one of the world s largest programmes of transport capital investment to boost rail and road capacity & reliability Background

5 5 BACKGROUND We ve got the best asset base under single ownership in London. Our review has unveiled huge opportunities to deliver investment in: New communities New homes We ve looked at our assets to ensure we deliver the best value for money for fare payers. We ve looked at what more we can do to help deliver the infrastructure London needs. Space & support for small business Improved digital connectivity Background

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7 7 OUR ASSET BASE 5,700 acres of Land 400+ sites with development potential: Tube stations Bus stations London Overground Stations DLR stations Piers Disused operational land With our diverse asset base we have the scope to become one of London s great estates residential / commercial / office / retail / advertising This offers a huge opportunity to deliver investment / jobs / homes to support London s growth Most valuable out of home advertising estate in UK: 20% of UK market 40% of London Market 1,000 retail units in & around stations 800 Railway arches 38 Street Vending pitches Our asset base

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9 9 PARTNERING WITH THE PRIVATE SECTOR TAKING A FLEXIBLE APPROACH TO OUR DEVELOPMENT SITES ENSURES WE MAXIMISE THEIR VALUE AND TRANSFORM THE CUSTOMER AND TRANSPORT ENVIRONMENTS We ll deliver this approach via a variety of methods including: - Property partnerships framework - Disposals - Working with special purchasers - Delivery partners Partnering with the private sector

10 10 Northwood Northwood Redevelopment Size 4.7 acres. Reason for selection: Situated in zone 6, and a gateway into Central London, on the Metropolitan Line. It is currently occupied with a number of commercial uses, with the capacity to accommodate significant development. Development detail : The site lends itself to a number of uses, including: residential and new retail and commercial opportunities. History: The land was originally acquired by the Metropolitan Railway company, and developed in the late 1920s for the purpose of supporting the operation of the railway. Operational constraints: Part of the site is currently occupied by Northwood Tube station, and is served by the Metropolitan Line. As part of the proposals, a new station building, including step-free access will be provided. Case Study: Northwood

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13 13 MANAGING OUR COMMERCIAL ASSETS TO DATE, WE VE NOT MADE THE MOST OF OUR RETAIL ESTATE. Now we re working to maximise it by improving its quality to ensure the right businesses are in the right locations; delivering the revenue required to support our investment plans & providing customers with the products & services they want and need at the heart of their local community. Managing our commercial assets

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17 17 MANAGING OUR COMMERCIAL ASSETS OUR IMPROVEMENT PLANS WILL ENSURE A MIX OF SMALL INDEPENDENT BUSINESS & LARGER RETAILERS. We want to ensure that stations are integrated into their local communities & operational environment. And we want to continue to provide brilliant opportunities for start-up businesses to test their concept and flourish. Street-vending pitches and pop-up facilities will continued to be developed across the estate provide even more opportunities. 1,000 retail units across our estate offer a unique opportunity for retailers guaranteeing enormous footfall & access to people from every part of London s diverse communities. Managing our commercial assets

18 18 SUPPORTING LONDON S TOWN CENTRES THE PROVISION OF INCUBATOR SPACES AND UNITS FOR START-UPS THE CONSTRUCTION OF NEW HOMES Our plans continue to expand. Our thinking has evolved significantly since we adopted our new commercial development approach. While ambitious, our plans are deliverable and will support London s transport network, create jobs, build homes and provide commercial space. Following the first review of 400 potential sites we ve selected 75 of the most deliverable high value options to bring forward during the next 10 years. We are now reviewing all of our landholdings to identify the next sites to be brought forward to deliver a new wave of homes Londoners can afford & new commercial space to support business and growth. Now we are progressing, we re looking ahead to what more we can do. TfL s unique position and the strength of our assets means we have the potential to meet many of London s challenges: IMPROVED DIGITAL CONNECTIVITY THROUGH OUR STREET ASSETS, TUNNELS AND TRACKS Building new homes and communities

19 19 SUPPORTING LONDON S TOWN CENTRES By combining our assets with our transport network we are excellently placed to support outer London town centres. Our network connects town centres with the rest of London, but we can also help to make them destinations in their own right by providing places to live and for businesses to thrive. COMMUNITY HUBS Our stations have the capacity to become community hubs and gateways to outer London town centres. Our stations will become community hubs, not just places people travel through, but locations to provide the homes, goods and services our customers want and need. Building new homes and communities

20 20 SUMMARY The scope of our assets supports our target to become more financially self sufficient. We also have the scope to support London s growth by providing homes and places for people to do business right across London. We ve started by identifying 75 sites for development. We are also transforming our retail estate and arches to provide ideal locations for small businesses to thrive. Our network connects communities. We want to see our stations in outer London be at the heart of those communities by providing homes and flexible workspaces. Summary