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MIPIM: Boris Johnson encourages new development with new company

London mayor Boris Johnson has revealed at MIPIM he is planning to establish a new company that would hold a significant amount of land in the capital in a bid to encourage new development.

Mr Johnson told delegates: “It is our job to create the right platform to allow you to (develop).

“We are now proposing today to create a London-wide housing company, in which the London Development Agency would put considerable land holdings.”

Other borough councils would be encouraged to do the same thing, and terms would be established that would help “de-risk” development, Mr Johnson said.

Dennis Seal, director of development and affordable housing for Kier Partnership Homes, said land availability was still a huge issue.

He said: “I think the issue there is that it is not really in the public sector’s interest to release land today (because the returns are so low).”

MIPIM runs in Cannes until Friday.